The cryptocurrency market is abuzz with the transformative potential of Web3 gaming tokens, hailed as the “next frontier” in digital entertainment and blockchain innovation. As of November 2025, these tokens are driving a paradigm shift, moving beyond traditional centralized gaming models to empower players with true ownership of digital assets, economic participation through play-to-earn (P2E) models, and decentralized governance. This evolution signifies a critical juncture for the crypto ecosystem, promising to onboard millions of new users and forge novel financial ecosystems within immersive virtual worlds.

The emergence of Web3 gaming tokens, rooted in the advancements of Non-Fungible Tokens (NFTs) and blockchain marketplaces, is fundamentally reshaping how value is created and distributed in gaming. Unlike traditional games where assets are merely licensed, Web3 allows players to verifiably own, trade, and even utilize their in-game items across different platforms. This shift is not just about digital collectibles; it’s about establishing transparent, fair, and community-driven gaming economies, making it a pivotal development for the broader adoption and utility of blockchain technology.

Market Impact and Price Action

The market for Web3 gaming tokens in 2025 presents a complex picture of evolving investment strategies and fluctuating, yet resilient, user engagement. While the overall capital inflow into Web3 gaming projects experienced a significant dip in Q1 and Q2 2025—raising $91 million in Q1 (a 71% decrease from Q4 2024) and $73 million in Q2 (a 20% drop from Q1)—Q3 2025 saw a notable recovery with $129 million raised, making it the most successful quarter for funding this year. Despite this, the total funding for 2025 ($293 million so far) remains significantly lower than 2024 levels, indicating a more cautious, yet strategic, investment landscape.

This shift in investment focus highlights a maturing market. Investors are now prioritizing scalable gaming infrastructure, including Layer-2 solutions, cloud-based node services, and platforms designed for high user volumes and enhanced performance, over purely speculative ventures. The increased number of closed deals (up 35% quarter-over-quarter in early 2025) suggests a broader interest in early-stage projects, albeit with smaller individual investments. This strategic pivot reflects a market moving from hype-driven speculation towards projects with robust use cases and sustainable economic models.

Specific tokens like Axie Infinity (AXS), ApeCoin (APE), and Illuvium (ILV) have demonstrated resilience and even seen token value increases, often spurred by ecosystem developments, new game launches, or significant exchange listings. Networks such as Ronin, Polygon (MATIC), Solana (SOL), Binance Smart Chain (BSC), Aptos (APT), and SKALE (SKL) continue to be crucial for hosting Web3 gaming ecosystems, providing the necessary infrastructure for scalability and lower transaction costs. New projects like Earth Version 2 ($EV2) and Tapzi ($TAPZI) are actively conducting presales in November 2025, signaling ongoing innovation and investor appetite for emerging titles.

Technical analysis reveals that many established Web3 gaming tokens have navigated challenging market conditions, finding support levels often linked to significant project milestones or broader market recoveries. Resistance levels are frequently tested during periods of increased community engagement or major news announcements. Compared to past crypto market cycles, the current environment shows a greater emphasis on fundamental value and technological advancement rather than pure speculative fervor, suggesting a healthier, albeit slower, growth trajectory for the sector.

Community and Ecosystem Response

The Web3 gaming community, as of November 2025, exhibits a blend of cautious optimism and a strong drive towards refining the player experience. Social media platforms like X (formerly Twitter) and Reddit are vibrant hubs for discussions, with sentiment often reflecting the latest game updates, token performance, and broader industry news. While the initial “play-to-earn” (P2E) hype has matured, there’s a discernible shift in community focus towards sustainable earning models and, crucially, engaging gameplay.

Crypto influencers and thought leaders are increasingly emphasizing the need for Web3 games to prioritize fun and immersive experiences over purely financial incentives. This sentiment is a direct response to early criticisms that some P2E games lacked compelling gameplay, alienating traditional (Web2) gamers. Influencers are actively promoting projects that demonstrate high production quality, innovative mechanics, and a clear path to long-term sustainability, advocating for a “play-and-earn” rather than solely “play-to-earn” philosophy.

The impact on related DeFi protocols, NFT projects, and Web3 applications is profound. Gaming tokens are often integrated into DeFi ecosystems, allowing for staking, lending, and liquidity provision, thereby enhancing their utility and creating deeper economic ties within the broader Web3 space. NFT projects, particularly those related to in-game assets, continue to thrive, with rare and valuable items commanding significant prices in secondary markets. This cross-pollination strengthens the overall Web3 ecosystem, creating a more interconnected and robust digital economy.

