...our coverage analysts onto ask questions live. Before we begin, I'd like to remind everyone that certain statements made during today's call may constitute forward-looking information under applicable securities laws.

These statements include, but are not limited to, comments regarding the expected financial performance, business development, strategic initiatives, market expansion, product growth, and future opportunities. Forward-looking statements are based on management's current expectations and assumptions, and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

With that, I'll turn it over to Johan.

Thank you, Curtis, and thank you, everyone, for joining us today. The first quarter of 2026 reflected a more challenging market environment across digital asset sector, with softer market conditions impacting assets under management, staking-related income, and overall investor activity during the period.

At the same time, we believe the quarter reinforced the strengths and durability of the business we have built. Even in what we view as the most challenging quarter of this recent crypto market downturn, with asset prices reaching their lows during the period, DeFi Technologies generated revenue of $11.2 million and positive net income of $4.9 million, while further strengthening the balance sheet through a significant improvement in working capital.

More broadly, the quarter demonstrated the resilience of our business model and the discipline of our operating approach. We navigated a difficult market environment while continuing to manage costs carefully, support our product platform, and advance several important long-term growth initiatives.

Average AUM during the quarter was approximately $533 million, with through levels through the period reaching approximately $427 million. While lower than prior periods, these levels were broadly consistent with market conditions and visible through our publicly reported AUM disclosures.

Importantly, our model continues to demonstrate durability even during weaker market conditions. Our management fee profile remained relatively stable, and our diversified monetization approach across management fees, staking activities, and trading infrastructure and institutional initiatives continued to differentiate the platform.

Across the business, we have demonstrated that DeFi Technologies is not reliant on any single product, revenue stream, or market environment. Our platform continues to benefit from multiple pathways for growth across asset management, trading, and capital markets infrastructure, and we believe the company has never been better positioned to capitalize on the convergence of decentralized finance and traditional capital markets.

At the center of the group remains Valour. Today, the platform includes 103 listed products across multiple exchanges globally.

We continue to believe the breadth of the platform, combined with our ability to monetize AUM across multiple activities, differentiates us in the market. We also strengthened our commercial leadership during the quarter with the appointment of Jakob Lindberg as Chief Revenue Officer.

Jakob is focused on expanding distribution, deepening institutional relationships, and accelerating revenue opportunities across our product platform. We believe this addition strengthens our ability to scale institutional engagement globally.

In addition, we continued to advance our institutional product initiatives, including our UCITS platform efforts, our hedge fund efforts, which we believe represent an important long-term opportunity to broaden access to regulated digital assets investment products across global fund platforms and institutional allocators. As we move through 2026, we remain focused on expanding institutional product structures and other regulated vehicles, while continuing to invest in the products and rails that support the future of digital asset investing.

We also continue to see opportunities to increase monetization across the platform, particularly through the trading, hedging, and market-making infrastructure embedded across Valour's issuance stack, which supports our ability to earn additional income on AUM more efficiently. From a financial standpoint, we ended the quarter with more than $103 million in combined cash and USDT, USDC, approximately $23.5 million in treasury holdings, and a venture and private portfolio valued at $29.1 million, for total cash, treasury, and venture portfolio value of approximately $156 million.

We also ended the quarter with positive working capital of $47.3 million, a significant improvement from year-end 2025. That fortress balance sheet gives us the ability to be proactive rather than reactionary, and to deploy capital deliberately into growth initiatives, strategic infrastructure, and potential acquisitions that deepens our capabilities and strengthens long-term earnings power.

Overall, while Q1 was a softer quarter from a market standpoint, we believe the business remains well-positioned operationally and financially, with strong cost discipline, a resilient platform, and multiple long-term growth initiatives underway. We are increasingly encouraged by improving market conditions as we move through 2026, which we believe would create a more favorable backdrop for the AUM growth, stronger ETP demand, and revenue acceleration through the reminder of the year.

We are already beginning to see early signs of that in the business, with AUM now above $530 million, and April 2026 net inflows of $14.6 million, representing the second strongest monthly inflow in the last 12 months after September 2025 inflows of $22.6 million, following a Q1 period in which flows were relatively flat. With a proven business model, expanding monetization, and the financial flexibility to operate from position of strength, we believe DeFi Technologies is exceptionally well-positioned for the quarters ahead.

