DeFi Technologies

DEFT · AEQUITAS

$0.404−$0.0133 (−3.19%)TodayMarket closed · Oct 23, 7:31 PM ET

Prev close $0.4173

DEFT analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 4 analysts

Average $1.58 (+290.2% upside)

Low: $1.04
Now: $0.404
High: $2.16

Upgrades and downgrades

The latest rating actions, newest first

DEFT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Maxim Group	Aug 19, 2026	Downgrade	Buy → Hold	—	28%
Benchmark	Aug 18, 2026	Maintains	Buy	$2.00 → $1.00	55%
Benchmark	May 18, 2026	Maintains	Buy	$3.00 → $2.00	55%
Maxim Group	Apr 13, 2026	Maintains	Buy	$2.00 → $1.50	28%
HC Wainwright & Co.	Apr 8, 2026	Maintains	Buy	$5.50 → $2.00	37%
Benchmark	Nov 21, 2025	Maintains	Buy	$8.00 → $3.00	55%

The case for and against

Updated Oct 21, 2026

Bull case

DeFi Technologies is well positioned because it combines a cash-rich balance sheet with multiple monetization engines, including ETPs, trading commissions, research subscriptions, and node management, while also holding substantial non-operating assets. In 1Q26, it generated $11.2m of revenue and $4.9m of net income despite difficult crypto conditions, and it closed with $103.4m of cash and stablecoins, $23.5m of crypto treasury holdings, and a $29.1m venture portfolio. Its push into institutional distribution and infrastructure, supported by more than 40% of $22.8m in quarterly net inflows from institutional events, should improve resilience and support full-year 2026 profitability.

Bear case

DeFi Technologies is viewed negatively because its 2Q26 core operating revenue of $5.5m annualizes to only about $22m, while the company still needs roughly $495m to $550m of AUM to breakeven depending on assumptions, underscoring how far current scale remains from self-sustaining profitability. The decline in 2Q26 revenue to $7.8m from $11.2m in 1Q26 and $13.1m in 2Q25, alongside Valour’s monetization rate slipping to about 3.3% from 3.6% and 5.0% in 2025, suggests weakening revenue efficiency driven by mix rather than pricing. Although 2Q26 G&A plus fees and commissions fell to $8.0m from $9.6m, the business remains exposed to crypto volatility, regulatory risk, and reduced ETP flows, which makes the valuation fragile.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.