Next up, we got DeFi Technologies, trading on the CBOE under ticker DFI, Frankfurt Stock Exchange with ticker R9B, and on OTC with ticker EFTF. DeFi is a financial technology company focused on bridging traditional capital markets with decentralized finance. DeFi specializes in Web3 technologies and aims to provide investor access to future of finance. I have Russell Starr, Head of Capital Markets, here. Go ahead. Thanks, everyone. I'm gonna do this a little bit weird, and different. I think presentations are kind of standard. I think it's a little bit more interesting to get a little bit more interaction between everyone. Plus, I've already done, like, thirty of them, so it'd be nice to, nice to actually get a little bit more involvement. What I'm gonna do is just give a pretty high-level, 50,000 ft view, walk through some of the key characteristics of the company, and then I'm just gonna open it up to questions and get interactive to make this more fun. So who are we and what do we do? DeFi Technologies basically launches crypto ETFs. We're an ETF company. We have 2025 ETFs trading in Europe. When everybody talks about the success of the Bitcoin ETF here in the U.S., we have twenty-five of them, and they're all quite successful, and they're all trading in Europe, and obviously, the corollary to that is: why Europe? Well, the answer is kind of self-evident. The SEC has chosen to pursue a path of sort of aggression and hate towards the crypto industry, but the reality is that while they're doing it, as you can see by the success of the Bitcoin ETF, retail and institutions are adopting and becoming a lot more strong and a lot more supportive of the ecosystem, and then you're also seeing some bipartisan efforts on the U.S. government side to bring this whole ecosystem back to the U.S. But while that's happening, we've decided to just pursue that same sort of BlackRock strategy, but in Europe, we've been doing it now for three years publicly. 2025 ETFs, we've gone from about $100 million in AUM to now around $700 million AUM. It's probably lower now with crypto under pressure, so it might be 650 or 600 over the last two weeks. But the reality is that whatever that number is that sits at the top, we basically generate 10% yield off of that. So if it's $700 million, we're making $70 million. If it's $500 million, we're making $50 million. If it's $1.6 billion, we're making $160 million. But what's really important to all of you here, our margins are astronomical. It only costs us $10 million to run this company. So fast-forwarding a little bit, in Q1 of this year, we had $6 million in cash, $45 million in debt, and our stock was trading at around $0.60. Q2, we did CAD 133 million in revenue, $100 million in revenue, and $90 million in profit, $90 million EBITDA. Our EBITDA and our net income are basically the same thing. We really don't have anything to amortize or depreciate. I'm gonna guess, and again, I never like speaking negatively or positively, this is just a common, just a generic comment, but I'm gonna guess that there aren't a lot of companies that you guys are seeing here that are doing $90 million in net income in one quarter, trading at around a $300-400 million market cap. And I could be totally wrong, and if I am, I apologize. I'm just. It's an assumption I'm making. We're on track right now to do around $50-$60 million in Q3. And we should finish the year, if I was to hesitate to guess, at somewhere around 60-70, let's go 55-70 cents in earnings per share. Everyone in our space that you would know of, whether it's the Galaxies, the Coinbases, the Robinhoods, all of the miners, none of them make money. So how do you value a company that's actually making money? It's Warren Buffett's done it a lot. I think the idea is actually to be investing in companies that are making money, in my opinion. But we're kind of the new guy on the street or the new gal or the new person. By that, what I mean is, that last quarter was our coming out party. Now we're getting a lot of attention. A lot of funds are calling us, a lot of analysts are talking to us, a lot of bankers are talking to us. But the beauty of where you're sitting at here, and what we're gonna talk about, is we don't need to raise any money. We have $75 million on our balance sheet because of that last quarter. So we went from $6 million in cash and $45 million in debt to $75 million in cash, basically $5 million in debt, and the only reason we haven't paid that off is because we're not allowed to. We have to just wait for the debt to expire, which is the end of the year. But it's been a transformational event for our entire company. To even add more intrigue to sort of our fundamental valuation, we own a 5% stake in a bank, a Swiss bank called Amina Bank. They're a fully licensed Swiss bank, but they also happen to have all of the necessary licenses to