Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

25/07/2025

913,111 ETH Lost Forever Due to User Error, Top Researcher Says

25/07/2025

Can the Genius Act save banks from stablecoins?

25/07/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

    25/07/2025

    Coinbase Doesn’t Custody All of Strategy’s Bitcoin—So Who Does?

    25/07/2025

    Could Satoshi Nakamoto Become the Richest Person on Earth by the End of 2025?

    25/07/2025

    Quantum computing threatens to break Bitcoin’s elliptic curve cryptography

    25/07/2025

    913,111 ETH Lost Forever Due to User Error, Top Researcher Says

    25/07/2025

    Unexpected Endorsement from Bitcoin (BTC) Enemy Peter Schiff! “Sell This Altcoin, Buy Bitcoin!”

    25/07/2025

    Ethereum’s Fusaka hard fork set for November completion, Glamsterdam upgrade near 100%

    25/07/2025

    Trader Unveils Two Bullish Scenarios for Ethereum Explosion to $6,000 – But There’s a Catch

    25/07/2025

    This Altcoin’s MicroStrategy Files with the SEC to Buy an Additional $5 Billion in Coins

    25/07/2025

    XRP Price Hits New All-Time High After Seven Long Years

    25/07/2025

    Kaspa crypto gains as PPKAS meme token sees interest

    25/07/2025

    Stellar Taps PayPal, Block Execs as XLM Jumps 85% — 2x Rally Ahead?

    25/07/2025

    Ethereum Treasury Firm Buys $5M CryptoPunk—And Is Borrowing Stablecoins Against It

    25/07/2025

    Ether Treasury Company GameSquare Buys CryptoPunk NFT for $5.15M

    24/07/2025

    Yuga Labs Bored Ape Yacht Club $9M Win Against Ryder Ripps Overturned, Must Better Prove Trademark Infringement

    24/07/2025

    Disney Eyes Chainlink in New Tech Patent That Bridges NFTs and Real-World Events

    24/07/2025

    Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

    25/07/2025

    913,111 ETH Lost Forever Due to User Error, Top Researcher Says

    25/07/2025

    Can the Genius Act save banks from stablecoins?

    25/07/2025

    This Altcoin’s MicroStrategy Files with the SEC to Buy an Additional $5 Billion in Coins

    25/07/2025
  • Blockchain

    Bless Network and Space and Time Partner to Run Verifiable AI Agents on Edge Devices

    24/07/2025

    Brazil’s VERT Debuts Tokenized Credit Platform on XRP Ledger With $130M Issuance

    24/07/2025

    Kalp and Funton.ai Partner to Power Up the Next Wave of Web3 Gaming

    24/07/2025

    Terminus Partners with KaJ Labs to to Power Decentralized Commerce with AI

    24/07/2025

    Zama and OpenZeppelin Team Up to Deliver Confidential Smart Contracts for Institutions

    24/07/2025
  • DeFi

    What’s The Future of Staking and Restaking? Lucio Tato from Meta Pool Provides His Stance

    24/07/2025

    STON.fi and TON Wallet Unite to Bring Telegram-Native DeFi to the U.S

    24/07/2025

    Blazpay Joins Forces with OnlyLayer to Revolutionize Ethereum L2 Scalability

    24/07/2025

    Fees, collateral give DeFi edge as TradFi eyes crypto loans: 1inch exec

    24/07/2025

    AILayer Joins Forces with DotSwap to Power AI-Powered Bitcoin DeFi

    24/07/2025
  • Metaverse

    The Sandbox Launches Largest LAND Auction Using GBM Protocol

    21/07/2025

    Elon Musk’s xAI Quietly Fixed Grok by Deleting a Line of Code

    09/07/2025

    Bonk.fun Grabs 55% of Solana Token Issuance Share, Pushes BONK Demand

    08/07/2025

    Apple’s Top AI Exec Leaves For Meta Amid Aggressive Hiring Trend

    08/07/2025

    Automobili Lamborghini Unveils Digital Temerario and GT3 NFTs in Wilder World

    07/07/2025
  • Regulation

    Can the Genius Act save banks from stablecoins?

