Key Takeaways
- • Valour's Solana ETP surpassed its Bitcoin ETP as the largest product by AUM at US$274.85 million (C$377.55 million) as of May 23, 2025, according to DeFi Technologies.
- • DeFi Technologies says it is the largest institutional Solana asset manager in North America and the third-largest Solana fund operator in Europe through subsidiary Valour.
- • The company reaffirmed fiscal 2025 revenue guidance of C$285.6 million (US$201.07 million), stating the forecast excludes accounting adjustments tied to locked Solana and Avalanche tokens.
- • DeFi Technologies reports earning a 12% average yield on staked Solana, representing up to C$45.3 million (US$33 million) in annualized revenue at current prices.
- • Valour's total digital asset platform exceeds US$850 million in AUM across more than 65 ETPs, with a target of 100 listed products by end-2025.
Summary
DeFi Technologies Inc. (Nasdaq: DEFT) announced that Valour Inc. and Valour Digital Securities Limited, its ETP issuing subsidiaries, have made the Solana (SOL) exchange-traded product the company's largest product by assets under management. As of May 23, 2025, Valour's Solana ETP held US$274,850,850 (C$377,548,870), surpassing its flagship Bitcoin ETP at US$269,640,836 (C$370,392,134). The company characterized the milestone as evidence of rising investor demand for SOL.
The company states that it is the largest institutional asset manager of Solana in North America, as parent of Valour, and that Valour manages the third-largest Solana fund in Europe. These products are listed on Xetra, Spotlight and Euronext. DeFi Technologies also says it operates a proprietary MEV-optimized SOL validator and earns an average 12% yield on staked SOL, which it describes as more than any other asset manager or public Solana holder globally. Across its digital asset platform, the company reports stakes a majority of assets at an average blended yield of 8%. Valour's Q1 2025 staking and lending income was US$10.0 million (C$14.0 million), with management fees of US$2.6 million (C$3.6 million). The company also directly holds 14,375 SOL and 208.8 BTC.
DeFi Technologies reaffirmed its fiscal 2025 revenue forecast of C$285.6 million (US$201.07 million), first announced in a May 14, 2025 release. The company clarified that this figure excludes changes in the discount for lack of marketability (DLOM) applied to two private investment funds holding locked Solana and Avalanche tokens, which are locked until 2028. Management characterized DLOM changes as non-operational accounting adjustments.
CEO Olivier Roussy Newton said the company's vertically integrated model, spanning validators, staking, a dedicated trading desk and MEV strategies, generates recurring revenue from network participation. The company reports more than 65 ETPs listed in Europe and the UK, with plans for 100 by year-end 2025, including leveraged and warrant-based structures, and says it is entering markets across Africa, Asia and the Middle East. The announcement is promotional in nature and contains forward-looking statements subject to material risk.
The company states that it is the largest institutional asset manager of Solana in North America, as parent of Valour, and that Valour manages the third-largest Solana fund in Europe. These products are listed on Xetra, Spotlight and Euronext. DeFi Technologies also says it operates a proprietary MEV-optimized SOL validator and earns an average 12% yield on staked SOL, which it describes as more than any other asset manager or public Solana holder globally. Across its digital asset platform, the company reports stakes a majority of assets at an average blended yield of 8%. Valour's Q1 2025 staking and lending income was US$10.0 million (C$14.0 million), with management fees of US$2.6 million (C$3.6 million). The company also directly holds 14,375 SOL and 208.8 BTC.
DeFi Technologies reaffirmed its fiscal 2025 revenue forecast of C$285.6 million (US$201.07 million), first announced in a May 14, 2025 release. The company clarified that this figure excludes changes in the discount for lack of marketability (DLOM) applied to two private investment funds holding locked Solana and Avalanche tokens, which are locked until 2028. Management characterized DLOM changes as non-operational accounting adjustments.
CEO Olivier Roussy Newton said the company's vertically integrated model, spanning validators, staking, a dedicated trading desk and MEV strategies, generates recurring revenue from network participation. The company reports more than 65 ETPs listed in Europe and the UK, with plans for 100 by year-end 2025, including leveraged and warrant-based structures, and says it is entering markets across Africa, Asia and the Middle East. The announcement is promotional in nature and contains forward-looking statements subject to material risk.
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