{"id":15029,"date":"2024-06-20T04:21:27","date_gmt":"2024-06-20T08:21:27","guid":{"rendered":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/"},"modified":"2024-06-20T04:21:27","modified_gmt":"2024-06-20T08:21:27","slug":"bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/","title":{"rendered":"Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock"},"content":{"rendered":"<p> <br \/>\n<br \/><\/p>\n<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<div class=\"linkbox flex flex-col items-center py-4\">\n<h4 class=\"font-akzidenz-grotesk font-medium text-lg mt-4 sm:text-xl text-center text-inherit\">We do the research, you get the alpha!<\/h4>\n<p>Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game!<\/p>\n<p><span class=\"text-center relative md:before:absolute before:top-full before:w-full before:inset-x-0 before:h-0.5\">Go to Alpha Reports<\/span><\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">One of the most high-flying crypto stocks came crashing back to Earth this week after a report argued that it wasn\u2019t rising \u201cfor the right reasons.\u201d Today, the company issued a strenuous defense of its business.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">In its Tuesday issue, crypto newsletter CoinSnacks outlined an extensive marketing campaign undertaken over the past few months to provide positive coverage for DeFi Technologies (DEFI)\u2014a Toronto-based crypto fund provider that publicly trades on Canada\u2019s Chicago Board Options Exchange (CBOE).<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">The price of DEFI stock has risen sharply along with other companies that have adopted Bitcoin as their primary treasury reserve asset, following the massive success of MicroStrategy (MSTR), now the top institutional holder of BTC. Amid the excitement, some analysts began waxing bullish on DEFI for fundamental reasons, claiming that it's supremely undervalued.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">On the Monday before the report went out, DEFI traded for CAD $3.30, up 202% since May 31. As of Tuesday\u2019s close, the stock had cratered 35% back to CAD $2.24 per share.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">The company\u2019s promotional efforts have included a paid email and influencer campaign to put its name in the headlines, CoinSnacks reported to its 50,000 subscribers, as well as endorsements from Anthony Pompliano and Will Clemente\u2014popular crypto investors whose market analysis firm, Reflexivity Research, was acquired by DeFi Technologies in January.<\/p>\n<div class=\"relative w-full\">\n<blockquote class=\"twitter-tweet mx-auto\">\n<p lang=\"en\" dir=\"ltr\">DeFi Technologies has surged over 3,400% in the past 12 months, dwarfing the gains of BTC, ETH, & SOL combined.<\/p>\n<p>However, a recent promotional campaign has raised critical questions about the transparency & motivations behind this rally.$DEFTF $DEFI.NEhttps:\/\/t.co\/gJkSLfg0Wv<\/p>\n<p>\u2014 CoinSnacks (@CoinSnacks) June 18, 2024<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cBetween the influencer pumps, getting mentioned on CNBC, the email campaigns, and Pomp pomping, there is now strong evidence that the stock isn\u2019t rallying for the right reasons,\u201d wrote CoinSnacks.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">DeFi Technologies responded to the CoinSnacks report in a press release at Wednesday\u2019s open, calling it \u201cdefamatory, selective, inaccurate,\u201d and containing \u201cmisleading statements\u201d about the company\u2019s practices and financial condition.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">In fact, the company speculated that the report may have been commissioned by short-sellers hoping to depress the stock\u2019s price.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">DeFi Technologies said it was approached on June 10 by a Canadian investment bank with a bought-deal offer for US $15 million\u2014an unusual offer given the newfound strength of the company's treasury, and its lack of need to raise more funds. That same day, DeFi Technologies reported that it held US $51 million in cash on its balance sheet, plus another US $7.9 million in Bitcoin (110 BTC).<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cThe company believes that coordinated efforts of short-sellers and issuance of misleading reports on public companies constitute market manipulation,\u201d DeFi Technologies wrote.<\/p>\n<div class=\"relative w-full\">\n<blockquote class=\"twitter-tweet mx-auto\">\n<p lang=\"en\" dir=\"ltr\">Our Response to DeFi Technologies<\/p>\n<p>Yesterday, we published a report explaining why we believe @DeFiTechGlobal's recent stock price run-up was built on promotion\u2014not fundamentals. <\/p>\n<p>You can and should read that here: https:\/\/t.co\/gJkSLfg0Wv<\/p>\n<p>Today, with the market closed, we woke\u2026<\/p>\n<p>\u2014 CoinSnacks (@CoinSnacks) June 19, 2024<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">CoinSnacks later replied to DeFi Technologies stating that it had \u201cnot currently, nor have we ever been, paid by a short-seller to cover any company,\u201d nor did its team hold a position in DEFI.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">By Wednesday\u2019s close, the company\u2019s stock experienced a modest 6% rebound to CAD $2.30 apiece.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">The CoinSnacks newsletter did not extensively cover DeFi\u2019s Techology\u2019s recent financial performance, instead referencing its days as a \u201cpenny stock\u201d in 2023, when it generated a net loss of CAD $18.9 million across the year.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">The company points to its profits so far this year as proof that its stock is a worthwhile investment.