v3.26.1
Operating Segments
 12 Months Ended
Dec. 31, 2025
Operating Segments [Abstract]  
Operating segments
28.Operating segments

 

The Company operates in various business lines based on where the subsidiaries operate. Valour operates the Company’s ETPs business line which involves issuing ETPs, hedging against the underlying digital asset, lending and staking of digital assets and management fees earned on the ETPs as well as any DeFi Alpha related transactions. Reflexivity operates the Company’s research firm and Stillman and Stillman Bermuda operate the trading platform.

 

Information about the Company’s assets by segment is detailed below.

 

December 31, 2025  DeFi   Reflexivity   Stillman Digital   Valour Inc   Total 
Cash   52,948,491    2,101    9,203,569    29,079,929    91,234,090 
Client cash deposits   
-
    
-
    5,615,054    
-
    5,615,054 
Public investments, at fair value through profit and loss   272,520    
-
    
-
    
-
    272,520 
Prepaid expenses   562,981    75,343    8,267,050    691,547    9,596,921 
Digital assets, digital assets loaned, and digital assets staked   
-
    65,040    14,066,946    501,454,945    515,586,931 
Equity instruments   
-
    
-
    
-
    131,982,050    131,982,050 
Right-of-use assets   
-
    
-
    
-
    2,999,253    2,999,253 
Investment in associate   2,423,934    
-
    
-
    
-
    2,423,934 
Other non-current assets   28,172,752    
-
    
-
    36,680,278    64,853,030 
Total assets   84,380,678    142,484    37,152,619    702,888,002    824,563,783 
Accounts payable and accrued liabilities   2,151,846    49,421    5,458,569    1,610,274    9,270,110 
Loans payable   
-
    
-
    
-
    2,611,009    2,611,009 
Trading liabilities   
-
    
-
    24,122,640    
-
    24,122,640 
Warrant liability   13,599,316    
-
    
-
    
-
    13,599,316 
Lease liability   
-
    
-
    
-
    3,102,188    3,102,188 
ETP holders payable   
-
    
-
    
-
    622,304,667    622,304,667 
Total liabilities   15,751,162    49,421    29,581,209    629,628,138    675,009,930 

 

December 31, 2024  DeFi   Reflexivity   Stillman Digital   Valour Inc   Total 
Cash   1,771,331    151,150    1,155,607    12,853,437    15,931,525 
Client cash deposits   
-
    
-
    10,665,147    
-
    10,665,147 
Prepaid expenses   547,856    72,017    701,222    476,629    1,797,724 
Public investments, at fair value through profit and loss   778,085    
-
    
-
    
-
    778,085 
Digital assets, digital assets loaned, and digital assets staked   530,601    158,649    5,718,748    549,430,902    555,838,900 
Equity instruments   
-
    
-
    
-
    257,425,063    257,425,063 
Property, plant and equipment   
-
    
-
    
-
    103    103 
Other non-current assets   36,054,408    
-
    
-
    40,100,722    76,155,130 
Total assets   39,682,281    381,816    18,240,724    860,286,856    918,591,677 
Accounts payable and accrued liabilities   2,336,456    194,014    577,997    373,997    3,482,464 
Loans payable   
-
    
-
    
-
    9,693,294    9,693,294 
Trading liabilities   
-
    
-
    15,109,375    
-
    15,109,375 
ETP holders payable   
-
    
-
    
-
    871,162,347    871,162,347 
Total liabilities   2,336,456    194,014    15,687,372    881,229,638    899,447,480 

Information about the Company’s revenues and expenses by segment is detailed below:

 

Year ended December 31, 2025  DeFi   Reflexivity   Stillman Digital   Neuronomics   Valour Inc.   Total 
Staking and lending income   
-
    114    
-
    
-
    13,072,027    13,072,141 
Trading commissions   
-
    
-
    9,579,010    
-
    
-
    9,579,010 
Management fees   
-
    
-
    
-
    123,706    9,573,286    9,696,992 
Research revenue   
-
    533,000    
-
    
-
    
-
    533,000 
Advisory revenue   287,558    
-
    
-
    
-
    
-
    287,558 
Revenues excluding realized and net change in unrealized gains (losses)   287,558    533,114    9,579,010    123,706    22,645,313    33,168,701 
Realized and net change in unrealized (losses) gains on digital assets   (688,965)   (33,658)   258,220    
-
    (233,525,090)   (233,989,493)
Realized and net change in unrealized loss on equity investments   
-
    
-
    
-
    
-
    (51,007,843)   (51,007,843)
Realized and net change in unrealized gains on ETP payables   
-
    
-
    
-
    
-
    350,965,104    350,965,104 
Revenues from realized and net change in unrealized (losses) gains   (688,965)   (33,658)   258,220    
-
    66,432,171    65,967,768 
Total revenues   (401,407)   499,456    9,837,230    123,706    89,077,484    99,136,469 
Expenses                              
Operating, general and administration   14,902,029    585,836    8,714,090    210,211    9,806,967    34,219,133 
Share based payments   13,210,103    
-
    