With that, I'll turn over to Paul to walk through the financial results.

Thank you, Johan, and good morning, everyone. I'll begin with an overview of assets under management.

Average AUM for the period was approximately $533 million. At the low point during the quarter, AUM was $427 million.

While market conditions were challenging, these levels remained within a manageable range for the business and were consistent with the market environment investors experienced across the broader digital asset sector. Our effective management fee yield was approximately 1% for the quarter, compared to approximately 1.2% in prior periods, primarily due to the larger relative weighting of Bitcoin-related products, which carry lower or no management fees, following the sharp decline in altcoin prices.

Within Valour, our effective staking yield declined to 2.5% due to the significant price declines in the altcoins, which pay higher effective yields to Bitcoin, compression in Bitcoin and Ethereum lending rates combined with lower effective staking of the AUM given substantial market volatility, and the unstaked during Q1 of previously locked Solana coins that became unlocked and distributed from our equity investments directly to Valour on April 3rd. Notwithstanding the lower monetization of 3.5% of our AUM, total revenues for Q1 came in at $11.2 million, which is greater than the $9.7 million in operating general expenses and fees and commissions, our primary cash costs, reflecting that the cost discipline efforts to maintain positive core operations through the challenging crypto market conditions of Q1.

The company continued to maintain its balance sheet strength with $87.6 million in cash and $13.1 million of USDT, USDC, for a total of $100.7 million of cash and USDT, USDC on hand at March 31st, 2026. Turning to product activity, we ended the quarter with 102 ETPs and structured products across our platform.

During the period, we continued expanding our higher-value offerings, including the leveraged bull and bear ETPs introduced in late 2025. We also continued expanding geographic distribution through cross-listings in markets such as London and Brazil.

In terms of ETP flows, they remained relatively resilient during the quarter with a small $0.7 million outflow, given the challenging cryptocurrency price environment which saw Bitcoin reach a low of $60,000 per token. Stillman Digital continued to perform well during the quarter and remains an important diversification component of our broader platform.

Stillman generated approximately $2.9 million of revenue during the quarter, an increase in 38% from Q1 2025 actual revenue of $2.1 million, and is thus far on track to meet or exceed its planned 15% to 20% year-over-year growth. Turning to operating expenses, our Q1 actual operating general and admin expenses and fees and commissions came in at $9.7 million, which on an annualized basis is $38.7 million, or slightly in excess of the $36 million target we set for ourselves.

Management will continue to strive to keep core operating costs at levels that maintain cash-positive core operations. Based on our current cost structure and monetization profile, we continue to believe the business remains positioned to achieve profitability during fiscal year 2026.

With that, I'll turn it over to Andrew.

Thank you, Paul. As we discussed last quarter, our focus remains on building the distribution relationships and operational infrastructure required to support broader institutional adoption of our products across global markets.

This process is ongoing, and in Q1 we continued expanding our distribution and onboarding efforts across Europe, Latin America, and Asia, following our launches in markets such as London and Brazil in late 2025. We continue to see these markets as important building blocks in expanding the global reach of the platform and strengthening access to new pools of investor demand.

Our capital markets distribution work also continues to be executed with an eye towards supporting future UCITS distribution. We believe UCITS and other innovative fund strategies, as provided by our portfolio company Neuronomics, remain an important opportunity to broaden access to our products through traditional fund platforms and institutional allocation channels.

The beautiful thing about the UCITS SICAV structures we have been working on are their appeal to and accessibility by large institutional capital allocators worldwide. Progress on that front remains an important strategic priority, and we continue to position the business to meet the operational, regulatory, and distribution requirements needed to support broader institutional participation over time.

We have repositioned our Global Insights Symposia as the DeFi Technologies Capital Markets Series in order to bring targeted visibility to our full range of investment products and OTC prime brokerage services via Stillman Digital to institutional investors globally. The first in our Capital Markets Series is our institutional investor event being conducted at the Canadian Embassy in London in collaboration with the Canada-UK Chamber of Commerce in June.

