DeFi Technologies (DEFTF) buys another $6 million in Bitcoin, doubling BTC holdings

DeFi Technologies ( DEFTF ), a rising Canadian fintech firm, has acquired another large batch of Bitcoin (BTC) after making the asset a core part of its treasury strategy last month.

The company announced on Thursday that it had bought another 94.34 BTC for its balance sheet, adding to the 110 BTC it first acquired in June. The firm also announced an expansion into altcoins, buying 12,775 SOL tokens and 1,484,148 CORE tokens for the first time.

Bitcoin Treasury by DeFi Technologies

At current prices, the total value of the recently acquired crypto by DeFi Technologies is $10 million.

“Each asset brings different advantages and capabilities to our treasury,” Curtis Schlaufman, vice president of communications at DeFi Technologies, told CryptoPotato. “Bitcoin serves as a reliable store of value and hedge against inflation, while Solana offers high transaction performance and low fees, making it suitable for a wide range of decentralized applications.”

DeFi Technologies’ main subsidiary, Valour, offers dozens of crypto ETPs in Europe that regulators are hesitant to allow on public markets in North America.

The firm’s strongest products are its Bitcoin and Solana ETPs, from which it generates return by pooling users’ assets within the two funds. Although the Bitcoin blockchain typically does not include stakes, the company can still stake its BTC using the Core network, which inherits some of its Bitcoin blockchain security.

“CORE’s innovative stake solutions and focus on Bitcoin scale further enhance our ability to generate returns and participate in the broader DeFi ecosystem,” said Schlaufman.

Last week, DeFi Technologies said it had $49.3 million in cash on its balance sheet, along with 110 BTC and $13 million in outstanding loans.

MicroStrategy Playbook

Last month, DEFTF shares roared when it announced its creation of Bitcoin as its “primary treasury reserve asset.” Many popular crypto analysts, including Will Clemente, whose research firm was acquired by DeFi Technologies in January, have hailed the company as “misunderstood” and “undervalued.”

DeFi Technologies head of capital markets Russell Starr has said that his company’s view on Bitcoin is similar to that of MicroStrategy (MSTR), the first publicly traded company to rally around BTC. MSTR is up 127% year to date, while DEFTF is up 190%.

Meanwhile, the so-called “MicroStrategy of Japan,” MetaPlanet, has seen its shares rise 681% since the start of the year. Like MicroStrategy, MetaPlanet leverages capital markets and leverage to acquire BTC, while DeFi Technologies tries to keep debt to a minimum.

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