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">DeFi Technologies says its assets under management have risen massively alongside the broader crypto market this year, which also boosts the rewards earned from its investments in crypto funds. Those include exchange-traded funds for Solana, Bitcoin, and dozens of other assets for which the firm is allowed to stake its holdings and earn yield\u2014earning an average of 7 to 10 percent on the assets it holds.<\/p>\n<div class=\"relative w-full\">\n<blockquote class=\"twitter-tweet mx-auto\">\n<p lang=\"en\" dir=\"ltr\">Post-acquisition, I had been rather quiet about $DEFTF & why Anthony and I decided to get acquired in all stock.<\/p>\n<p>Now having traded up ~3x, it appears the market is validating our view that the firm is undervalued. This write-up from Eric is one of the best I've read on why: https:\/\/t.co\/36mVnrnvwB<\/p>\n<p>\u2014 Will (@WClementeIII) June 12, 2024<\/p>\n<\/blockquote>\n<\/div>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cOur assets averaged about US $400 million to $450 million in Q1, and in Q2, they\u2019re gonna average US $600 million to $650 million,\u201d Russell Starr, Head of Capital Markets at DeFi Technologies, told Decrypt.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Those same assets under management (AUM) earned the company\u2019s operating business US $10 million in revenue in the first quarter, enough to cover all of its expenses for the entire year, Starr said. Given that its current AUM is now 50% higher, he said DeFi Technologies expects to earn at least US $15 million for each of the following three quarters in pure profit.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">Meanwhile, Starr said the firm\u2019s newly launched DeFi Alpha trading desk earned $85 million in the second quarter of 2024 alone. That brings the firm\u2019s net profit for its first six months up to $100 million\u2014over 20 percent of its current $477 million market cap.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">For context, other crypto firms like Coinbase and Robinhood currently trade at 30x and 40x their annual profits.<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">\u201cIf you look at that article they wrote, they didn\u2019t talk anything fundamental,\u201d said Starr. \u201cThe reason why is because if they took the time to talk about fundamentals, they would have realized very quickly that they have no story.\u201d<\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:md:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\">This article has been updated to correct DeFi Technologies\u2019 reported cash and Bitcoin holdings. Edited by Ryan Ozawa.<\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-start p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl md:text-center gg-dark:text-white\">Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/decrypt.co\/236203\/defi-technologies-coinsnacks-bitcoin-treasury-stock\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! 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Go to Alpha Reports One of the most high-flying crypto stocks came crashing back to Earth this week after a report argued that it wasn\u2019t [&hellip;]","og_url":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/","og_site_name":"Sikaoer - The Best Crypto News Site.","article_published_time":"2024-06-20T08:21:27+00:00","og_image":[{"url":"https:\/\/img.decrypt.co\/insecure\/rs:fill:1024:512:1:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2024\/06\/DeFi-Technologies_Bitcoin-Canada_shutterstock_1011720946-gID_7.jpg@png","type":"","width":"","height":""}],"author":"SikaoerAdmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"SikaoerAdmin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#article","isPartOf":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/"},"author":{"name":"SikaoerAdmin","@id":"https:\/\/sikaoer.com\/#\/schema\/person\/43f022757a102cf0dbe32031e6c7cf67"},"headline":"Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock","datePublished":"2024-06-20T08:21:27+00:00","mainEntityOfPage":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/"},"wordCount":991,"commentCount":0,"publisher":{"@id":"https:\/\/sikaoer.com\/#organization"},"image":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#primaryimage"},"thumbnailUrl":"https:\/\/sikaoer.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Treasury-Firm-DeFi-Technologies-Claps-Back-at-Report-That.jpg","articleSection":["Trending Cryptos"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/","url":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/","name":"Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock - Sikaoer - The Best Crypto News Site.","isPartOf":{"@id":"https:\/\/sikaoer.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#primaryimage"},"image":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#primaryimage"},"thumbnailUrl":"https:\/\/sikaoer.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Treasury-Firm-DeFi-Technologies-Claps-Back-at-Report-That.jpg","datePublished":"2024-06-20T08:21:27+00:00","breadcrumb":{"@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#primaryimage","url":"https:\/\/sikaoer.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Treasury-Firm-DeFi-Technologies-Claps-Back-at-Report-That.jpg","contentUrl":"https:\/\/sikaoer.com\/wp-content\/uploads\/2024\/06\/Bitcoin-Treasury-Firm-DeFi-Technologies-Claps-Back-at-Report-That.jpg","width":1024,"height":512,"caption":"Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock"},{"@type":"BreadcrumbList","@id":"https:\/\/sikaoer.com\/bitcoin-treasury-firm-defi-technologies-claps-back-at-report-that-tanked-its-stock\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/sikaoer.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Treasury Firm DeFi Technologies Claps Back at Report That Tanked Its Stock"}]},{"@type":"WebSite","@id":"https:\/\/sikaoer.com\/#website","url":"https:\/\/sikaoer.com\/","name":"Sikaoer","description":"Latest Bitcoin &amp; 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