DeFi
DeFi Technologies shares soar 15% one day after adopting Bitcoin cash strategy
Quick take
DeFi Technologies Inc., a public company listed on CBOE Canada (DEFI), made the strategic decision to adopt Bitcoin as its primary treasury reserve asset, purchasing 110 Bitcoins, according to presswire.ca,
The move highlights the company’s confidence in Bitcoin’s potential as a hedge against inflation and protection against currency depreciation.
Olivier Roussy Newton, CEO of DeFi Technologies, said:
“We adopted Bitcoin as the Treasury’s primary reserve asset, reflecting our confidence in its role as a hedge against inflation and a refuge against currency depreciation.”
In addition to this significant adoption, Valour, a subsidiary of DeFi Technologies, reported an impressive AUM of CA$837 million ($607 million) as of May 31, a year-over-year increase of 64.9%.
Valor also managed to repay an additional $5 million in outstanding loans secured by BTC and ETH collateral, following a prior repayment of $19.5 million.
Valor Inc. has launched several innovative exchange-traded products (ETPs), including the Valor Internet Computer ETP (ICP), the Valor Toncoin ETP (TON), the Valor Chainlink ETP (LINK), and the first Bitcoin (BTC) performance in the world. AND P.
These ETPs highlight the company’s continued innovation and financial acumen in the decentralized finance sector.
DeFi Technologies Inc. vs. BTCUSD, year-to-date: (Source TradingView)
The DeFi Technologies Inc. stock price rose 15% following the announcement, bringing its year-to-date (YTD) growth to 176%.