DeFi Technologies Inc.

NEOE:DEFI Stock Report

Market Cap: CA$259.9m

DeFi Technologies Management

Management criteria checks 1/4

DeFi Technologies' CEO is Johan Wattenstrom, appointed in Nov 2025, has a tenure of less than a year. total yearly compensation is $1.69M, comprised of 60.5% salary and 39.5% bonuses, including company stock and options. directly owns 1.47% of the company’s shares, worth CA$3.81M. The average tenure of the management team and the board of directors is 1.2 years and 1.1 years respectively.

Key information

Johan Wattenstrom

Chief executive officer

US$1.7m

Total compensation

CEO salary percentage60.55%
CEO tenureless than a year
CEO ownership1.5%
Management average tenure1.2yrs
Board average tenure1.1yrs

Recent management updates

Recent updates

Narrative Update • Jun 24

DEFI: Capability Building Through Crypto Downturn Will Support Future Upside Repricing

Analysts have trimmed their average price targets for DeFi Technologies, with recent cuts such as CA$3 to CA$2, CA$1 to CA$0.90 and other reductions reflecting a shift toward more conservative assumptions, while still highlighting the company’s focus on building capabilities through the crypto downturn. Analyst Commentary Recent Street research on DeFi Technologies has focused on recalibrating expectations, with price targets adjusted to CA$2 and CA$0.90, while still pointing to how the company is positioning itself during the crypto downturn.
Narrative Update • Jun 06

DEFI: Capability Building Through Crypto Downturn Will Drive Future Upside Repricing

Narrative Update on DeFi Technologies Analysts have trimmed their collective price targets on DeFi Technologies, with recent revisions such as CA$3 to CA$2, CA$1 to CA$0.90 and other cuts reflecting a reset in fair value assumptions. They point to the company focusing on building capabilities during a weaker crypto market rather than chasing speculative trading profits.
Narrative Update • Apr 21

DEFI: Margin Strength And Nasdaq Compliance Will Drive Future Upside Repricing Potential

Analysts have trimmed their average 12 month price target for DeFi Technologies by CA$0.50 to CA$6.40, citing updated views on fair value, a slightly higher discount rate, more conservative revenue growth assumptions, stronger expected profit margins and a modestly lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts point to stronger expected profit margins as a key support for the updated CA$6.40 target, suggesting that improved profitability could help offset more cautious revenue assumptions.
Narrative Update • Apr 05

DEFI: Nasdaq Compliance Resolution Will Drive Future Upside Repricing Potential

Analysts have revised their CA$ price target on DeFi Technologies, reflecting updated views on the discount rate, revenue growth assumptions, profit margin outlook, and a higher future P/E multiple. They are framing the new target as better aligned with the company’s current risk and earnings profile.
Narrative Update • Mar 22

DEFI: Nasdaq Compliance Outcome Will Drive Future Repricing Upside

Analysts now place their price target for DeFi Technologies at CA$5.40, essentially unchanged. This reflects updated assumptions around a slightly lower discount rate, moderated revenue growth and profit margin expectations, and a higher future P/E multiple.
Narrative Update • Mar 07

DEFI: Product Approvals And Lawsuit Resolution Will Shape Repricing Upside

Analysts have slightly reduced their CA$ price target for DeFi Technologies, reflecting updated assumptions around fair value, profit margins, discount rates and future P/E multiples, while keeping their overall outlook broadly in line with prior expectations. What's in the News Pomerantz LLP reported a class action lawsuit filed in the U.S. District Court for the Eastern District of New York against DeFi Technologies and certain officers, covering investors who bought or acquired securities between May 12, 2025 and November 14, 2025, and alleging violations of federal securities laws (Pomerantz LLP).
Narrative Update • Feb 20

DEFI: Legal Headwinds And Product Approvals Will Reset Expectations While Supporting Upside Potential

