DeFi Technologies Lands Central Bank Network Endorsement While Sales Plunge to $11.2 Million

The gap between narrative and numbers is widening at DeFi Technologies. Earlier this month, the firm secured a meaningful institutional stamp of approval by integrating its DVIO index into the network of the Official Monetary and Financial Institutions Forum (OMFIF), whose membership spans central banks, sovereign funds, and major public-sector investors. The index tracks the top 50 digital assets on Valour’s regulated ETP platform, weighting by assets under management rather than price. OMFIF will distribute DVIO insights through its newsletter and embed DeFi Technologies in dedicated formats, with the company’s Digital Monetary Institute membership extended through 2027.

That institutional push came just days after the company reported a brutal quarter. First-quarter 2026 revenue collapsed to $11.2 million from $43.8 million a year earlier. Net income followed suit, sliding to $4.9 million from $30.0 million. The revenue dive of nearly 75% underscores how heavily the business — split between Valour’s digital-asset ETPs and Stillman Digital’s institutional trading — depends on market conditions that have turned sharply less favorable.

President Andrew Forson is fighting back on the narrative front. In a CoinDesk interview on May 28, he argued that the stablecoin layer remains the healthiest corner of decentralized finance, despite a $20 billion drop in total value locked across DeFi and $1.1 billion lost to hacks. He pointed to the roughly $150 billion in U.S. Treasuries backing USDT and USDC, and cited monthly stablecoin volume growth of 20% to 30%. A Bank for International Settlements study updated in February 2026 appears to reinforce the point: it pegged the combined assets of dollar-pegged stablecoins at over $270 billion as of December 2025, with $153 billion in Treasury bills alone.

Should investors sell immediately? Or is it worth buying DeFi Technologies?

The balance sheet tells a more resilient story than the income statement. As of March 31, DeFi Technologies held $87.6 million in cash and $15.8 million in USDT and USDC, for a combined $103.4 million in liquid assets. It also had $23.5 million in digital-asset treasury positions and a $29.1 million venture and private portfolio. Working capital swung from negative $5.1 million at the end of December to positive $47.3 million.

Operationally, the two main revenue drivers are still generating cash, albeit at lower levels. Valour contributed $3.3 million from management fees, staking, and lending on average assets under management of $533.6 million. Stillman Digital added $2.9 million in trading commissions. For Forson’s stablecoin thesis to gain credibility, these lines will need to stabilize and grow.

The stock market remains unimpressed. Shares closed Friday at €0.56, down 5.02% on the week and 25.30% year-to-date. The 12-month decline stands at 81.46%, and the stock trades 81% below its 52-week high of €3.14. Annualized volatility runs at 77%. Technically, the price continues to languish below key moving averages, offering no relief for holders.

The challenge is now plain: DeFi Technologies has secured a seat at the table with institutions that rarely touch crypto directly. The OMFIF partnership, the BIS research, and Forson’s stablecoin narrative all provide ammunition. But the revenue numbers from Valour and Stillman are the only ammunition that moves the stock. If the next quarter fails to show a rebound in fees and trading income, the gap between perception and performance will only widen.

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