be a crypto bank. We invested in this company when it had a billion in AUM. They now have over four billion in AUM. They've opened offices in Hong Kong. They've opened offices in Dubai. Their business is going very, very well. But because we're in North America, or at least our offices are in North America, and we're subject to both the U.S. and the Canadian regulatory environment, we're actually not allowed to mark that position up, even though it probably is a triple. So it sits on our balance sheet at around $30 -35 million. But like I said, it's grown substantially since we made the investment. So, you know, my ballpark, conservatively, it's been a four-bagger in terms of their AUM. Typically, when AUM goes up that much, banking fees go up a lot. They are making a lot more money. It's probably a $60-$70, might even be an $80 million US position. We are looking to sell that. Then we also have this trading desk. Are you guys familiar with Galaxy? Everybody here, Galaxy Digital? So Galaxy Digital makes a lot of money off of trading. They make almost $100-150 million off of trading quarterly. That is actually the bulk of all of their revenues. So if you actually look at analyst reports on Galaxy Digital, they're getting, I don't know, 10-15x multiples on their trading desk. We're being told we shouldn't get any multiples on our trading desk, even though our trading desk is doing really well. The bulk of that revenue that I said in Q2, it was about $20 million off of our AUM business, and the rest of it was off of our trading desk, and we've already made another $15 million this quarter off of our trading desk. But the reality is, I'm just trying to paint a picture for you where there's actually a tremendous amount of latent value that sits in our stock. While we are ostensibly trading at the lowest earnings multiple, it's very, very low. It shocks me sometimes when I talk about it. It worries me a little bit just because I really do think that we become an acquisition target when you look at this space, and, you know, whether it's miners, whether it's Galaxy, Coinbase, whatever, they're all trading at far higher earnings multiples 'cause most of them don't make any money. So you could almost argue it's infinite earnings multiples. And if you're trading at an infinite earnings multiple, you can easily step in and buy us for eight times, 10 times, 12 times earnings. We're only trading at around three times earnings now, four times earnings. The stock's done very, very well. If you pull up the chart, you're probably gonna have a little bit of an eye orgasm looking at it because it's gone kinda like this. But it's just one of those rare instances where even though the stock has performed incredibly well, our profits have gone up more. So how do you look at it and go, "Wow, this stock's run a lot. I shouldn't be buying it," or do you look at it and say: "Wow, it's trading at three times earnings. I should be buying it"? I don't know what that answer is. What I do know is that we have 300 million shares fully diluted. Management and insiders, and closely related parties own about 120 million of that. I'm a very large shareholder, so you're talking to management who has skin in the game, as do all of the management, and it's major skin in the game. It's not minor. And we're all looking to get this. Look, what's a reasonable earnings multiple? The entire S&P trades at 20 times earnings. Is 20 times earnings reasonable for an Uber growth company? I don't know that answer. You guys will, and after I've walked you through all of this, and we can do some questions, maybe we can, we can come to some sort of an answer. We also have a venture portfolio that has a lot of private investments. We don't put a lot of money into that, but, yeah, are you guys familiar with Anthony Pompliano? If you are, so, so we own his research company, so he effectively works for us. And we just actually press released today that we're looking at a U.S. ETF company, that we will look to buy with Anthony Pompliano and co-brand it as sort of a DeFi Pomp ETF effort in the U.S. But the real key difference, again, as I was walking through all of this, is because of where we are, because of what we do, we generate a tremendous amount of revenue and, as a byproduct, net income off of our AUM by staking it. The U.S. doesn't like staking. They think it's a security. I think that's gonna change either with government or with the bipartisan bill that's at, being pushed forward by both, Republicans and Democrats. But, you know, we like I said, 10% on $700 million, we make $70 million. So, staking isn't necessary. Like the analogy I use for people is staking is like stock lending to understand it, but it's not really loaning it. It's you're putting it back into the ecosystem. You lend your Bitcoin out, you stake into the ecosystem, everything else. You can look