Broader crypto Twitter and Reddit sentiment, while acknowledging the challenges of user experience friction and complex onboarding, remains largely positive regarding the long-term potential of Web3 gaming. Discussions frequently revolve around the latest technological advancements, such as the adoption of Layer-2 solutions for scalability, and the emergence of new “X-to-Earn” paradigms like Learn-to-Earn (L2E), Move-to-Earn (M2E), Watch-to-Earn (W2E), and Tap-to-Earn (T2E) games, particularly on platforms like TON blockchain. This indicates a community actively exploring diverse models for player engagement and value creation.

What’s Next for Crypto

The short-term implications for the crypto market suggest a continued strategic investment in Web3 gaming infrastructure and projects that demonstrate strong fundamentals and a focus on user experience. While overall funding might remain below peak levels, the increasing deal activity and targeted investments indicate a more discerning market. Long-term, Web3 gaming is poised to be a significant driver of mass adoption for blockchain and cryptocurrency, acting as an accessible entry point for a global audience to interact with digital assets and decentralized technologies.

Potential catalysts and developments to watch include the launch of highly anticipated AAA-quality Web3 games that successfully blend compelling gameplay with robust tokenomics. Further advancements in Layer-2 scaling solutions and cross-chain interoperability will also be crucial for enhancing user experience and expanding the utility of in-game assets. The integration of advanced technologies like Artificial Intelligence (AI) and Augmented Reality (AR) within Web3 gaming environments could unlock unprecedented levels of immersion and interactivity.

Strategic considerations for projects involve prioritizing engaging gameplay, simplifying user onboarding, and developing sustainable economic models that reward players without relying on hyperinflationary token emissions. Investors should look for projects with experienced development teams, clear roadmaps, strong community support, and a commitment to continuous innovation. The market is increasingly favoring projects that can demonstrate real utility and value beyond speculative trading.

Possible scenarios include a continued, steady growth trajectory driven by technological improvements and increasing user adoption, especially as Web3 gaming overcomes current user experience hurdles. Another scenario could see a significant surge in interest if a breakout Web3 game achieves mainstream success comparable to traditional gaming blockbusters, attracting a wave of new users and capital. However, regulatory uncertainty remains a potential obstacle, and clearer frameworks will be essential for the sector’s full realization.

Bottom Line

For crypto investors and enthusiasts, the key takeaway is that Web3 gaming tokens represent a maturing sector with immense long-term potential, driven by fundamental shifts in digital ownership and economic empowerment. While the speculative frenzy of earlier years has subsided, the underlying technology and the promise of a player-centric gaming future continue to attract significant innovation and investment. This sector is not merely a niche; it is a critical frontier for blockchain adoption, poised to introduce millions to the benefits of decentralization.

The long-term significance of Web3 gaming lies in its ability to democratize gaming economies, foster true digital ownership, and create new avenues for value creation for players worldwide. It is a powerful testament to the real-world applications of blockchain technology, extending beyond finance into mainstream entertainment. The ongoing efforts to enhance gameplay quality, simplify user experience, and develop sustainable economic models will be crucial for its sustained growth.

Ultimately, Web3 gaming is a cornerstone for broader crypto adoption. By embedding blockchain within engaging and familiar experiences, it provides an intuitive entry point for users who may not otherwise interact with cryptocurrencies. Important metrics to monitor include daily active wallets, funding trends for infrastructure projects, the launch and success of major Web3 game titles, and the evolution of regulatory clarity in key jurisdictions. The industry’s ability to overcome current challenges and deliver truly compelling experiences will dictate its trajectory towards mainstream success.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments carry significant risk.

Pi Network has announced a bold new vision that could redefine its role in the cryptocurrency and Web3 landscape. What began as a mobile-first mining project is now evolving into a global gaming hub. With ambitions to become the “Steam of Web3,” Pi Network aims to create a decentralized ecosystem for gamers and developers. Backed by a community of over 70 million pioneers, the foundation for the future of Web3 gaming is already in place. This strategic shift highlights Pi’s commitment to building real utility and expanding beyond its origins as a digital currency.

Background on Pi Network

Founded with the mission of democratizing cryptocurrency, Pi Network allows users to mine coins directly from their mobile devices. This mobile-first approach lowered barriers to entry, enabling millions of people worldwide to participate in the digital economy. Over the years, Pi Network has grown into one of the largest grassroots crypto communities, with pioneers actively mining, building, and contributing to the ecosystem.