Analysts have trimmed their CA$ price target on DeFi Technologies by CA$0.02, citing slightly more cautious revenue growth assumptions and a modestly higher discount rate. These factors are partly offset by stronger profit margin expectations and a marginally lower future P/E multiple.
Narrative Update • Feb 06

DEFI: Delayed Rollout Will Reset Expectations While Supporting Future Upside Potential

Analysts have cut their price target on DeFi Technologies to $2.50 from $5.00, reflecting a tempered outlook tied mainly to DeFi Alpha delays, while maintaining a generally constructive view on the shares. Analyst Commentary Recent research reflects a mixed but still constructive stance on DeFi Technologies following its Q3 report, with the reduced $2.50 price target tied mainly to delays in the DeFi Alpha initiative rather than a wholesale change in view on the business.
Narrative Update • Jan 23

DEFI: Execution Will Improve As Rollout Delays Reset Expectations For Upside

Analysts have reduced their price target on DeFi Technologies to US$2.50 from US$5.00, citing delays in the DeFi Alpha rollout as the key factor behind their more cautious outlook. Analyst Commentary Analysts are recalibrating expectations for DeFi Technologies after the latest Q3 update, with the DeFi Alpha rollout delays now sitting at the center of most valuation and execution debates.
Narrative Update • Jan 08

DEFI: Execution Will Improve As DeFi Alpha Delays Are Resolved

Narrative Update on DeFi Technologies Analysts have reduced their price target on DeFi Technologies to $2.50 from $5.00, citing delays in the DeFi Alpha initiative as the key reason for a more cautious outlook. Analyst Commentary Recent research points to a more cautious stance on DeFi Technologies after the Q3 report, with the price target reset to US$2.50 from US$5.00.
Narrative Update • Dec 14

DEFI: Execution Will Improve As Delays Ease And Shares Recover

Analysts cut their price target on DeFi Technologies by half, to approximately $2.50 from about $5.00. They cited project delays and a slightly higher perceived risk profile that modestly raises the discount rate and future valuation multiple in their models.
Narrative Update • Nov 29

DEFI: Execution Improvements Will Drive Shares Higher Despite Recent Setbacks

Analysts have revised their price target for DeFi Technologies downward from $5.00 to $2.50, citing delays in DeFi Alpha as well as a weaker outlook for revenue growth and profit margins as key factors behind the adjustment. Analyst Commentary Analysts have provided a range of perspectives following the recent adjustment to DeFi Technologies' price target.
Narrative Update • Nov 15

DEFI: Share Repurchase And Major Capital Raise Will Drive Upside Momentum

Analysts have revised their price target for DeFi Technologies, maintaining it at $6.40 per share. They cite modest adjustments in discount rate, revenue growth, and profit margin expectations, which offset each other to keep the valuation steady.
Narrative Update • Nov 01

DEFI: Expanding Strategic Alliances And New Division Will Drive Adoption Momentum

Analysts have revised their price target for DeFi Technologies downward from $6.94 to $6.40. They cite updated assessments of revenue growth, profit margin, and valuation multiples as reasons for the change.
Narrative Update • Oct 17

Global Expansion And Strong Partnerships Will Advance Blockchain Adoption

Narrative Update on DeFi Technologies Analyst Price Target Analysts have lowered their fair value estimate for DeFi Technologies from $7.40 to $6.94. They cite a slight reduction in expected profit margins and future earnings multiples, while maintaining stable revenue growth projections.
Narrative Update • Sep 12

Global Expansion And Strong Partnerships Will Advance Blockchain Adoption

The consensus analyst price target for DeFi Technologies has been reduced as a result of a higher projected future P/E multiple, indicating lower expected earnings growth or increased valuation risk, lowering the fair value estimate from CA$7.80 to CA$7.40. What's in the News DeFi Technologies' DeFi Advisory division secured a second mandate with TenX Protocols, acting as Strategic Advisor and earning an initial $600,000 in fees, with further upside from strategic transactions; subsidiary Stillman Digital appointed exclusive OTC partner to TenX, expected to drive significant digital asset trading volume.
User avatar
New Narrative • Jan 17

Launching 23 First-Mover Products And Expanding Into New Markets Will Strengthen Market Position

International expansion and strategic product launches plan to boost market share and increase revenue through innovative offerings in new regions.

