Key Financial Highlights
DeFi Technologies Inc. has reported its strongest financial quarter to date, achieving unprecedented revenues and net income in Q2 2024. The company continues to solidify its position as a leader in bridging traditional capital markets with decentralized finance (DeFi).
Record Financial Performance
Total Revenues:
- Q2 2024: C$133.2 million (US$98.0 million)
- First Half 2024: C$128.2 million (US$94.4 million)
Net Income:
- Q2 2024: C$90.4 million (US$66.5 million)
- First Half 2024: C$72.3 million (US$53.2 million)
These figures represent a dramatic improvement over the same periods in 2023, showcasing the company's rapid growth trajectory.
Strategic Developments
The quarter was marked by significant strategic advancements:
ETP Launches: Valour Inc., a subsidiary, introduced multiple innovative Exchange Traded Products including:
- Short Spot Bitcoin ETP
- Yield-bearing Bitcoin ETP (offering 5.65% yield)
- World's first CORE ETP
- Expanded Hedera ETP
Assets Under Management (AUM) Growth:
- 43.7% increase since December 2023 to C$730.1 million (US$533.4 million) as of June 30, 2024
- Further growth to C$837 million (US$610 million) by July 31, 2024
- DeFi Alpha Trading Desk: Generated $111.5 million (US$82 million) in Q2 2024, becoming a major revenue driver
- Balance Sheet Strengthening: Paid down C$40.4 million (US$29.5 million) in outstanding loans
CEO Commentary
Olivier Roussy Newton, CEO of DeFi Technologies, stated:
"Q2 2024 represents a transformative period for DeFi Technologies. Our record financial results demonstrate the strength of our business model and the success of our strategic initiatives. The launch of DeFi Alpha and our continued ETP innovation position us for sustained growth in the dynamic digital asset sector."
Financial Position and Treasury
As of June 30, 2024:
- Cash Balance: C$19.5 million (US$14.2 million)
Digital Assets Holdings:
- 54.5 million USDT
- 110 BTC (valued at C$9.2 million/US$6.7 million)
The treasury position has since grown to include:
- 204.23 BTC
- 12,775 SOL
- 1,484,148 CORE
Total value: C$15.5 million (US$21.2 million) as of August 14, 2024
2024 Outlook and Growth Strategy
DeFi Technologies projects annualized revenues of approximately C$179 million (US$131 million) for 2024. Growth drivers include:
- Continued AUM expansion
- Planned launch of 15 new ETP products in 2024
- Additional 30 ETP launches planned for 2025
- Strategic acquisitions and partnerships
- Expansion of DeFi Alpha trading opportunities
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FAQ Section
What were DeFi Technologies' key achievements in Q2 2024?
The company achieved record revenues of C$133.2 million, launched multiple innovative ETPs, grew AUM by 43.7%, and established DeFi Alpha as a major revenue contributor.
How has the company's financial position improved?
DeFi Technologies strengthened its balance sheet by paying down C$40.4 million in loans and significantly increased its digital asset holdings, including BTC, SOL, and CORE tokens.
What is DeFi Alpha?
DeFi Alpha is the company's specialized arbitrage trading desk that generated C$111.5 million in revenue during Q2 2024 by capitalizing on market opportunities.
What growth opportunities is DeFi Technologies pursuing?
The company plans to expand its ETP offerings, continue AUM growth, pursue strategic acquisitions, and leverage DeFi Alpha for additional revenue generation.
👉 Learn more about digital asset investment opportunities
Financial Performance Summary
| Metric | Q2 2024 | First Half 2024 |
|---|---|---|
| Total Revenues | C$133.2M | C$128.2M |
| Net Income | C$90.4M | C$72.3M |
| AUM (June 30) | C$730.1M | - |
| AUM (July 31) | C$837M | - |
Forward-Looking Statements
This release contains forward-looking information subject to risks and uncertainties. Actual results may differ materially due to factors including digital asset market volatility, regulatory changes, and macroeconomic conditions. The company undertakes no obligation to update forward-looking statements except as required by securities laws.
DeFi Technologies Inc. continues to innovate at the intersection of traditional finance and decentralized technologies, delivering strong financial performance while expanding its market-leading product offerings.