While Pi Network initially focused on mining and community building, its vision has expanded to include decentralized applications, governance mechanisms, and financial services. The latest announcement—transforming Pi into a Web3 gaming hub—marks a significant milestone in its evolution.

From Currency to Gaming Hub

Pi Network’s new vision positions it as more than just a cryptocurrency. By aspiring to become the “Steam of Web3,” Pi Network aims to create a platform where gamers and developers can interact, innovate, and thrive. Steam, the world’s largest digital distribution platform for PC gaming, serves as a model for Pi’s ambitions. However, Pi’s approach is rooted in decentralization, ensuring that control and value are distributed across the community.

This transformation expands Pi’s utility beyond financial transactions, integrating entertainment, creativity, and innovation into its ecosystem. By combining currency with gaming, Pi Network creates a unique value proposition that appeals to both crypto enthusiasts and gamers.

The Role of Developers

Developers are central to Pi Network’s vision of becoming a Web3 gaming hub. The platform empowers developers to create decentralized applications, launch tokens, and build games that leverage Pi Coin as a native asset. By providing tools and resources, Pi Network lowers barriers for developers, encouraging innovation and collaboration.

This developer-centric approach ensures that Pi’s ecosystem evolves organically, driven by creativity and community contributions. It also positions Pi Network as a platform capable of supporting diverse applications, from casual games to complex decentralized gaming economies.

The Power of Community

With over 70 million pioneers worldwide, Pi Network’s community provides a strong foundation for its gaming ambitions. Community engagement has always been central to Pi’s success, with pioneers mining Pi daily, inviting friends, and contributing to the ecosystem’s growth. The transition to a gaming hub adds a new dimension to community participation, enabling users to engage with games, support developers, and shape the future of the ecosystem.

The size and enthusiasm of Pi’s community give it a competitive advantage. Few projects in the crypto industry can match Pi’s grassroots support, making it uniquely positioned to succeed in the Web3 gaming space.

Decentralization and Gaming

Decentralization is a core principle of Pi Network’s vision. By building a decentralized gaming ecosystem, Pi ensures that control and value are distributed across the community rather than concentrated in centralized institutions. This approach empowers gamers and developers, giving them ownership of their assets and participation in governance.

Decentralization also enhances resilience. By distributing control across millions of users, Pi Network minimizes the risks associated with centralized failures or manipulation. This makes the gaming ecosystem more robust and adaptable to changing circumstances.

Professional Analysis

From a professional perspective, Pi Network’s vision of becoming the “Steam of Web3” is ambitious and transformative. By integrating gaming into its ecosystem, Pi expands its utility and appeal, attracting new users and developers. The combination of currency and gaming creates a unique value proposition that differentiates Pi from other crypto projects.

However, challenges remain. Pi Network must demonstrate real-world utility, establish liquidity, and secure partnerships with developers and gaming studios. The success of the project will depend on its ability to deliver tangible results and maintain transparency. The enthusiasm of the community is a powerful asset, but long-term success will require continued innovation and collaboration.

Implications for Web3 and DeFi

Pi Network’s gaming vision has significant implications for Web3 and decentralized finance. By integrating gaming with currency, Pi creates opportunities for DeFi applications such as in-game trading, lending, and staking. Gamers can use Pi Coin to purchase assets, participate in decentralized marketplaces, and engage in financial activities within the gaming ecosystem.

This integration enhances Pi’s credibility and positions it as a serious contender in the crypto industry. As developers and pioneers continue to build applications, Pi Network’s ecosystem will gain new functionalities that drive adoption and utility.

Building Real Utility

Beyond speculation, Pi Network is committed to building real utility. The gaming hub vision provides tangible use cases for Pi Coin, ensuring that its growth is driven by meaningful contributions rather than short-term speculation. By focusing on practical applications, Pi Network positions itself as a project capable of delivering lasting value to its community.

Real utility is essential for long-term sustainability. By integrating gaming into its ecosystem, Pi Network ensures that its growth is both inclusive and transformative, creating opportunities for users and developers worldwide.

📢From currency to a global gaming hub. Pi’s new vision is to become the “Steam of Web3,” creating a decentralized ecosystem for gamers & developers. With over 70 million Pioneers, the foundation for the future of Web3 gaming is already here🚀#PiNetwork #Web3 pic.twitter.com/CgyEfos54I

— PiNetwork DEX⚡️阿龙 (@fen_leng) November 14, 2025

The Future of Pi Network

As Pi Network continues to evolve, its vision of becoming the “Steam of Web3” becomes increasingly clear. By empowering developers, building real utility, and leveraging its massive community, Pi Network positions itself as a project capable of redefining the role of cryptocurrency in the digital economy.