    25/07/2025

    Peter Thiel acquires over 9% stake in Tom Lee-led Ethereum treasury firm

    25/07/2025

    Fidelity’s MetaPlanet Stake, Chang’s Legal Victory, and More

    25/07/2025

    New MSTR ETF offers weekly payouts — until BTC market turns

    25/07/2025

    Crypto is Going Mainstream and ‘You Can’t Put the Genie Back in the Bottle,’ Bitwise Says

    25/07/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    EDX Unveils International Crypto Trading Platform With Perpetual Futures

    25/07/2025

    CoinDCX CEO Counters $44.2M Hack Fears Revealing $136 Million in Annual Revenue

    25/07/2025

    CZ set to issue memecoin tracking sponsors of negative media coverage against Binance

    25/07/2025

    Shinhan Bank’s Breakthrough Trial Reshaping Digital Transactions

    25/07/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    Axie Infinity Creator Sky Mavis Backs New BORA-Integrated Game on LINE NEXT App

    24/07/2025

    ‘Tokyo Beast’ Speedruns Crypto Game Cycle, Shutting Down Just a Month After Launch

    24/07/2025

    The case for how crypto can Stop Killing Games

    24/07/2025

    FLOKI hints at $75k prize pool, ignites opBNB’s first tournament

    23/07/2025

    ‘Every family here is sick,‘ say neighbors of Bitcoin mining facility in Texas

    25/07/2025

    Cango finalizes pivot to a Bitcoin mining company

    24/07/2025

    Galaxy Positioned to Capture Favorable Regulatory Upside, Jefferies Says as It Initiates With Buy

    23/07/2025

    Bitcoin Miner Bitfarms Jumps 8% on Share Buyback Program

    22/07/2025

    How KFC franchisees pushed the GENIUS bill forward

    25/07/2025

    Citadel Securities Warns SEC Against Rushed Tokenized Securities Rollout

    25/07/2025

    The Trump administration’s crypto report is due today, but it may not arrive

    25/07/2025

    Senate Releases Answer to Clarity Act as It Continues Market Structure Work

    25/07/2025

    Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

    25/07/2025

    913,111 ETH Lost Forever Due to User Error, Top Researcher Says

    25/07/2025

    Can the Genius Act save banks from stablecoins?

    25/07/2025

    This Altcoin’s MicroStrategy Files with the SEC to Buy an Additional $5 Billion in Coins

    25/07/2025
  • MarketCap
NBTC News
Home»Bitcoin»Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock
Bitcoin

Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock

NBTCBy NBTC14/08/2024No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


One of the most high-flying crypto stocks came crashing back to Earth this week after a report argued that it wasn’t rising “for the right reasons.” Today, the company issued a strenuous defense of its business.

In its Tuesday issue, crypto newsletter CoinSnacks outlined an extensive marketing campaign undertaken over the past few months to provide positive coverage for DeFi Technologies (DEFI)—a Toronto-based crypto fund provider that publicly trades on Canada’s Chicago Board Options Exchange (CBOE).

The price of DEFI stock has risen sharply along with other companies that have adopted Bitcoin as their primary treasury reserve asset, following the massive success of MicroStrategy (MSTR), now the top institutional holder of BTC. Amid the excitement, some analysts began waxing bullish on DEFI for fundamental reasons, claiming that it’s supremely undervalued.

On the Monday before the report went out, DEFI traded for CAD $3.30, up 202% since May 31. As of Tuesday’s close, the stock had cratered 35% back to CAD $2.24 per share.

The company’s promotional efforts have included a paid email and influencer campaign to put its name in the headlines, CoinSnacks reported to its 50,000 subscribers, as well as endorsements from Anthony Pompliano and Will Clemente—popular crypto investors whose market analysis firm, Reflexivity Research, was acquired by DeFi Technologies in January.

DeFi Technologies has surged over 3,400% in the past 12 months, dwarfing the gains of BTC, ETH, & SOL combined.

However, a recent promotional campaign has raised critical questions about the transparency & motivations behind this rally.$DEFTF $DEFI.NEhttps://t.co/gJkSLfg0Wv

— CoinSnacks (@CoinSnacks) June 18, 2024

“Between the influencer pumps, getting mentioned on CNBC, the email campaigns, and Pomp pomping, there is now strong evidence that the stock isn’t rallying for the right reasons,” wrote CoinSnacks.