We've also proven our ability to onboard assets into our existing ETPs through our institutional outreach programs. One such institutional allocation into our Valour ETP was highlighted in a press release and is reflected in these Q1 2026 financials.

The other tranche of investment will appear in Q2 financials. This shows a resilient flexibility to the underlying DeFi Technologies business model even in poor macroeconomic market conditions.

We continue to build out the business intelligence infrastructure first referenced last quarter, including the launch and continued development of tools such as our DEFT Valour Investment Opportunity Index, or DVIO. These systems are designed to provide more granular visibility into product consumption, regional demand trends, inflows, and competitive positioning across markets.

This information helps us improve product targeting, identify areas where institutional demand may be developing, and better position both existing and future products across our distribution network. The DEVU index and the analysis-based visibility it provides was critical to our ability to close the investments into our ETPs.

Just this week, we released an improved index calculation engine which updates daily. This lays the groundwork for our ability to create innovative instruments based on our Valour ETP platform.

Other innovations that have made considerable progress in Q1 include the work we've done to restructure our venture capital portfolio to bring more value to DeFi Technologies shareholders, as well as the continued development of the in-house digital asset custody technology. We spent Q1 researching and building proprietary tech and scaling our sales and distribution networks.

All of this hard work during weak market conditions is designed to help us minimize costs, enhance marginality, and deliver new products that have broader accessibility globally and within the world of DeFi. Our results reflect the resilience of our business model and operating approach, despite a challenging macro environment.

Looking ahead, we will continue to build strong European and strategic global distribution networks and the necessary operating infrastructure to support wider adoption of our products. At the same time, we continue to believe the work underway today will better position DeFi Technologies to capture institutional demand, improve monetization opportunities, and support long-term growth as market conditions improve.

With that, I'll turn it back over to Curtis for Q&A.

We'll take some questions initially from the chat. If you're an investor and you have questions, please just type your question in the chat and we'll sort it appropriately.

Then if you're an analyst, please raise your hand and keep it raised, and I'll invite you on one at a time per usual to answer or to ask questions of management live. First question: "Are you guys planning to buy back shares?

As a retail investor, we are so worried about the Nasdaq listing." Johan.

This is I think two different subjects. The buyback of shares is something we might do in the future.

It depends on our cash flow. We don't buy back normally from our cash at hand, but rather from strong cash flow.

It has no connection to the listing on Nasdaq. There's no risk of us getting delisted from Nasdaq.

We have 180 plus 180 days to get over $1. If we over in 10 days, I think, over $1, it resets.

Also, obviously, we will do a reverse split if needed, not if we don't need to do it, but if needed we will do it. I know a lot of people are really scared about reverse splits, but I think that's uncalled for.

The kind of the statistics that shows bad performance after a reverse split includes all the companies that do reverse splits. Most of those are companies in distress.

If you sort those out, that there's no actual negative impact. We can also, obviously, if we do a reverse split, make use of the buyback program to support through those days to make sure there's no negative impact.

I guess in short, there's no risk of us being delisted. We have plenty of runway, and in a worst-case scenario, we can do a reverse split.

When it comes to the buyback program, we have a lot of really, really high potential investments and usage of funds to actually make more money, and that's the primary use. We obviously keep that as an option if we need to.

In worst case, yeah, we could do it, but it would never be for Nasdaq's purpose, because that's not simply a real risk. Any information to the contrary is false information.

I think just to add to that, we also would qualify for another 180-day extension if needed. Effectively, that gives us about a year to regain compliance.

Hopefully, as we mentioned, we're growing more optimistic about coming out of this crypto winter. If there's additional catalysts to underlying asset prices, that should push us in our AUM or AM much higher, and also are over $1.

On top of that, we do have growth initiatives coming up that would, we hope, help the share price. There's I would say nothing imminent right now in terms of risk or even a reverse split, but it's certainly if you're hearing that we're going to be delisted, that's absolutely not true.

Number two: "When do you plan to release your annual goals?" I think we talk a lot about our institutional fund structures, that UCITS, actively managed certificates, fund-of-fund programs, that's our primary focus for this year.

I think I can let Andrew and Johan speak on that further, but we've talked at length over the past few months about what our goal is for this year in terms of diversifying our product sets towards more institutional-focused.