The journey is far from over. Pi Network must continue to overcome challenges, deliver on its promises, and expand its ecosystem. However, the enthusiasm of its community and the strength of its vision provide a solid foundation for future success.

Conclusion

Pi Network’s new vision marks a monumental moment in its journey. By transforming from a currency into a global gaming hub, Pi Network positions itself as the “Steam of Web3.” With over 70 million pioneers worldwide, the foundation for the future of Web3 gaming is already in place. This vision underscores Pi’s commitment to inclusivity, innovation, and decentralization, ensuring that its growth is meaningful and sustainable.

As Pi Network prepares for its next milestones, the message is clear: Pi is real, its vision is intentional, and its future is now. With a massive community and a commitment to building real utility, Pi Network is poised to redefine the future of cryptocurrency and empower users to explore their freedom on a true decentralized platform.

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@Erlin
Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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• Revenues and Operating Income: For the three months ended September 30, 2025, DeFi Technologies reported revenue of $22.5 million for the quarter. Operating Income was $9 million, reflecting strong profitability from core operations. These results underscore the Company’s robust operational performance and sustained revenue growth.
• Substantial Growth in AUM: Valour’s asset-management business reported approximately $989.1 million in AUM as of September 30, 2025, up from $772.9 million as of June 30, 2025, reflecting accelerating investor demand and growth of digital asset prices.
• Continued Inflows: Valour achieved net inflows into its ETP products every month during the period, totaling $38.8 million for the quarter and year-to-date inflows to $116.2 million as of September 30, 2025.
• 2025 Revenue Guidance: The Company is revising its previously announced 2025 revenue guidance from $218.6 million to $116.6 million. This adjustment reflects a delay in executing DeFi Alpha arbitrage opportunities as a result of the proliferation of digital asset treasury companies and the consolidation of digital asset prices in the latter half of 2025, which has temporarily reduced arbitrage activity and compressed available trading spreads. With a strong balance sheet, bolstered by the recent $100 million equity financing, the Company is well positioned to compete for future high-margin arbitrage opportunities as market conditions evolve.
• CEO Transition: Valour and DeFi Technologies Co-Founder Johan Wattenström will assume the role of CEO and Executive Chairman of DeFi Technologies, while Olivier Roussy Newton will remain as a Strategic Advisor.

TORONTO, Nov. 14, 2025/PRNewswire/ – DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B), a financial technology company bridging the gap between traditional capital markets and decentralized finance (“DeFi“), announces its financial performance for the three months ended September 30, 2025. All dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

Financial Highlights

• Revenue: Revenues of  $22.5 million for the three months ended September 30, 2025, compared to $28.1 million in the three months ended September 30, 2024.  While revenues from staking and lending income, trading commissions and management fees all increased due to higher AUM, total revenues decreased due to lower revenues from realized and net change in unrealized gains (losses) on digital assets and ETPs.  These revenues fluctuate with market conditions, in particular, the fluctuation of digital asset prices.   Revenues for the nine months ended September 30, 2025, were $80 million compared to $51.3 million in the comparative nine months ended September 30, 2024, reflecting increased profitability from the growth in AUM on a year-to-date basis.
• Operating Income: Operating Income of $9 million in Q3 2025, down from $14.4 million in Q3 2024 due to revenues decreasing by $5.6 million from the comparative quarter.    Operating income for the nine months ended September 30, 2025, was $39.4 million compared to an operating loss of $1.6 million in the nine months ended September 30, 2024, reflecting improved profitability given our AUM growth.
• Valour Staking/Lending & Management Fees: In Q3 2025, Valour Inc. and Valour Digital Securities Limited (together, “Valour“) generated staking and lending income of $7.4 million and management fees of $2.8 million, both improving from the $6.5 million and $1.5 million in Q3 2024 due to higher AUM.
• Stillman Digital: For the three months ended September 30, 2025, Stillman Digital generated trading commissions of $2.2 million in revenue.  Stillman was acquired in Q4 2024 and thus was not owned in the comparative quarter in 2024.
• Reflexivity Research: For the three months ended September 30, 2025, Reflexivity Research generated research revenues of $109,500 down from $468,000 in the three months ended September 30, 2024.    Management is focused on reinvigorating this business unit while its research product continues to support Valour’s ETP business growth.
• Venture Portfolio: The Company’s eight private venture investments had a fair value of $44 million as of September 30, 2025.
• Advisory Revenue:  For the three months ended September 30, 2025, the new DeFi Advisory business generated revenues of $192,407 from two clients.   This is a new business line started by the Company during the third quarter.
• Share Buybacks: The Company repurchased 935,900 shares for a total of $2,444,880 (approximately $2.61 per share). The Company will continue to repurchase shares in the open market opportunistically.

