DeFi Technologies Inc. confirmed that Olivier Roussy Newton will step down as chief executive officer and executive chairman, with co‑founder Johan Wattenström assuming the roles effective immediately. Newton, who has led the company since October 2022, will continue as a strategic advisor to ensure a smooth transition.
In its most recent quarterly report, DeFi Technologies posted adjusted revenue of $32.1 million and adjusted EBITDA of $21.6 million for Q2 2025, a turnaround from the negative EBITDA of $2.5 million reported in Q2 2024. Adjusted net income reached $17.4 million, but earnings per share of $0.05 fell short of the consensus estimate of $0.07, a miss of $0.02 or 29%. The shortfall was driven by a 15% decline in revenue compared with the same period last year, largely due to slower execution of the company’s DeFi Alpha arbitrage desk, which had generated $17.3 million in May 2025.
Management revised its 2025 revenue guidance downward from $218.6 million to $116.6 million, citing delays in arbitrage opportunities and a weaker than expected market for digital‑asset trading. The guidance cut follows a Q3 2025 revenue of $22.5 million, down from $28.1 million in the same quarter a year earlier, and signals a more cautious outlook for the remainder of the year.
Newton highlighted the company’s “flywheel” effect, noting that each business line reinforces the others, but acknowledged that the current environment has slowed the arbitrage engine. Wattenström emphasized continuity, stating, “We will continue to scale our ETP platform globally, expand our trading operations, and bridge traditional capital markets with the digital asset ecosystem.” He added that the company’s focus will remain on expanding Valour’s product portfolio and deepening institutional relationships.
Valour, DeFi Technologies’ regulated exchange‑traded product platform, has launched 20 new ETPs to date and aims to reach 100 by year‑end. The expansion is part of a broader strategy to capture institutional demand for diversified digital‑asset exposure, with 15 new products planned for 2024 and an additional 30 slated for 2025.
Investor reaction has been tempered by the revenue guidance cut and the Q3 revenue decline. Analysts and market participants have expressed concern that the company’s primary revenue driver—arbitrage trading—may not recover as quickly as expected, potentially limiting growth in the near term. The company’s continued focus on ETP expansion and institutional partnerships is viewed as a long‑term hedge against volatility in the arbitrage segment.
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