DeFi Technologies Adds Bitcoin To Its Treasury, DEFTF Stock Price Shoots 11%

Bhushan Akolkar
June 10, 2024
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Highlights

  • DeFi Technologies made a strategic move to safeguard its reserves against monetary devaluation.
  • The CEO emphasized the significance of Bitcoin as a hedge against inflation and a safe haven asset.
  • DeFi Technologies stock price jumped 145% in 2024 so far amid successful debt repayment.

DeFi Technologies (OTCMKTS: DEFTF) has become the latest public-listed firm to gain exposure to Bitcoin as part of its treasury. In the latest announcement on Monday, June 10, DeFi Technologies announced that it will be adopting Bitcoin as the primary reserve asset for its Treasury.

DeFi Technologies Buys 110 Bitcoins

The public-listed firm announced adding a total of 110 Bitcoins worth around $7.7 million as of the current price. It also comes as part of the company’s strategy to protect its reserves from monetary debasement.

Financial technology firm DeFi Technologies works towards the convergence of traditional financial markets along with the world of decentralized finance (DeFi). DeFi Technologies remains committed to pioneering Web3 technologies within the industry, striving to democratize access to the future of finance for investors on a broad scale.

Due to the substantial disparity in value between Bitcoin and traditional assets, DeFi Technologies is of the opinion that Bitcoin holds the promise of yielding remarkable returns as its adoption continues to expand. Speaking on the development, Olivier Roussy Newton, CEO of DeFi Technologies said:

“We have adopted Bitcoin as our primary treasury reserve asset, reflecting our confidence in its role as a hedge against inflation and a safe haven from monetary debasement. As the best-performing asset over the past decade, Bitcoin offers significant short to long-term potential to expand the Company’s treasury”.

Multiple companies across the world have started growing their Bitcoin exposure as part of its Treasury. Two weeks ago, Semler Scientific announced the purchase of 580 Bitcoins worth $40 million. Similarly, Japan’s Metaplanet announced making Bitcoin the primary asset of its reserve treasury amid the depreciating Yen value.

DEFTF Stock Price Jumps 11%

The stock price of DeFi Technologies (OTCMKTS: DEFTF) shot up by a staggering 11.11% ending the trading session at $1.30 as of last Friday, June 7. The stock price has already gained a staggering 145% since the beginning of 2024.

This solid stock rally comes, as DeFi Technologies’ subsidiary Valour has made considerable loan repayments. Valour has effectively settled an extra US$5 million in existing loans, backed by 1077 ETH collateral. This repayment, accomplished without resorting to additional equity or debt, has also freed up around 2044 ETH, augmenting Valour’s operational assets.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.