at it that way, but we're a little bit different again because we own most of our own validator nodes by virtue of what we have in our portfolio. And when you own your own validator node, you actually take, for example, Solana. So we own our own Solana node. In your example, if you didn't own a Solana node, we might lend our Solana or stake it, give it to Fidelity. We only deal with, like, the four biggest custodians, if we are doing sort of the lending perspective. We'll deal with Fidelity, we'll deal with Coinbase, Anchorage, there's one other, I can't remember it now. But when you own your own validator node, you actually just put your Solana into your own node, and it sits on the chain. You participate in basically acknowledging or disacknowledging transactions, and that's how these become more decentralized. So we actually don't even have a counterparty. It's us. So it actually minimizes the risk. But yes, that's the right way of thinking it. It's just we're. One of our co-founders founded CoinShares. It's a very, very well-known company. As a result, we kind of have a lot of that same back office risk management procedures of basically CoinShares, which is a substantially larger company than we are, but it's just how we react and act. No, we actually make almost 8% on our Solana. Yeah. So the. Here, I'll take you to this just to make it easier for you. Here are our single asset products. Here are kind of our more esoteric or kinda tweaky in an interesting perspective product. You know, we have a carbon neutral Bitcoin, we have a basket, we have our Ethereum physical staking ETF. The Valour Bitcoin Staking is a really interesting one. On that particular product, we pay people 5.65%, if they put their money into that ETF. And the reason we can do that is we have a proprietary relationship with Core. Core is now trading on Coinbase. Like, if you guys are looking for ideas to invest in a pure crypto perspective, Core would be the one I would be buying. They're like a layer two protocol on Bitcoin, and so you can stake Bitcoin on the Core protocol and generate almost 15% on your Bitcoin. And so that's what we do, and then we pay out 5.65% to the people who hold it, and we're getting a lot of incoming flows on it. It's one of the more novel products in the space, but if you think about it logically, why would you put your money into IBIT, earning nothing, paying 50 basis points for management fees, when you could earn 5.65% in our product? And that. The reason that's not a multi-billion dollar entity is because we're DeFi Technologies. Most of you have never heard of us. We're covered by one analyst in the U.S., it's Benchmark. We're hoping for other analysts to potentially cover us, as I look at one of them, at some point in lifetime. And, you know, there's people who are looking at us, they're interested in us. Again, I think that quarter was a big coming out quarter, and I think that as you see successive quarters where we generate more revenue and obviously more profits, you become harder and harder to ignore. But, you know, we're the new kid on the block. We're not a miner, we're not Coinbase, we're not Robinhood, we're not Galaxy. We're just this, you know, we're like Thomas the Tank Engine, the little engine that could. We just keep on hitting outside of our level, and by doing so, I think you're gonna see more people investing, more analyst coverage, just obviously in share price appreciation. We have 25 products now. It's very important for you to know, we press released that we're launching all of these products in Africa. We press released we're gonna be launching all of these products in the Middle East. We're passporting all of these products to the London Stock Exchange. What's really intriguing is no one's factoring any of that into our valuation. The simple math that I use for people is, look, if we passport all of these products into Africa and the Middle East, it's you guys just need to know this factually, they're the two fastest crypto adopting jurisdictions in the world. So if we just get $20 million in each of these products in Africa, all over Africa, that's another $500 million in AUM, that's another $50 million in revenue, $40 million in net income, as if you follow my logic. If we do the same thing in the Middle East, again, goes higher. We also plan on finishing 2025 with 70 of these products. We plan on doubling them. We're not restricted to these products. We can do ETFs on any of them. We're gonna continue to launch more and more of these products, and as this ecosystem grows, and it's growing two times faster than the Internet, as this ecosystem grows, by virtue of being long our company, you get a diversified exposure. You don't have to pick one winner. You get exposure to 2025. In one year, you'll get exposure to 70. Who knows where we'll be in three years? And that's kind of the