DEFTF - Shares of DeFi Firm Trading Up in Late Day Action

2024-06-03 16:19:01 ET

This company is seeing late-day action after announcing second-quarter sales from its specialized arbitrage trading desk.

%DeFi Technologies Inc. (OTC: ) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance. The firm announced in a press release today that its new business line DeFi Alpha, a specialized arbitrage trading desk, generated an additional C$59.2 million ( US$43.4 million ) from low-risk arbitrage trades. In just its first few months, DeFi Alpha has generated approximately C$113.8 million ( US$83.4 million).

DeFi Technologies already has an extensive business portfolio, including digital asset management, venture investments, research, and %DeFi infrastructure support. DeFi Alpha's sole focus is to identify low-risk arbitrage opportunities within the crypto ecosystem.

Olivier Roussy Newton, CEO of DeFi Technologies, said, "We are thrilled with the instant success and sizable contribution of the DeFi Alpha trading desk to our revenue. In the last two months alone, we have already booked C$113.8 million ( US$83.4 million ) from our new DeFi Alpha business line. With our focus on identifying and capitalizing on mispriced opportunities within the dynamic cryptocurrency market, we are confident that the DeFi Alpha trading desk will continue to deliver low-risk opportunities, benefiting both our Company and our shareholders."

Shares were trading up over 19 percent at the end of the trading day.