Cash and Treasury Position

• Cash Balance: As of September 30, 2025, DeFi Technologies’ consolidated cash balance stood at  $119.5 million.
• Treasury Holdings: As of September 30, 2025, the Company’s holdings included a mix of digital asset tokens, totaling approximately $46.2 million.

Total value of cash and digital asset treasury: $165.7 million as of September 30, 2025. The Company regularly monitors its cash and digital asset reserves on a consolidated basis, and as part of this review, it has allocated a portion of its digital asset treasury reserve for the purposes of hedging the market risk of its ETPs. This approach reflects both prudent treasury management and a disciplined use of capital—strengthening the balance sheet while directly supporting the performance and resilience of the Company’s ETP platform. By holding a diversified mix of cash and digital assets, DeFi Technologies can better manage volatility, protect against adverse market conditions, and capitalize on market opportunities as they arise.

Comment from the CEO, Olivier Roussy Newton:

“Q3 2025 was another milestone quarter for DeFi Technologies and a testament to the strength and scalability of our platform. We delivered revenues of $22.5 million and operating income of $9 million, marking another profitable quarter. With average AUM exceeding $900 million per month in the third quarter, the highest quarterly average in history, and net inflows every month year-to-date, we continue to demonstrate the power of our integrated asset management and trading ecosystem.

Beyond the numbers, this quarter reinforced our position as a true institutional bridge between traditional finance and decentralized markets. Valour’s product expansion and consistent inflows, Stillman’s growing institutional footprint, and our disciplined capital allocation all speak to a company operating at scale. From a business perspective, DeFi Technologies has never been stronger — financially, operationally, and strategically. Our $165.7 million balance sheet gives us the flexibility to launch new structured products and funds, accelerate the rollout of SovFi and other hybridized DeFi–TradFi products, and pursue strategic investments and potential M&A that enhance long-term shareholder value.

I’m immensely proud of what our team has built. Over the past three years, we’ve scaled Valour’s ETP platform, executed targeted acquisitions, institutionalized our operations, and delivered record financial results. With Johan Wattenström stepping in as CEO and Executive Chairman, I’m confident DeFi Technologies is entering its next phase of growth stronger than ever. My focus now turns to advancing post-quantum solutions at BTQ Technologies, which is critical for the survival of the digital asset space while continuing as a cornerstone shareholder, partner, and advisor to ensure continuity of vision and execution as DeFi Technologies builds the future of digital finance.”

Comment from Incoming CEO, Johan Wattenstrom:

“Olivier and I have built this company together from the ground up. I’m grateful for his leadership and friendship, and I look forward to leading DeFi Technologies into its next phase of growth. We will continue to scale our ETP platform globally, expand our trading operations both internally and through Stillman Digital, and continue to bridge traditional capital markets with the digital asset ecosystem.”

Outlook for 2025

The outlook of the Company and for each business segment that follows supersedes all prior financial outlook statements made by the Company, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the Company’s control. Please see “Cautionary note regarding forward-looking information” and “Financial Outlook Assumptions” below for more information.

DeFi Technologies Outlook for 2025

As of September 30, 2025, Valour’s ETP business reported US$989.1 million in AUM. This growth has been supported by favorable market conditions, the launch of new ETPs, and strategic corporate initiatives, including Defi Alpha, that have boosted both trading activity and overall financial performance.

Revenue from staking and lending, management fees, and mark-to-market changes in digital assets and ETP payables has remained closely correlated with both the level of capital inflow into Valour’s products and the performance of the underlying digital assets, which continued to appreciate into the latter half of 2025. Additionally, Valour continues to seek and optimize revenue-generating opportunities of its digital asset holdings. Based on current performance, digital asset price levels and market trends, the Company’s annualized revenue for 2025 is forecasted at approximately $116.6 million. The reduction of the Company’s annualized revenue forecast for 2025 from $218.6 million is primarily due to a delay in executing DeFi Alpha arbitrage opportunities previously forecasted due to the proliferation of digital asset treasury companies and the consolidation in digital asset price movement in the latter half of 2025. The Company believes that with its strong balance sheet, bolstered by the recent $100 million equity financing, it stands ready to effectively compete for future profitable arbitrage opportunities. Continued growth in AUM, combined with opportunistic DeFi Alpha trade revenue, may lead to proportional increases in revenue going forward. The Company will provide 2026 revenue guidance when it files its 2025 annual results.