business model. We're just trying to give traditional equity exposure to investors so that you don't have to worry about FTX going under. You don't have to worry about, you know, money laundering. All of our products are cleared by prospectus. Anyone who buys them is a traditional investor, just like all of us here. And as that AUM grows, we generate more money for you. Oh, one other important note, and this one is important: when the Bitcoin ETF was launched, everybody was like, "We gotta sell DeFi. Their assets are gonna go down." The irony is that when the Bitcoin ETF was launched, everything started to go up and up higher. It basically validated our entire business model. We went from that $0.60 and $100 million in AUM to, you know, $700 or wherever we're trading at today. And month- over- month, we've never had a net outflow of clients. We're always adding new clients into our products. And so what that means is that as that client base grows and we have more and more and more tokens on our balance sheet, as those prices grow, we get a higher beta to it. So we actually go higher faster with more clients who own our products as the underlying prices of those products go higher. So the math for you is if Bitcoin goes to 80,000, we'll be at a billion in AUM for our company. So that's without selling or creating any new products. And at a billion in AUM, we make a 100 million. And then you add in Africa and the Middle East, could we be at two billion? Absolutely. I don't know what that metric's gonna be. I just gave you the, if we only had the products we have and twenty million came into them in each of these jurisdictions, we'd have another billion. It's a really interesting value proposition for you. It's profitable, which I think is very important. A lot of people made a lot of money off of the miners, and I don't want it. My partner works at one of the miners. They're an interesting business. They're now, you know, it's kind of the AI power trade. I just want you to understand that all of these other companies, as interesting and as good as they are, they're not making any money. They're generating revenues, but they're losing money month- over- month, quarter- over- quarter, and they're having to finance and dilute to keep their business models moving. We don't. And with that, I'm gonna open it up to questions. Yeah. With all this growth and a lot of the U.S. and all, what about the U.S. list, not OTC, but Nasdaq? Yeah. So, we just need to trade at $2 for ten days, and we can make an application. We were at eight days two days ago, and a fund that has, and this is just me putting, you know, building a puzzle, but we had a short report issued against us, maybe three months ago. It was at, like, June 18 th, and the short, you guys can read it. It was like they took a picture of not our office. It wasn't our office, and they were like: "Look at their office, it's terrible." It wasn't even our office. And then they talked about how our CFO is actually the CFO of a couple of other companies. Well, he is, 'cause we're trying to save money, or we were at that point. We're changing all of that. And then they talked about me saying that validator nodes were less secure than lending, and they actually are more secure. They, like, they actually are. And then they shorted three million shares and drove our price down 50%. So two days ago, mysteriously, a 700,000 share order hit the market, and they dropped us below $2. We closed at $1.99. We have to start all over again. If that's 10 consecutive days- Yeah. We meet all the other requirements on number of shareholders. Everything. Balance sheet. Everything, we're going through a U.S. audit. We're passing with flying colors 'cause you have to be approved by a U.S. auditor as well. It's called PCAOB. We're doing that. We have DTC already. Yeah, so as soon as we can, we will make an application to uplist. We just, our biggest issue is, I think when people look at where our stock's gone in a year, they're like: "I can't buy that company," even though we're only trading at three times earnings. You know what I mean? Like, it's like, I can't buy a company that's up 1000% in one year. But like I said, our earnings are up more than our share price. It's just one of those weird situations. Like, Galaxy isn't even profitable. You actually have to use price to revenue. It was funny, I had a really cool conversation with an analyst yesterday, and I was like: "What's price to revenue, man?" That's what people give companies when they can't make money. It really always was price to earnings. I'm not trying to be a douche or speak negatively of other companies. All I'm trying to say is, really, do you wanna buy a miner? I'll pick on one, but they're good guys. TeraWulf. TeraWulf has a $1.5 billion market capital, and I think Third Point, one of the big funds, just took a 10% stake in