Absolutely, Curtis. I might comment on that.

I think people should take comfort in the work that the company is doing to launch these products. The fact that we're being so rigorous, meticulous, and doing it the right way to build out a full and complete fund platform, it's also an indication of the moat that there is in this industry.

Some time ago, Johan indicated that one of the strategic objectives of DeFi Technologies and our Valour asset is to become one of the world-leading asset managers. In order to do that, we have built an infrastructure for a broad range of fund products.

What makes me particularly excited about these fund products is it actually changes the revenue profile of the business in terms of being able to generate higher returns than a standard hurdle rate, and also in terms of being able to distribute our products globally without needing any particular new type of listing. The upshot of this is these are very valuable structured instruments in terms of the capital markets, and it means you've got to do it right.

This is something that DeFi Technologies and Valour has consistently done. In the heart of macroeconomic uncertainty, with a lot of volatility in digital asset prices, I have to remind people that we generated nearly $100 million in revenue on a profitable basis when many in the Web3 industry either don't generate revenue at all or certainly don't do it profitably.

We're taking this same safe, consistent, structured approach to building out a new fund platform that will enable us to scale consistently and quickly and globally with a range of new instruments that will also provide us higher marginality and higher revenue potential.

Thanks, Andrew. Next question: "Hey, Curtis, team, hope you're doing well.

If you guys are optimistic over crypto price action, how optimistic will guidance be for next quarter, full year?" I'll start, and then, Paul, you can wrap this up.

We've technically issued guidance for Stillman. We're guiding for 15% to 20% growth.

Last year, they did just about $10 million in revenue. Their 15% 15% to 20% growth puts them at $11 to $12 million.

They had a really great first quarter with over 30% growth from year-over-year, hopefully they can continue to execute at that level. In terms of Valour, from a technical standpoint, we haven't broken out through a bear market trend.

I think that comes around breaking past $83,000 for Bitcoin. It's 200-daily 200-day daily moving average.

We'll see there. I think we're taking a more conservative approach this year in regards to guidance on that level.

If you look at Q1, and if you believe like we're very optimistic about right now that Q1 was the lows in this bear market, we came out profitable. At these levels, you can assume that we'll continue to be profitable through the course of this year.

Paul, if you wanted to add any additional color.

Thank you, Curtis. For everybody, again, let's start with Stillman, because it's easier to get your head around.

They did about $10 million in 2025, and we've said 15% to 20%. So 20% would be $12 million.

People, if you look, they did $2.9 million in Q1. It is tracking to do $12 million this year, there's 12.

Then you look at Valour, and valour.com has our AUM real time every day. Our monetization in 2025 was 5.2% for the full year.

Q1 was low at 3.5%. It was, we think, a pretty crazy quarter in Q1 with crypto prices and in general, and we are crypto bulls.

We're suggesting 4.5% as a conservative monetization rate for the year, and then put that on an AUM number for the year. Our AUM has moved around a lot.

It does generally move with crypto prices. We've been over a billion, as people know.

Now we're just over 530-ish. You hear about all the initiatives.

We've got Andrew, Johan, and Jakob working on to bring in new money. In terms of providing guidance, with those numbers, you can kind of get to a core safe revenue.

We're declining on putting out a formal guidance for the entire company because we need a little bit more time on UCITS and the fund structures, which we think can really drive big numbers. Until there a little bit more visibility, we're going to hold off on giving a consolidated kind of fixed number.

That is what I'd suggest people watch for, and that hopefully would really spark up the company once we get those things going.

Thanks, Paul. "The investigation into share price manipulation issue has been around for almost a year.

Shareholders need answers. No platitudes.

Any meaningful update, please?" This is an ongoing process.

It's still ongoing, and it's something we will release updates about when there's material information. Due to the fact that it could be a legal process at all, we also cannot comment on it, because if we were to comment on something that is not public and at privilege to the company, we would lose privilege on that information.

When we have further information on that particular topic, we will release it, and it is still currently an ongoing discovery process. I think as a public company, too, we have to be very responsible and mindful of what we put out publicly, especially in matters that can be this sensitive.

Unfortunately, we can't speak openly and freely about it publicly. "Can you speak to your stablecoin strategy?