DeFi Technologies responded to the CoinSnacks report in a press release at Wednesday’s open, calling it “defamatory, selective, inaccurate,” and containing “misleading statements” about the company’s practices and financial condition.

In fact, the company speculated that the report may have been commissioned by short-sellers hoping to depress the stock’s price.

DeFi Technologies said it was approached on June 10 by a Canadian investment bank with a bought-deal offer for US $15 million, which it said was an unusually low figure given the newfound strength of the company’s treasury. That same day, DeFi Technologie reported that its treasury alone was worth US $60 million—of which $7.9 million had been converted to Bitcoin.

“The company believes that coordinated efforts of short-sellers and issuance of misleading reports on public companies constitute market manipulation,” DeFi Technologies wrote.

Our Response to DeFi Technologies

Yesterday, we published a report explaining why we believe @DeFiTechGlobal’s recent stock price run-up was built on promotion—not fundamentals.

You can and should read that here: https://t.co/gJkSLfg0Wv

Today, with the market closed, we woke…

— CoinSnacks (@CoinSnacks) June 19, 2024

CoinSnacks later replied to DeFi Technologies stating that it had “not currently, nor have we ever been, paid by a short-seller to cover any company,” nor did its team hold a position in DEFI.

By Wednesday’s close, the company’s stock experienced a modest 6% rebound to CAD $2.30 apiece.

The CoinSnacks newsletter did not extensively cover DeFi’s Techology’s recent financial performance, instead referencing its days as a “penny stock” in 2023, when it generated a net loss of CAD $18.9 million across the year.

The company points to its profits so far this year as proof that its stock is a worthwhile investment.

DeFi Technologies says its assets under management have risen massively alongside the broader crypto market this year, which also boosts the rewards earned from its investments in crypto funds. Those include exchange-traded funds for Solana, Bitcoin, and dozens of other assets for which the firm is allowed to stake its holdings and earn yield—earning an average of 7 to 10 percent on the assets it holds.

Post-acquisition, I had been rather quiet about $DEFTF & why Anthony and I decided to get acquired in all stock.

Now having traded up ~3x, it appears the market is validating our view that the firm is undervalued. This write-up from Eric is one of the best I’ve read on why: https://t.co/36mVnrnvwB

— Will (@WClementeIII) June 12, 2024

“Our assets averaged about US $400 million to $450 million in Q1, and in Q2, they’re gonna average US $600 million to $650 million,” Russell Starr, Head of Capital Markets at DeFi Technologies, told Decrypt.

Those same assets under management (AUM) earned the company’s operating business US $10 million in revenue in the first quarter, enough to cover all of its expenses for the entire year, Starr said. Given that its current AUM is now 50% higher, he said DeFi Technologies expects to earn at least US $15 million for each of the following three quarters in pure profit.

Meanwhile, Starr said the firm’s newly launched DeFi Alpha trading desk earned $85 million in the second quarter of 2024 alone. That brings the firm’s net profit for its first six months up to $100 million—over 20 percent of its current $477 million market cap.

For context, other crypto firms like Coinbase and Robinhood currently trade at 30x and 40x their annual profits.

“If you look at that article they wrote, they didn’t talk anything fundamental,” said Starr. “The reason why is because if they took the time to talk about fundamentals, they would have realized very quickly that they have no story.”

Edited by Ryan Ozawa.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

25/07/2025

Coinbase Doesn’t Custody All of Strategy’s Bitcoin—So Who Does?

25/07/2025

Could Satoshi Nakamoto Become the Richest Person on Earth by the End of 2025?

25/07/2025

Quantum computing threatens to break Bitcoin’s elliptic curve cryptography

25/07/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Weakening of US Dollar Is ‘Good News’ for Bitcoin at This Stage of the Cycle, Says Analyst Jason Pizzino – But There’s a Catch

25/07/2025

913,111 ETH Lost Forever Due to User Error, Top Researcher Says

25/07/2025

Can the Genius Act save banks from stablecoins?

25/07/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.