DeFi Technologies CEO Cites Crypto Weakness for Stock Decline, Reports $150M Balance Sheet as of Q1 End

According to Foresight News, DeFi Technologies (Nasdaq: DEFT) CEO Johan Wattenström attributed the company's recent stock decline primarily to crypto market weakness and sector rotation outflows in a shareholder letter. The company reported a balance sheet of approximately $150 million as of Q1 end with near-zero debt, a significant improvement from the previous bear market when the stock fell below $0.10 and the company carried over $40 million in debt.

Wattenström noted that the company's first hedge fund is launching soon, with plans to expand arbitrage strategies in the second half of 2026. Sweden's financial regulator rejected the company's UCITS structure application for crypto-related assets; the company has appealed and plans to establish UCITS platforms in other EU regions. The Valour Custody platform is expected to launch in the second half of 2026.