DeFi Technologies (DEFTF) Buys Another $6 Million in Bitcoin, Doubles BTC Holdings

DeFi Technologies ( DEFTF ) — a rising Canadian fintech company — made another big Bitcoin (BTC) acquisition last month after making the asset a core part of its treasury strategy.

The company announced on Thursday that it has bought another 94.34 BTC for its account, adding to the 110 BTC it first acquired in June. The company has announced its expansion into altcoins, purchasing 12,775 SOL tokens and 1,484,148 CORE tokens for the first time.

DeFi Technologies' Bitcoin Treasury

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

“Each asset brings unique benefits and capabilities to our portfolio,” Curtis Schlafman, vice president of communications at DeFi Technologies, told CryptoPotato. “Bitcoin acts as a secure store of value and prevents inflation, while Solana offers high transaction throughput and low fees, making it ideal for many decentralized applications.”

DeFi Technologies' flagship business, Value, offers dozens of crypto ETPs in Europe that regulators are hesitant to allow on public markets in North America.

The company's strongest products are Bitcoin and Solana ETPs, which generate revenue by aggregating users' assets in both currencies. Although Bitcoin's blockchain does not typically feature staking, the organization can still stake BTC using the core network.

“CORE's innovative solutions and focus on Bitcoin scale will enhance our ability to generate products and participate in the broader DeFi ecosystem,” said Schlaufman.

As of last week, Defy Technologies said it had $49.3 million in cash, along with 110 BTC, and $13 million in unpaid loans.

The Micro Strategy Playbook

Shares in DETFF rumbled last month when it announced the establishment of bitcoin as its “primary treasury reserve asset.” Many prominent crypto analysts, including Will Clements, whose research firm was acquired by Defy Technologies in January, have hailed the company as “misguided” and “unacceptable.”

Russell Starr, head of capital markets at Defy Technologies, said his firm's view of Bitcoin is similar to that of MicroStrategy (MSTR) — the first publicly traded company to list on BTC. MSTR is up 127% year-to-date, while DEP is up 190%.

Meanwhile, Metaplanet, the so-called “Japanese microstrategy,” has seen its shares rise 681 percent year-to-date. Like MicroStrategy, MetaPlanet uses and leverages capital markets to acquire BTC, but DeFi Technologies is trying to keep debt to a minimum.