You have small investments in Stablecorp and CNGN. The potential there of collaboration, integration into your stack.

Fireblocks in-house development update." Andrew?

Our strongest assets are part of our venture portfolio, and as the questioner correctly identified, we have investments in Continental Stablecoin, which is the CNGN, and in Stablecorp. We consider these very valuable, and their value will be increasingly accretive to DeFi as our fund structures come online.

Now, one of the things I alluded to in my remarks is that we are working on innovative ways to generate more actually revenue-based value for the DeFi Technologies group from our venture portfolio. You can believe having access to these stablecoin projects on which we sit on the cap table alongside Circle and Coinbase Ventures in both, the objective is to leverage these partnerships, leverage these companies, explore potential liquidity products.

Of course, they are already in the process, in both instances, of working or onboarding to Stillman, which is significant, being that these stablecoins need access to markets, need trading pairs in order to generate liquidity. From our perspective, I think these are anchor products to the future of our venture portfolio, which we believe will be quite innovative and will actually leverage our core fund platform.

Thanks, Andrew. "Have you all considered bringing custodial services in-house given the SOC 2 issue?"

I think the answer is yes, but I'll let Johan explain more about our custody plans.

On the custody, obviously we have a internal custody technology stack which we are developing now to productify and release to the public as a service. I think we have a very unique offering in this area.

One of the reasons I believe is very important to build on this and release it is that we don't want to pay any other middleman for this type of services, but also our needs are on a different level than what we can see the other offerings are in the market. It will provide a foundation for other things we're building in DeFi and capital markets infrastructure in decentralized finance.

Once we have this productified and launched, we will go after both institutional, retail deposits and money into this tech stack. We have already quite a lot of infrastructure we will stack on top of the custody offering.

I think if you want to build and be active in building infrastructure in decentralized capital markets, you should have a really robust and innovative offering on the custody side. That's what we aiming to do, and I think we probably are aiming to have something ready end of Q3, definitely this year for public release.

Q3, it would be ready for using with all our internal needs for custody for sure. It's a bit early to say when we have a date for public release, but it's not just about the custody stack, it's because this is foundation for other things we think are unique and we can bring to the market for sure.

We'll move on into some analyst questions. We'll get Allen Klee from Maxim.

You're on, go ahead and unmute yourself. Allen?

I think you're on mute.

Okay. Maybe he's stepped away for a second.

Oh, I'm sorry. Can you hear me?

We hear you, Allen.

Sorry. Can you expand on your new institutional structures a bit, and the feedback that you're hearing from potential customers?

I'm happy to jump in on that. Basically, historically, as you might know, I think 95% of our AUM has been in the ETPs from retail to retail side.

I would say the last 9 months, we have seen and heard a very strong demand from both institutional clients in our core markets, EU and Switzerland, and UK, but also on a global scale from other types of funds and institutional platforms. To meet this demand, we have accelerated our efforts to build globally available and more institutionally targeted type of products.

Part of this is the UCITS fund, also the other funds in Valour funds, which constitute quite a few hedge funds we have in the pipeline that will cover needs both from normal pension funds and alternative investment funds, but also from fund of funds, both in crypto and outside of crypto. Family offices, I would say, is also a strong driver.

We have got some commitments, and we have got some really strong demands from participating in this space. Obviously, I think the upside in terms of AUM is larger for this area than for the retail side.

Obviously, every ticket size is much, much higher. I think those products are the first to meet this demand.

We also look into do a few more actively managed ETPs, but also some asset-backed ETPs to meet another part of this demand that would be volatility-targeted ETPs, for instance, that has been seeked by a lot of asset allocators that do not want to reweight their allocation to crypto continuously. You will see innovation both on the fund side, normal hedge funds, SICAV funds, UCITS funds, but also in the asset-backed ETP side for the purpose.

Also, I think maybe a little bit longer time horizon, a few of these will be very well-suited for tokenization as well.

Thank you. One last question.

It didn't seem like you put too much into staking in 1Q. I'm just wondering, how much of the AUM do you think can be put to work in staking and lending?