Valour Asset Management

In Q3 2025, Valour continued to advance its global growth strategy, reinforcing its leadership in the regulated digital asset ETP space. Valour has now met its forecast of 100 ETPs listed across European and UK exchanges. Valour continues to develop a strong pipeline of digital assets ETPs, including leveraged and warrant ETPs, alongside innovative single-asset and thematic baskets—broadening product diversity and meeting the growing demand for secure, regulated digital asset exposure.

Beyond Europe, Valour is executing a deliberate expansion into high-growth regions, including Africa, Asia, the Middle East, and other emerging markets.

Strategic Considerations for Growth

Valour’s expansion strategy integrates cross-listings, market-making, FX considerations, localized marketing, and partnerships with regional institutional players. This approach is designed to address the complexities of entering new jurisdictions, from navigating diverse regulatory frameworks to ensuring liquidity and cultural alignment. In markets where digital asset regulation remains nascent, Valour is positioning itself as a trailblazer, shaping market standards while building brand trust.

The Company expects additional listings to come online in the months ahead, supported by a robust pipeline extending into 2026. Strategic locations yet to be announced will further advance Valour’s mission to bridge traditional securities with the digital asset ecosystem.

Strong Investor Demand

Valour’s ETP business has seen tremendous growth over the past three years. In 2024, total inflows reached US$124.4 million, more than doubling 2023’s US$49.5 million and tripling 2022’s US$38.4 million. This momentum has carried into 2025, with inflows reaching US$116.2 million as of September 2025. The sustained growth highlights Valour’s strengthened market position and its ability to capture significant capital flows in the current digital asset environment.

Stillman Digital

Stillman Digital has delivered strong performance since joining the DeFi Technologies portfolio, generating $6.1M  in revenue for the nine months ended September 30, 2025, and forecast to close 2025 with approximately $8.6 M in revenue on strong trading volumes with margins in the 25-50% range. Stillman’s business is robust across the crypto price cycle.

Stillman Digital’s strategic priorities include a continued focus on expanding business development efforts, enhancing global reach, and deepening capabilities in key areas such as foreign exchange and stablecoin services. 

Stillman is also focused on building out its distribution infrastructure through initiatives like Finery, Hidden Road Partners, and the Circle Alliance Program. Importantly, the Company is experiencing consistent growth in trading volume and its number of active customers, reflecting increasing market demand and engagement. 

Strategic Focus:

• Business Development: A primary focus for Stillman Digital continues to be the expansion of its business development team to accelerate the acquisition of new institutional clients. The company is also intensifying efforts to penetrate international markets, particularly in Latin America and Europe.
• Product and Market Expansion: Stillman Digital plans to enhance its product offerings, particularly in FX and stablecoin services. These offerings will help hedge against altcoin volatility and further diversify its revenue streams.
• Strategic Partnerships: Continuing to expand global banking relationships is a key priority for Stillman Digital, with ongoing efforts to partner with new aggregators and ECNs. Additionally, deepening existing partnerships with institutions like Bank Frick, Talos, and Fireblocks will broaden client access and facilitate more seamless fiat transactions.
• Team Growth: Recent hires, including new backend developers and a Head of Trading with a background in astrophysics and quantitative trading, are expected to drive innovation and improve trading strategies. These additions will allow Stillman Digital to continue outperforming market benchmarks with new principal trading strategies.

Looking ahead, Stillman Digital is well-positioned to accelerate its growth into 2026, leveraging DeFi Technologies’ support and strategic resources to unlock new opportunities and continue expanding its global footprint.

DeFi Alpha

The Company continues to assess and execute on arbitrage opportunities through its specialized trading desk, DeFi Alpha. In May 2025, DeFi Alpha made one locked token trade with a $23.8 million discount, which will be realized over 3 years if the SUI price is $3.51 per token or higher at maturity.  A second locked token trade was executed in November 2025 with a $3.2 million discount that will be realized over 3 years if the SOL price is $167 per token or higher at maturity. 

This strategy has significantly strengthened the Company’s financial position, enabling debt repayment and supporting the ongoing expansion of its digital asset treasury. With the proliferation of digital asset treasury companies in the latter half of 2025, the Company experienced delays in its pipeline of arbitrage opportunities and compressed arbitrage profits. However, given the volatility in the digital asset market, the Company believes that with its strong balance sheet, bolstered by the recent $100 million equity financing, it stands ready to effectively compete for future profitable arbitrage opportunities.

