TORONTO, July 9, 2024 /CNW/ - DeFi Technologies Inc. (the "Company" or "DeFi Technologies") (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance ("DeFi"), is pleased to announce the signing of a binding letter of intent (the "LOI") to acquire Stillman Digital ("Stillman"), a leading OTC desk and liquidity provider offering limitless liquidity solutions and industry-leading trade execution, settlement, and technology services (the "Acquisition").
Since its inception in 2021, Stillman Digital has achieved the following milestones:
These accomplishments highlight Stillman Digital's exceptional organic growth and market leadership.
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1 Not all products and services are available for each company and jurisdiction |
Stillman Digital's Core Products & Services
Newly Licensed & Future Revenue Drivers2
Stillman Digital's technology investment and client diversification are expected to continue delivering profitable growth. Its established onshore and offshore regulatory credibility and extensive network of banking relationships create a competitive moat, laying the foundation for continued success. Custody, Foreign Exchange, and Proprietary Trading services are anticipated to drive future revenue and further expand Stillman's market presence.
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2 These products are solely offered by Stillman Digital Bermuda Ltd. |
Strategic Acquisition for Growth
The Acquisition aligns with DeFi Technologies' strategic goals by bolstering its trading capacities and diversifying both its customer base and revenue streams. By integrating Stillman Digital into its operations, DeFi Technologies plans to internalize part of the trading flows from its portfolio companies and leverage Stillman's expertise to enhance its trading capabilities within DeFi Alpha and its global operations. DeFi Technologies anticipates supporting Stillman Digital's growth by providing it access to more opportunities in the digital asset space as part of the broader group of DeFi Technologies companies.
Moreover, the Acquisition will diversify DeFi Technologies' client base and stabilize its revenue streams. While Valour primarily serves off-chain retail and high-net-worth clients, Stillman Digital focuses on on-chain institutional clients, providing a balanced client portfolio. Additionally, Stillman's on/off-ramp business, which grew 178% during the 2022 market downturn, will help smooth out Valour's more cyclical revenue tied to crypto price movements, mitigating downward volatility and ensuring stability during all market conditions.
Transaction Details
Pursuant to the LOI, DeFi Technologies will acquire all issued and outstanding securities of Stillman Digital in return for 2.5 million common shares of DeFi Technologies (the "Payment Shares"), with 1 million of the Payment Shares subject to a lock-up schedule and released quarterly over a period of a year. The parties intend to enter into a definitive agreement in respect of the Acquisition (the "Definitive Agreement") by July 31, 2024.
Executive Comments
Jonathon Milks, CEO of Stillman Digital, commented, "Joining forces with DeFi Technologies marks an exciting new chapter for Stillman Digital. This partnership will enhance our ability to provide top-tier liquidity solutions and trading services, and together, we can further bridge the gap between traditional finance and decentralized finance. We look forward to tapping into the DeFi Technologies executive team's expansive network in the web3 industry to fuel customer acquisition and profitable growth of the technological and regulatory infrastructure we have built at Stillman over the last four years."
Olivier Roussy Newton, Chief Executive Officer of DeFi Technologies, commented, "The Acquisition is a strategic step that not only expands our capabilities in the trading sector but also diversifies our client base and revenue streams. We are excited to integrate Stillman Digital's expertise into our operations and enhance our comprehensive suite of services."
About Stillman Digital
Stillman Digital is a leading OTC desk and liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com
About DeFi Technologies
DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Join DeFi Technologies' digital community on Linkedin and Twitter, and for more details, visit https://defi.tech/
About Valour
Valour Inc. and Valour Digital Securities Limited (together, "Valour") issues exchange traded products ("ETPs") that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).
In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour's existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK) Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Valour Hedera (ETP), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour's flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.
For more information on Valour, to subscribe, or to receive updates and financial information, visit valour.com.
Cautionary note regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to statements regarding the closing of the Acquisition; the business and growth opportunities of Stillman Digital; synergies realized from the Transaction; issuance and release of Payment Shares; the regulatory environment with respect to the growth and adoption of decentralized finance and digital assets; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and digital asset sector; rules and regulations with respect to decentralised finance and digital assets; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Last Trade: | US$1.93 |
Daily Change: | -0.13 -6.31 |
Daily Volume: | 224,908 |
Market Cap: | US$580.020M |
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