them for the AI and power trade. They lost $56 million this year. We're gonna make $100 million, and we have a lower market cap than they do. These are just food for thought for you. So, yeah, it's great if we can get listed on the Nasdaq, but we also trade a boatload of stock in Canada and in the U.S. We actually trade close to one million shares a day on the Pink Sheets, which is pretty unusual. So yeah, we absolutely wanna uplist. We're just gonna we need more funds buying us, we need more analyst coverage. You know, I'm doing my job, I'm out here pitching everybody all the time. We will get there, and we're quite confident that it will go through. I mean, the SEC is a wild card because they hate crypto, but they also are in a really awkward position right now, 'cause it's a coin flip to see who's gonna win the election. I don't wanna get into politics, but if Trump wins the election, he's already said he's firing everyone. So if you're the SEC, are you saying no to crypto if Trump might win? Are you saying yes to crypto? And then you've got a senator who's putting forward a bipartisan bill that's supportive of crypto. I think we're getting there in the U.S., and I think all these crypto companies will be allowed to uplist and list on the Nasdaq. It's just I'm not sure how it's gonna go and how quickly it will be. Hope that answers your question. Sure. 2021. Yeah. Yeah. Yeah. So, yeah, no, it's, it's a, it's a well-diversified company. But the primary and easily repeatable revenue is Valour, off of our AUM, and I've given you. It's 10% yield. DeFi Alpha is sort of the wild card, and it's contributed a lot this year already. We didn't wanna give guidance on it, but I'm gonna give you a little bit of guidance on it. I think, I think we'll consistently make between 15 and 20 million per quarter. So I think you can, you can model in $60-80 million out of DeFi Alpha, and I, I think you're gonna see very likely some extremely positive surprises. And all we do in DeFi Alpha, it's actually a really simple business, is we look for distressed selling. The analogy I use for everyone here is 30 years ago, risk arbitrage would yield 20% because the spreads were so wide. That still exists in the crypto universe, and so you have these opportunities, whether it's a bankruptcy, a divorce, a high net worth, you know, whomever. You guys would have read in the paper, you know, Galaxy had sold on behalf of FTX, a ton of Solana at a 70% discount. That's not what, that's not what we're doing. I'm just letting you know that. I'm just saying you get these situations where sh- stuff gets blown out. No, that's DeFi Alpha, and it's. So we have a flow trading desk where we make 32 basis points just on flow. That's pretty much all automated. This is Johan, who is, he's a crypto OG, he's a baller, doing what he does best and looking for mispriced opportunities. We will never take market risk, so we'll never be naked long or naked short. We're always market neutral. So that's kind of the breakdown, and then you'll always see five or 10 a quarter, probably in these venture portfolio investments. And then the biggest wild card, in my opinion, is what's this worth and how much can we get for it? 'Cause we carry it on our balance sheet at, like, $30-35 million, and it could be as much as $100 million. If you just use straight line, they've gone from a billion to four billion, 4x 35, that gets you to it, but I don't think that's the way it's working right now. It's probably at a bit of a discount to that. Guys, that's all we have time for. One more. No? Yeah. No, we're. You're totally good. We're very excited about all of them except for Hive. Hive is miner extractable value. We're just helping them process better blocks on the Ethereum chain, faster, more profitable. It's a revenue-reducing, or sorry, a cost-reducing, revenue-increasing effort for Frank and the team at Hive. Neuronic are our two big ones. We're gonna be launching AI-driven trading strategies in our portfolio, and then Neuronic. I just don't know where we're gonna end up in terms of a revenue metric on that. But you're gonna see more of those JVs. We're looking to leverage this space as it grows, whereas many people aren't, right? The miners are kinda stuck in their one little basket. Galaxy is obviously being creative and doing stuff, but I don't think anybody's being as creative as we are right now. And maybe I'm wrong, you might know better, but I think we're, you know, there's no one trying to get into Africa. There's no one trying to get into Middle East with these products. There's no one going to Asia. There's no one going to Latin America, and we're gonna be, we hope, the market leader in all of those aspects. I hope that answers your question, Kevin. Yeah. Yeah. Russell, what's the best contact for people to follow up? Oh, me, Starr with two Rs, @defi.tech. So that's R-S.