The DeFi Alpha strategy has proven to be a pivotal driver of DeFi Technologies’ financial resilience, enhancing the Company’s position in an ever-evolving digital asset landscape. Through its arbitrage-focused approach, DeFi Alpha has strengthened the Company’s financial foundation, enabling debt repayment while supporting the deployment of a robust digital asset treasury strategy. This strategic model has proven effective in mitigating risks while maximizing returns, even in the face of market volatility.

Strategic Focus and Competitive Edge: DeFi Alpha was designed to capitalize on the Company’s balance sheet through both systematic and opportunistic trading strategies. The approach uniquely positions DeFi Alpha to take advantage of market opportunities while leveraging its balance sheet advantages. Many of the trades pursued are exclusive, backed by strong partnerships and significant holdings tied to ETPs, making these opportunities largely inaccessible to other firms. This exclusivity, combined with efficient execution in low-competition areas, is what gives DeFi Alpha its strategic edge in the market.

Reflexivity Research
Reflexivity Research is working on expanding distribution, reducing operating costs, enhancing its product offering, and developing new revenue channels to drive growth.

Expanded Distribution Channels
Reflexivity secured new content and research distribution agreements with Beluga and Blockwire, significantly broadening reach into retail and institutional investor segments.

Updated Product Packages and Pricing
The Company completed a full refresh of its research packages and pricing, aligning the offering with market demand and competitive benchmarks while improving scalability for different client tiers.

New Revenue Channels in Development
Reflexivity is diversifying beyond its core subscription model with new monetization avenues, including event sponsorships, newsletter sponsorships, and the upcoming launch of Macro Monday—a weekly newsletter providing macroeconomic insights tailored for digital asset market participants.

Revamped Outbound Sales Process
The sales process has been upgraded with AI-assisted automation, refined outbound processes, improved sales collateral, and integration of the Blockwire partnership to amplify outreach efficiency and conversion rates.

Looking ahead, Reflexivity plans to build on these initiatives by finalizing the brand refresh, launching the new sponsorship products, and continuing to expand its institutional footprint through strategic partnerships and targeted outbound campaigns.   In the meantime, Reflexivity’s research product continues to support the growth of Valour’s ETP business.

DeFi Advisory

DeFi Advisory is positioning itself as a full-stack partner for corporate digital asset treasury programs. Since launching the division, we have secured mandates with two clients and built a strong pipeline of prospective engagements. Leveraging the capabilities of subsidiaries such as Stillman Digital, Neuronomics, and Reflexivity Research, alongside our deep expertise in digital assets and public markets, DeFi Advisory is well positioned to expand its client base and provide tailored strategies for public companies integrating digital assets into their treasuries.

CEO Transition

The Company is also announcing that Olivier Roussy Newton has resigned as Chief Executive Officer and Executive Chairman of the Board. The Company’s Board of Directors has appointed Johan Wattenström, Co-Founder of Valour and DeFi Technologies, as Chief Executive Officer and Executive Chairman, effective upon Mr. Roussy Newton’s departure.

Following the transition, Mr. Roussy Newton will remain a cornerstone shareholder, partner, and advisor to the Company, ensuring continuity of vision and execution as DeFi Technologies enters its next stage of expansion.

Earnings Conference Call

The DeFi Technologies Q3 2025 Financial Results webcast will commence at 12:00 p.m. ET, Friday, November 14, 2025.

To register for the live webcast, please visit this link: https://zoom.us/webinar/register/WN_eLmAKme0TuOb7moOXaH7qA 

Supplemental Materials and Upcoming Communications

The Company has made available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and the timing of future investor conferences, visit the Investor Relations section of the Company’s website: https://defi.tech/investor-relations.

Analyst Coverage of DeFi Technologies

A full list of DeFi Technologies analyst coverage can be found here: https://defi.tech/investor-relations#research.

