Mr. Johan Wattenstrom reports

DEFI TECHNOLOGIES HIGHLIGHTS RECORD NET INFLOWS AT VALOUR IN 2025, UNDERSCORING CORE BUSINESS MOMENTUM BEYOND AUM PRICE VOLATILITY

Defi Technologies Inc. has provided highlights that include:

• 2025 estimated net inflows of $138.2-million, Valour's highest annual total on record, achieved across varying market conditions and despite a challenging digital asset backdrop in 2025;
• $116.2-million of net inflows generated through the end of third quarter 2025, with estimated fourth quarter inflows of $22.0-million;
• Valour's asset management business reported approximately $989.1-million in assets under management as of Sept. 30, 2025;
• No months of net outflows, reflecting sustained client and investor adoption and consistent demand through market cycles;
• 102 listed exchange-traded products as of year-end 2025, representing the most diversified regulated digital asset product suites globally and providing investors exposure beyond bitcoin to the broader digital asset economy;
• Scaling AUM expands monetization potential, with blended management and staking economics of approximately 5 to 7 per cent, and additional upside from trading fees, internal intellectual property, node operations and MEV.

Record inflows demonstrate durable demand, regardless of market conditions

While Valour's assets under management are often viewed as a primary measure of growth, AUM can be highly correlated with underlying digital asset prices and can fluctuate materially as market prices move. Net inflows into Valour's exchange-traded products provide a more direct view into the business's underlying progress because they reflect new client demand and fresh capital allocated into Valour products, independent of market price movements.

Importantly, Valour has continued to generate net inflows regardless of market conditions. In 2025, Valour delivered its strongest annual net inflow performance on record despite a bear market backdrop, underscoring the durability of demand for regulated access to digital assets through traditional brokerage rails.

Through the end of third quarter 2025, Valour delivered $116.2-million of net inflows year to date. Estimated net inflows for fourth quarter 2025 were as follows:

• October: $6.5-million;
• November: $12.1-million;
• December: $3.4-million.

Based on these estimates, Valour's full-year 2025 net inflows totalled approximately $138.2-million, representing Valour's strongest annual net inflow performance to date. Valour also has not recorded a single month of net outflows, reflecting consistent client growth and continuing adoption of regulated digital asset access.

Building the largest product suite in digital asset management

In 2025, Valour reached 102 listed ETPs, a milestone that reflects a deliberate strategy: build the most comprehensive regulated product shelf in digital assets so investors can allocate across the full sector using the brokerage and custody rails they already trust.

Valour's platform goes far beyond spot bitcoin and ethereum. The lineup spans many of the most important networks and themes shaping the digital asset economy, enabling investors to express views across the sector in a familiar, regulated, exchange-traded format without wallets, private keys or unregulated venues. Valour has built the largest and most diversified suite of exchange-traded digital asset products among digital asset managers worldwide, and that breadth is a durable competitive advantage.

Valour is not a traditional asset manager. It is a fully integrated issuer with proprietary infrastructure.

Valour is differentiated by its vertically integrated model and its ability to monetize across the full life cycle of digital asset product issuance and market infrastructure. Valour does not simply list ETPs and collect a fee. The company monetizes the stack end to end, including:

• Innovation and product structuring;
• Listing and distribution into regulated markets;
• Trading the inflows and outflows in its ETPs;
• Market-making and liquidity provisioning;
• Staking and yield generation on underlying assets, where applicable, supported by internal infrastructure and technology.

This platform approach is designed to create multiple revenue streams from the same underlying growth engine and deliver capital-efficient scalability as the business grows.

Year-over-year net inflow growth

Valour's annual net inflows have scaled meaningfully as the platform expanded product breadth and distribution:

• 2022: $38-million;
• 2023: $50-million;
• 2024: $124-million, including $54-million across November and December;
• 2025: $138-million.

As digital asset prices appreciate, net inflows can act as a compounding lever on AUM growth by adding incremental capital on top of market appreciation.

Scaling AUM supports higher monetization and margin expansion

As Valour's AUM base grows, Defi Technologies expects increased operating leverage and greater flexibility to optimize monetization over time. Depending on product mix and market conditions, Valour can generate a blended yield of approximately 5 to 7 per cent through management fees and staking economics, with additional revenue potential from trading fees, internal trading intellectual property, node operations, and MEV, which can further enhance overall monetization.

"Valour's net inflows are the cleanest indicator of real demand," said Johan Wattenstrom, chief executive officer and executive chairman of Defi Technologies. "In our year-end letter, we said we remain disciplined through volatility and focused on the real signal execution. Delivering record inflows in a bear market, while scaling to 102 listed ETPs and building the broadest regulated product shelf in the industry, reflects the strength of our platform model and our position as an institutional gateway to the digital asset economy."

"Investors often focus on AUM, but the underlying engine is what matters," said Andrew Forson, president of Defi Technologies. "The net inflow trend demonstrates consistent market share capture. As AUM scales, our vertically integrated model allows us to monetize beyond management fees through staking and trading-related revenue streams, which support margin expansion over time."

Next phase of product expansion and global distribution

Defi Technologies also reiterated its focus on accelerating growth through product innovation and geographic expansion. In 2025, Defi Technologies, through Valour, advanced distribution across regulated venues, including the London Stock Exchange and Six Swiss Exchange, and established a strategic beachhead in Brazil through B3.

Looking ahead, Valour is advancing second-generation products designed to be more institutionally compatible and suited to larger pools of capital. This next phase includes but is not limited to UCITS type fund structures, actively managed certificates and exchange-traded notes, fund of funds structures, and additional institutionally focused vehicles, which are intended to broaden distribution, expand addressable liquidity and increase the durability of AUM.

About Defi Technologies Inc.

Defi Technologies is a financial technology company bridging the gap between traditional capital markets and decentralized finance. As the first Nasdaq-listed digital asset manager of its kind, Defi Technologies offers equity investors diversified exposure to the broader decentralized economy through its integrated and scalable business model. This includes Valour, which offers access to 100 of the world's most innovative digital assets through regulated ETPs; Stillman Digital, a digital asset prime brokerage focused on institutional-grade execution and custody; Reflexivity Research, which provides leading research into the digital asset space; and Defi Alpha, the company's internal arbitrage and trading business line. With deep expertise across capital markets and emerging technologies, Defi Technologies is building the institutional gateway to the future of finance.

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