DeFi Technologies Inc. (NASDAQ: DEFT) announced that its subsidiary Valour has received approval from Brazil’s B3 to list four digital‑asset exchange‑traded products as Brazilian Depositary Receipts (BDRs). The products—Valour Bitcoin (BTCV), Valour Ethereum (ETHV), Valour XRP (XRPV) and Valour SUI (VSUI)—will begin trading on the B3 platform on December 17, 2025, with a bell‑ringing ceremony scheduled for December 19, 2025.
The approval marks Valour’s first major entry into the Latin American market and expands its global footprint beyond its existing European and North American listings. Brazil is the largest crypto economy in Latin America, with transaction volumes of roughly $319 billion between July 2024 and June 2025, and a regulatory framework that recognizes digital assets under the Virtual Assets Act. By offering BDRs, Valour provides Brazilian investors with BRL‑denominated, regulated exposure to leading digital assets.
Valour already operates a substantial portfolio of digital‑asset ETPs in Europe, with about 100 products listed on exchanges such as Spotlight Stock Market, Börse Frankfurt, SIX Swiss Exchange, London Stock Exchange and Euronext. The Brazil listing therefore represents a significant scale‑up and a strategic push into emerging markets where demand for regulated crypto products is accelerating.
DeFi Technologies’ Q3 2025 financial results provide context for the expansion. Revenue fell to $22.5 million from $28.1 million in Q3 2024, and operating income dropped to $9 million from $14.4 million. The company reiterated its 2025 revenue guidance at $116.6 million, a sharp revision from the previous $218.6 million forecast, citing delays in executing arbitrage opportunities amid market volatility. The guidance reflects a cautious outlook as the company balances growth initiatives with headwinds in its core business.
CEO Johan Wattenström said Brazil’s importance as a fast‑growing digital‑asset market underscores the strategic value of the B3 listing, while President Andrew Forson highlighted that Brazilian investors are seeking regulated, exchange‑traded access to digital assets—exactly what Valour’s BDR platform delivers. Their comments signal confidence that the new listings will strengthen Valour’s market position and support future AUM growth.
The expansion into Brazil positions Valour to capture a share of the country’s burgeoning crypto transaction volume and aligns with its broader strategy of entering high‑growth emerging markets. At the same time, DeFi Technologies continues to navigate revenue challenges, with the Q3 decline reflecting broader market conditions and the need for disciplined execution. The company’s guidance indicates a focus on maintaining profitability while investing in growth opportunities.
Overall, Valour’s B3 approval is a milestone that expands its global reach and offers Brazilian investors a regulated, BRL‑denominated way to invest in leading digital assets. The move complements DeFi Technologies’ ongoing efforts to grow its asset‑management business while managing the headwinds in its core operations.
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