A comment on that first, then maybe let Paul comment on the levels then, but so I think we actually continuously increasing the levels, the percentage of AUM we put into staking. The I think unfortunate thing temporarily in Q1, where we already see improvement, is that with the lows of the crypto market, the Bitcoin dominance and also dominance for Bitcoin and Ethereum increased quite a bit.

As you've seen, the fall in prices in SOL, SUI, all the other altcoins has been much deeper. Obviously, then the overall AUM constitutes a larger proportion of Bitcoin, Ethereum where our margins are the lowest.

It's basically, once the market pop back, we've seen a lot of movement already in SUI, in TON, and BNB, and so forth. We confident that that market is bouncing back, and with that you will see a much higher percentage of the AUM being in higher-staking-yielding assets.

I think it's mainly been driven by the relative steep contraction of values in the altcoin market.

Alan, to add to it, yeah, Johan gave you why the staking yield is down. It's just altcoins pay more than Bitcoin and Ethereum.

We staked 59%. It's a little bit on the lower side, and it's because there's a lot of volatility.

There was, in February there were some very sharp sell-offs. There is unbonding periods to get coins released so you can sell them.

We do try to hedge. The staking was driven a bit lower.

In theory, it could get up to about 80%. I think low 70s would probably be more realistic in terms of if you were modeling it.

That's my view. In a volatile market, it's in the high 50s, low 60s, in a normal market 70s, and then in ideal times up to maybe 80.

We think that come up now, both with the market volatility, but also structurally as we pushing how much we can stake safely without being in danger of not being able to hedge 100%.

Thank you very much.

Okay. Then Mike from Northland.

Hey, guys. First question, I was just curious, you are sitting on this slightly over $100 million of cash.

How much cash do you need to run your business, with all the trading, with new products, if you look out in '26 and '27? What is a minimum level of cash you need to run the business?

Just trying to think through how much you truly need the next couple years.

For sure. I can start with, and then leave over to Paul for extra comments afterwards, but for our own market making, where we also, by the way, will try to make it more visible, our profits on our own market making, it's now kind of hidden in the realized and unrealized P&L.

For our own market making, I think the demand has been between $20 and $35 million in that realm. There's obviously a scenario where we could go down to zero.

We do have external market makers in all areas, but we think it's strategically very important to hold the control of all the order books so we can have tighter spreads and higher quality prices than all our competitors, which we do have. I would say it's around, yeah, say $25, $35 million or so that we need to have.

Then obviously, we have a few other needs for capital right now that will go down with time. When we launching other funds and other structures, we will use some of the cash to seed these funds to make it easier to go out and do roadshows and sell it, because we do need a substantial AUM to get big tickets in the beginning, and it will be easier to accelerate that phase early on with seed money in those.

Then we have been looking and we are looking at different acquisitions. We're very careful about it, you won't see a lot of that, but there will probably be some good opportunities, and we in this market still it's some push against consolidation, and we are good positioned to take advantage of that, we do not want to opt out of that opportunity to act quickly if there's a really great opportunity out there.

Got it.

Then

maybe just secondly, where should the market's expectations be on you guys showing a ramp in revenue from new products? Is that second half of '26, first half of '27?

When should we expect to see some of that?

I would say the first half for sure, maybe towards the end of Q3, but second half for sure. I would very surprised if we don't see a significant contribution.

Something I don't think we maybe commented on, but something we're very excited about in our venture into alpha-type products with our funds and actively managed certificates is that those will have, at least the first fund, and I think the second, third one as well, will have the 1.5% management fee plus 15% performance fee structure. Besides our Valour core business and Stillman, this will be a third, I would say, very much uncorrelated leg of revenue streams as the type of strategies we will launch can have some really great years.

If we look historically and simulate from that, the 15% performance fee could be something that's totally uncorrelated to market levels or activity, whilst still being significant even from not huge AUMs, because these strategies has a great Sharpe ratio, very interesting performance dynamics and low maximum drawdowns. I think from how that return profile looks, it will actually give us a third uncorrelated way of earning potentially a lot of money for a lot of months.

I'm really excited about that. Obviously, it depends from month to month when we see those returns monthly, but I think anyhow from end of Q3 we should see significant income start picking up.

Got it. Thank you.

Thanks, Mike. Any other analysts?

Raise your hand and I'll invite you on. Okay.

