DeFi Technologies Plans U.S. Stock Market Entry
Canadian cryptocurrency firm DeFi Technologies is making strides towards listing on the Nasdaq, allowing it to access a larger group of investors. Currently, the company trades on Cboe Canada under the ticker "DEFI" and in over-the-counter markets as "DEFTF." On Monday, the company revealed it had submitted a Form 40-F to the U.S. Securities and Exchange Commission (SEC), marking a critical step toward its Nasdaq listing. The listing, however, remains contingent on Nasdaq’s approval and meeting all regulatory requirements.
A Strong Year for DeFi Technologies
DeFi Technologies has experienced a stellar year, with its stock value surging by 275% year-to-date. In July, the company reported a profit of $105 million and a market capitalization of $429 million, demonstrating considerable growth. Despite this, some analysts argue that the company is undervalued compared to other firms listed on major exchanges. The company's profitability is largely driven by its subsidiary, Valour, which focuses on crypto investment products in Europe, and DeFi Alpha, which specializes in low-risk arbitrage trading. DeFi Technologies also holds Bitcoin in its treasury, further strengthening its financial position.
Bitcoin Treasury Boosts Market Confidence
The company's decision to hold Bitcoin on its balance sheet has attracted significant market attention, particularly after it doubled its BTC holdings in July and added Solana and CORE to its treasury. This combination of innovative DeFi services and solid financials positions DeFi Technologies as a promising player in the cryptocurrency market. If its Nasdaq listing is approved, it could unlock even more growth opportunities for the company.
Source: Decrypt