-
    
-
         13,210,103 
Depreciation - property, plant and equipment   
-
    
-
    1,563    
-
    103    1,666 
Amortization - right-of-use asset   
-
    
-
    
-
    
-
    207,328    207,328 
Amortization - intangibles   1,286,479    
-
    5,291    39,811    
-
    1,331,581 
Fees and commissions   19,707    
-
    938,361    
-
    5,242,613    6,200,681 
Foreign exchange (gain) loss   (291,840)   
-
    (1,109)   5,911    (2,271,481)   (2,558,519)
Total operating expenses   29,126,478    585,836    9,658,196    255,933    12,985,530    52,611,973 
Operating (loss) income   (29,527,885)   (86,380)   179,034    (132,227)   76,091,954    46,524,496 
Realized (loss) on investments, net   (482,026)   
-
    (55,320)   
-
    118,253    (419,093)
Unrealized (loss) on investments, net   (16,501,202)   
-
    
-
    
-
    
-
    (16,501,202)
Interest income   504,084    
-
    2,023    33,278    3,237    542,622 
Finance costs   (935)   
-
    (1,401)   (582)   776,162    773,244 
Financing expense   (4,677,123)   
-
    
-
    
-
    
-
    (4,677,123)
Gain on deconsolidation   
-
    
-
    
-
    583,966    
-
    583,966 
Loss on investment in associate   (75,506)   
-
    
-
    
-
    
-
    (75,506)
Change in fair value of warrant liabilities   39,595,879    
-
    
-
    
-
    
-
    39,595,879 
Bad debt expense   (478,240)   
-
    
-
    
-
    (248,000)   (726,240)
Impairment loss   
-
    (2,077,585)   
-
    
-
    
-
    (2,077,585)
Total other income (expenses)   17,884,931    (2,077,585)   (54,698)   616,662    649,652    17,018,962 
Net (loss) income for the year before taxes   (11,642,954)   (2,163,965)   124,336    484,435    76,741,606    63,543,458 
Current taxes   403,546    (1,972)   732,823    779    2,555    1,137,731 
Net (loss) income after tax   (12,046,500)   (2,161,993)   (608,487)   483,656    76,739,051    62,405,727 
Other comprehensive income (loss)                              
Foreign currency translation (loss) gain   
-
    
-
    
-
    
-
    294,045    294,045 
Net (loss) income and comprehensive (loss) income for the period   (12,046,500)   (2,161,993)   (608,487)   483,656    77,033,096    62,699,772 
For the year ended December 31, 2024  DeFi   Reflexivity   Stillman Digital   Valour Inc.   Total 
Staking and lending income   
-
    
-
    
-
    13,014,797    13,014,797 
Management fees   
-
    
-
    
-
    6,443,983    6,443,983 
Trading commissions   
-
    
-
    2,106,286    
-
    2,106,286 
Research revenue   
-
    1,433,378    
-
    
-
    1,433,378 
Revenues excluding realized and net change in unrealized gains (losses)   
-
    1,433,378    2,106,286    19,458,780    22,998,444 
Realized and net change in unrealized gains and (losses) on digital assets   165,358    54,158    
-
    251,820,857    252,040,373 
Unrealized gain on equity investments   
-
    
-
    
-
    108,915,688    108,915,688 
Realized and net change in unrealized gains and (losses) on ETP payables   
-
    
-
    
-
    (352,528,754)   (352,528,754)
Revenues from realized and net change in unrealized gains (losses)   165,358    54,158    
-
    8,207,791    8,427,307 
Total revenues   165,358    1,487,536    2,106,286    27,666,571    31,425,751 
Expenses                         
Operating, general and administration   8,486,775    1,216,107    1,154,579    25,878,204    36,735,665 
Share based payments   12,924,154    
-
    
-
    6,325,531    19,249,685 
Depreciation - property, plant and equipment   4,168    
-
    
-
    1,822    5,990 
Amortization - intangibles   1,543,995    
-
    
-
    
-
    1,543,995 
Fees and commissions   32,753    
-
    251,319    3,823,030    4,107,102 
Foreign exchange (gain) loss   91,484    
-
    (348,048)   (64,758)   (321,322)
Total operating expenses   23,083,329    1,216,107    1,057,850    35,963,829    61,321,115 
Operating income (loss)   (22,917,971)   271,429    1,048,436    (8,297,258)   (29,895,364)
Realized (loss) on investments, net   
-
    
-
    
-
    112,984    112,984 
Unrealized (loss) on investments, net   3,553,228    
-
    
-
    4,355,603    7,908,831 
Interest income   3,926    
-
    611    
-
    4,537 
Finance costs   
-
    
-
    953    (2,825,045)   (2,824,092)
Provision on accounts receivable   93,814    
-
    (310,449)   
-
    (216,635)
Impairment loss   (3,622,456)   
-
    
-
    
-
    (3,622,456)
Total other income (expenses)   28,512    
-
    (308,885)   1,643,542    1,363,169 
Net income (loss) for the period   (22,889,459)   271,429    739,551    (6,653,716)   (28,532,195)
Other comprehensive income (loss)                         
Foreign currency translation (loss) gain   10,602    (21,587)   336,058    590,261    915,334 
Net (loss) income and comprehensive (loss) income for the period   (22,878,857)   249,842    1,075,609    (6,063,455)   (27,616,861)

 

DeFi Alpha is a division within Valour Inc. looking for arbitrage trading opportunities.  It does not have its own statement of financial position but leverages Valour Inc’s equity for its trades. The CODM only reviews DeFi Alpha’s trading operating results as part of its consolidated review of Valour and hence it has not been presented separately in the table above. The comparative period has been restated to align with the current period presentation.