Then we'll go back to a couple questions from the chat in the meantime. This one for Andrew: "Next steps in Brazil to get more Valour traffic on that exchange?"

Yeah.

The Q1 was a very tricky quarter in the digital asset space, for starters. What we did for most of Q1 was, frankly, focus on setting up a very efficient, lean capital markets team.

We weren't focused on selling in January and February, but I think we had our kickoff event. Any of you that follow us on X or LinkedIn will see that we actually created a DeFi Tech Brazil.

We had our kickoff event there. Then what followed in the next month was we ended up beating our next, I'll call them an expat competitor, in terms of total turnover within that market.

What we want to do is make sure that we're really well-positioned, not just for the ETPs, because the ETPs wrap our existing products, but we also want to make sure that they understand what is coming in terms of our institution-friendly products on the other fund platform. Right now, we have a team, effectively a capital markets or I guess in fund parlance an investor relations team.

We also have PR and publicity, and I actually just returned from there where I did no fewer than three meetings a day, which were long meetings with institutional investors to build our brand, make sure people know that we are available, and also make sure people are aware of the services at Stillman, of course our five ETPs that are listed, and our future fund products coming online. With each visit that we make, with each month, we get more traction.

I want to highlight something. We're in this for the long term, and we're in this to build strong distribution for not only our existing products, but our future products, which may have higher marginality and higher uniqueness.

Brazil is a market of 200 million people, but they currently have a very high risk-free rate of around 15%, and we are a new entrant into the market. It's important that people get to know us, and in the process of getting to know us, they get more comfortable with our existing products and our future products.

We'll just be very steady, but I was pleased with our first month results. Obviously, we need to get more.

We have to remember that a lot of the institutions that we're dealing with, they don't necessarily buy exclusively through the B3. Many of them get access to our European ETPs through offshore structured instruments and offshore buying.

That might not show up on the B3, but we certainly don't want to restrict how people decide to spend money on Valour or DeFi Technologies products. We're just going to grow the business across the board.

Thanks, Andrew.

Allen, did you have another question?

No, I don't know what happened. Okay.

You had your hand raised again. Okay.

Let's see, next question. Paul, I think probably need your help with this.

"Please elaborate on what the next $150 million in AUM growth means to our bottom line and to a forward valuation of the company. Please also reiterate how swiftly a $150 million bump in AUM would mean since we are already profitable, and please outline our cash burn for the year."

Thanks. For everybody, that's a great one.

We have a ton of operating leverage in this business, okay? What operating leverage means is just our costs are relatively fixed.

Last year our operating general and fees and commissions were $40 million. We've told you we've targeted 36.

On an annualized rate, we're at 38.7. If we do $550 million of AUM and Stillman, we're positive.

We're break-even to positive. Any additional AUM, it all flows to the bottom line.

Assume 90%. There's a little bit of slippage on some extra fees and commissions for trading, maybe a little bit of SG&A to go with it, but we don't need to really roll out the team or add more bodies or rent more offices to manage another few hundred million dollars of money.

Our existing infrastructure can do it. Put a 4.5% monetization on it, and assume that 90% of it comes to the bottom line.

I think adding to that, as I think Paul discussed, Bitcoin consisted of a higher allocation of our ETP makeup in Q1. Since we don't charge management fees on Bitcoin, that did decrease our monetization levels.

If we see alts run, which have much higher yield allocations, that will increase our monetization levels as well. If we can continue to grow Solana, Cardano, XRP, and some of these longer tail alts which offer higher yields, that will also help our monetization levels increase, just in case that wasn't clear.

Fully agree. Thank you, Curtis.

Another question: "Any plan to accelerate the stock price?" Again, I think if you listen to context what we're talking about here, our current business model, looking to increase monetization where we can, new products, hopefully some help with the macro backdrop and Bitcoin and altcoin prices as well, and some other things that we haven't talked about at the moment.

Again, typically in a bear market, crypto equities are hammered, but when we enter into a bull market, then crypto equities have consistently rerated. We are crypto equity.

Our primary business is a cyclical business as of now. We are working on new fund products and structures that would be market-agnostic, meaning they're not significantly impacted by the underlying crypto price movements, so that'll bring more stability to our AUM, that'll bring more stability to our revenue, and ultimately more stability to our share price.