For inquiries from institutional investors, funds, or family offices, please contact:
ir@defi.tech

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About DeFi Technologies
DeFi Technologies Inc. (Nasdaq: DEFT) (CBOE CA: DEFI) (GR: R9B) is a financial technology company bridging the gap between traditional capital markets and decentralized finance (“DeFi“). As the first Nasdaq-listed digital asset manager of its kind, DeFi Technologies offers equity investors diversified exposure to the broader decentralized economy through its integrated and scalable business model. This includes Valour, which offers access to one hundred of the world’s most innovative digital assets via regulated ETPs; Stillman Digital, a digital asset prime brokerage focused on institutional-grade execution and custody; Reflexivity Research, which provides leading research into the digital asset space; and DeFi Alpha, the company’s internal arbitrage and trading business line. With deep expertise across capital markets and emerging technologies, DeFi Technologies is building the institutional gateway to the future of finance. Follow DeFi Technologies on LinkedIn and X/Twitter, and for more details, visit https://defi.tech/ 

DeFi Technologies Subsidiaries

About Valour

Valour Inc. and Valour Digital Securities Limited (together, “Valour“) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies. For more information about Valour, to subscribe, or to receive updates, visit  valour.com.

About Stillman Digital

Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com 

About Reflexivity Research

Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/ 

Cautionary note regarding forward-looking information:  
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the financial results of the Company; revenue outlook of the Company and its business segments; growth of AUM; geographic expansion of the Company’s core businesses; revenue generating opportunities for the Company’s digital asset holdings; upcoming ETP launches; revenue generation by DeFi Alpha and competitive factors; integration of Stillman Digital and Neuronomics AG and their respective plans and outlooks for 2025; fluctuation in digital asset prices; geographic expansion of the Company; investment and interest in the digital asset sector; development of the DeFi Advisory business line; future collaborations and partnerships; development of ETPs; geographic expansion of the Company; future acquisitions by the Company; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by DeFi Technologies and its subsidiaries of business opportunities; the appointment of directors and officers of the Company; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; ability of the Company to successfully integrate and grow Reflexivity Research, Stillman Digital, Neuronomics AG and DeFi Advisory; the proliferation of digital asset treasury companies; growth and development of DeFi and digital asset sector; rules and regulations with respect to DeFi and digital assets; fluctuation in digital asset price levels; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Financial Outlook Assumptions

The financial outlook on revenue of the Company is based on a number of assumptions, including assumptions related to  inflation, changes in interest rates, volatility of the digital asset market, current and projected market prices of digital assets, in particular the digital assets underlying the Company’s ETPs, the Company’s ability to realize staking and lending income from digital assets held by the Company, the ability of DeFi Alpha to generate yield on the Company’s excess liquidity and identify and execute accretive trading opportunities, external competition for arbitrage opportunitites for digital assets; the return realized by the Company on staking and lending income, the return on management fees earned by the Company, business model of Reflexivity Research, trading volumes of Stillman Digital, successful implementation of technological upgrades at Stillman Digital, successful development and aunch of products by Neuronomics AG, succesful development of the DeFi Advisory business line; consumer interest in the Valour’s ETPs, foreign exchange rates and other macroeconomic conditions, the regulatory environment with respect to ETPs and digital assets in the jurisdictions that the Company operates in, introduction of future ETPs, “black swan events” in the digital asset industry, competitors that offer competing ETP products and market acceptance of the Company’s ETP offerings. The Company’s financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information above. Many factors may cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting the digital asset industry, including inflation, changes in interest rates, investor confidence in digital assets; proliferation of digital asset companies; volatility of the digital assets and fluctuation in market value of digital assets; exchange rate fluctuations; any pandemic; fraud, misconduct or gross negligence by individuals within the digital asset industry; a negative regulatory environment with respect to digital assets; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; the Company’s inability to attract purchasers of its ETPs; decrease in AUM as a result of investor selling the Company’s ETPs or a fall in the value of the underlying digital assets; Valour’s inability to launch attractive ETPs; the Valour’s inability to increase ETP sales; the Company’s inability to implement our growth strategy; the Company’s reliance on a small number of custodian and market participants to operate its ETP programs; decrease in the number of subscribers to Reflexivity Research; decrease in the number of trades or fees generated by Stillman Digital; the Company’s ability to execute on its Defi Advisory strategyl the Company’s ability to prevent and manage information security breaches or other cyber-security threats; the Company’s ability to compete against competitors; strategic relations with third parties; changes to technologies on which ETPs are purchased and sold is reliant; Valour’s ability to distribute ETPs in jurisdictions it is not currently operating in; the Company’s ability to obtain, maintain and protect our intellectual property; the Company’s ability to execute on its acquisition strategy; the Company’s liquidity and capital resources; pending and threatened litigation and regulatory compliance; orderly receipt of collateral held at insolvent counterparties; changes in tax laws and their application; the Company’s ability to expand its sales, marketing and support capability and capacity; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE DeFi Technologies Inc.