CEO Compensation Analysis

How has Johan Wattenstrom's remuneration changed compared to DeFi Technologies's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

US$37m

Dec 31 2025US$2mUS$1m

US$62m

Sep 30 2025n/an/a

US$8m

Jun 30 2025n/an/a

US$20m

Mar 31 2025n/an/a

US$15m

Dec 31 2024US$27mUS$390k

-US$29m

Sep 30 2024n/an/a

-US$4m

Jun 30 2024n/an/a

-US$22m

Mar 31 2024n/an/a

-US$16m

Dec 31 2023US$253kUS$177k

-US$15m

Sep 30 2023n/an/a

-US$37m

Jun 30 2023n/an/a

-US$40m

Mar 31 2023n/an/a

-US$52m

Dec 31 2022US$248kUS$173k

-US$49m

Sep 30 2022n/an/a

-US$62m

Jun 30 2022n/an/a

-US$64m

Mar 31 2022n/an/a

-US$62m

Dec 31 2021US$287kUS$60k

-US$57m

Compensation vs Market: Johan's total compensation ($USD1.69M) is above average for companies of similar size in the Canadian market ($USD493.63K).

Compensation vs Earnings: Johan's compensation has been consistent with company performance over the past year.

CEO

Johan Wattenstrom (56 yo)

less than a year
Tenure
US$1,688,043
Compensation

Mr. Johan Wattenstrom is Co-Founder and Director of Valour Inc. Mr. Wattenstrom is Co-Founder of DeFi Technologies Inc. and was its Chief Operating Officer from October 4, 2021 until 2022. He served as Mem...

Leadership Team

NamePositionTenureCompensationOwnership
Johan Wattenstrom
Co-Founderless than a yearUS$1.69m1.47%
CA$ 3.8m
Andrew Forson
President1.2yrsUS$1.06m0.015%
CA$ 38.2k
Paul Bozoki
Chief Financial Officer1.4yrsUS$575.36k0.060%
CA$ 155.8k
Philippe Lucet
General Counsel & Corporate Secretaryless than a yearno datano data
Curtis Schlaufman
Vice President of Marketing & Communicationsno datano datano data
Rafael Recavarren
Head of Corporate Developmentno datano datano data
Niclas Larsen
Chief Technology Officer of Valour Asset Managementno datano datano data
Carson Rorai
Head of Special Projects1.4yrsno datano data
Andrea Disaro
Structured Products & Quantitative Analysis Principalno datano datano data
1.2yrs
Average Tenure

Experienced Management: DEFI's management team is not considered experienced ( 1.2 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Johan Wattenstrom
Co-Founderless than a yearUS$1.69m1.47%
CA$ 3.8m
Jonathan Dimitry
Independent Directorless than a yearno data0.018%
CA$ 46.9k
Trapp Hampton Lewis
Member of Advisory Board5.6yrsno datano data
Thibaut Ceyrolle
Member of Advisory Board5.3yrsno datano data
James Starr
Member of Strategic Advisorno dataUS$76.50kno data
Silvia Andriotto
Independent Director1yrUS$14.57k0.00082%
CA$ 2.1k
Mikael Tandetnik
Independent Director3yrsUS$38.25k0.26%
CA$ 681.2k
Chase Ergen
Independent Director1.3yrsUS$14.57kno data
Per Rosen
Director1yrUS$14.57k0.00082%
CA$ 2.1k
1.1yrs
Average Tenure

Experienced Board: DEFI's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/29 10:37
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

DeFi Technologies Inc. is covered by 10 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark PalmerBenchmark Company
Harold GoetschB. Riley Securities, Inc.
Edward EngelCompass Point Research & Trading, LLC