"What do you think the biggest misconceptions the market currently has about DeFi Technologies?" I think I have a lot of those.

One of them, people think we're going to be delisted. We're not going to.

People think we're a digital asset treasury company. We're not.

We have two-plus real operating businesses that produce real revenue and will compound earnings year after year. I don't know if anybody from management wants to take a stab at that, maybe Andrew or Johan.

What are you hearing about misconceptions about the company, if you are?

I think you hit the nail on the head. I guess I have a slightly different perspective.

I think that the actual fundamentals of the platform and the company are quite strong. The beauty of it is I don't have to just say that being optimistic, I can say it based on the money that we actually make.

The reality is there'll always be negative soothsayers, but at the end of the day, our focus is on keeping costs down, generating revenue, and being profitable. We had a war, we had spiking oil prices, we had absolutely everything bad happen, there've been currency fluctuations, macroeconomic factors, and we still made money.

This is a platform that is being prepared for the future to be a real infrastructure company in the world of digital finance. I'll add something.

Johan talked about custody. That custody represents more than just a service line.

From an accounting perspective, it helps us minimize our costs, without a doubt. We don't have to pay other people to store digital assets.

From an infrastructure perspective, every time you see a news article that talks about an RWA, think Valour custody. Every time you see a news article that talks about tokenization or securitization or stablecoins, think Valour custody, because anything that lives on-chain is going to need a quality custodian.

Then the next thing is, we are the predominant avenue for structuring instruments so that digital assets can get money from traditional capital markets. We're the best at that.

Foundations come to us for that. Other institutional investors come to us knowing that we've done it for a long time.

Johan, our CEO, created the world's first Bitcoin ETP back in May 2015. We just have to understand that, yeah, there's been macroeconomic volatility in Q1 2026, while we remember that in September 2025, when we were at $1.2 billion in AUM, if we had the infrastructure that we have now, our numbers based on the improvements that we made would be that much better.

We all know that the infrastructure in finance for tokenized assets, digital assets, it's just increasing. It's getting more and more, and we're going to be there to help it grow and to service that demand.

Thanks, Andrew. "Do you all have any offering product plans to integrate into TradFi institutions?"

Yes, I mean our funds. I think most of the institutions that would be consumers of our funds are actually the largest banks, the largest capital allocators that are looking for specific strategies to offer their private wealth management divisions or their proprietary trading desks.

Then people have to remember, I think people don't understand the power of Stillman Digital. These prime brokerage, OTC firms are how these large institutions make bulk buys.

This is why Stillman is growing whether markets are good or not good. It's based on transaction fees, transaction volumes, and what they do is they enable large institutions, large holders of digital assets or stablecoins to take bulk positions in and out with effectively predictable pricing.

I'll leave the rest to Johan to elaborate.

I can only agree with that. For sure, I think all the new initiatives we're doing now are intended for institutional and traditional institutional investors, but also for the traditional infrastructure in terms of banks, prime brokers, and so forth, from Stillman's services to these type of companies to our funds or UCITS funds, which all are instruments that they are used to service and products that they're used to utilizing and to allocate into the new asset classes through.

Not to forget the custody side, obviously. That's the foundation for building our integration with traditional finance and introducing new types of products from crypto to them in a format they can and will understand in the way we will structure this.

I think we've covered everything I had in mind.

If I didn't get to your question... Let's see: "Thanks, you guys, for the great call.

I think it is less of misunderstandings, but rather historic change to the financial ecosystem. DeFi Technologies is on the inside lane on this.

I'm grateful investor who knows that the path you're on is the right one. It's a beacon to the industry, and I think there's a bright future for DeFi Tech.

You've made the right investments in Stillman and Valour. Within the next cycle, we will see it grown and returns in your continuing great job."

Oh, no question there. Thanks, Jason.

Everything else in the chat has been effectively addressed. If you want something more specifically addressed, please email me: [email protected].

Thank you so much for your time today. Again, if there wasn't anything that you want addressed, please reach out: [email protected] or [email protected].

With that, we'll wrap up the call today. Thanks again, and see you guys on the next one.

Thank you.