CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three and six months ended June 30, 2026 and 2025

(expressed in U.S. dollars)

DeFi Technologies Inc.

Table of Contents

Condensed consolidated interim statements of financial position	3
Condensed consolidated interim statements of operations and comprehensive income	4
Condensed consolidated interim statements of cash flows	5
Condensed consolidated interim statements of changes in shareholders’ equity	6
Notes to the condensed consolidated interim financial statements	7-50

DeFi Technologies Inc.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in U.S. dollars)

			June 30, 2026			December 31, 2025
	Note		$			$

Assets
Current
Cash and cash equivalents		3,23		60,311,712			91,234,090
Client cash deposits		3		6,935,781			5,615,054
Prepaid expenses and other assets		4		7,683,328			9,596,921
Public investments, at fair value through profit and loss		5,23,26		335,280			272,520
Other investments, at fair value through profit and loss		5,23,26		19,050,483			-
Digital assets		6		189,692,571			356,450,053
Digital assets loaned		6		136,267,166			87,326,227
Digital assets staked		6,7		30,277,746			38,986,741
Equity investments in digital assets funds, at FVTPL		6,7		41,282,835			75,411,946
Total current assets				491,836,902			664,893,552

Private investments, at fair value through profit and loss		5,23,26		15,147,378			29,372,628
Investment in associate		10		2,332,305			2,423,934
Digital assets		6		23,636			62,367
Digital assets loaned		6		9,538,658			32,761,543
Equity investments in digital assets funds, at FVTPL		6,7		19,294,087			56,570,104
Right-of-use asset		15		-			2,999,253
Intangible assets		9		-			400,208
Goodwill		9		35,080,194			35,080,194
Total assets				573,253,160			824,563,783
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities		11,26,27		5,127,267			9,270,110
Loans payable		12,23		-			2,611,009
Trading liabilities		23		23,409,429			24,122,640
ETP holders payable		13		397,243,174			622,304,667
Derivative liability		23		176,919			-
Warrant liability		14		4,688,356			13,599,316
Lease liability - current portion		15		-			553,973
Total current liabilities				430,645,145			672,461,715

Lease liability		15		-			2,548,215
Total non-current liabilities				-			2,548,215
Total liabilities				430,645,145			675,009,930

Share capital		21		226,542,565			222,974,359
Preferred shares		21		3,190,601			3,190,601
Share-based payments reserves		22		22,019,766			24,972,066
Accumulated other comprehensive income				(1,424,135	)		(1,481,289	)
Deficit				(107,720,782	)		(100,101,884	)
Total shareholders’ equity				142,608,015			149,553,853
Total liabilities and shareholders’ equity				573,253,160			824,563,783
Nature of operations and going concern		1
Commitments and contingencies		27

Approved on behalf of the Board of Directors:

“Johan Wattenstrom”		“Per von Rosen”
Director		Director

See accompanying notes to these condensed consolidated interim financial statements

DeFi Technologies Inc.

Condensed Consolidated Interim Statements of Operations and Comprehensive (Loss)/Income

(Expressed in U.S. dollars)

		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
		$			$			$			$

Revenues
Staking and lending income	19		1,910,338			2,443,750			3,805,197			5,966,507
Management fees			1,106,552			2,129,392			2,463,268			4,662,247
Trading commissions			2,491,036			1,913,064			5,393,048			3,997,758
Other revenue			37,500			175,750			153,409			358,500
Revenues excluding realized and net change in unrealized gains (losses)			5,545,426			6,661,956			11,814,922			14,985,012

Realized and net change in unrealized (loss) gain on digital assets	16		(67,651,167	)		70,904,037			(197,741,146	)		(88,929,646	)
Realized and net change in unrealized (loss) gain on equity investments at FVTPL	17		(807,159	)		41,940,996			(39,861,327	)		(42,979,901	)
Realized and net change in unrealized gain (loss) on ETP payables	18		70,809,191			(106,414,880	)		244,922,047			173,809,075
Realized and net change in unrealized gain (loss) on derivative liabilities			(131,831	)		-			(176,919	)		-
Revenues from realized and net change in unrealized gains (losses)			2,219,034			6,430,153			7,142,655			41,899,528
Total revenues			7,764,460			13,092,109			18,957,577			56,884,540

Operating expenses
Operating, general and administration	20		7,051,046			7,791,363			15,538,744			14,114,188
Share based payments	22		1,448,989			3,435,448			2,985,533			8,550,656
Depreciation - equipment			-			755			-			858
Amortization - right-of-use assets	15		111,142			-			261,347			-
Amortization - intangibles	9		-			332,423			24,280			705,441
Fees and commissions			921,764			2,163,751			2,058,944			3,481,208
Foreign exchange (gain) loss			555,527			281,034			625,534			(378,134	)
Total operating expenses			10,088,468			14,004,774			21,494,382			26,474,217
Operating income (loss)			(2,324,008	)		(912,665	)		(2,536,805	)		30,410,323

Realized (loss) gain on investments	5		-			-			-			(478,182	)
Unrealized (loss) gain on investments	5		(16,287,786	)		-			(16,757,944	)		2,702
Interest income			293,163			11,541			735,719			29,094
Interest expense	21		(129,927	)		(115,253	)		(465,627	)		(234,042	)
Other income			206,106			-			206,106			-
Gain on lease termination	15		146,213			-			146,213			-
Other expenses			(28,976	)		-			(28,976	)		-
Loss on investment in associate	10		(58,225	)		-			(91,629	)		-
Change in fair value of warrant liability	14		3,119,864			-			8,910,960			-
Bad debt recovery			2,820			-			128,854			-
Impairment loss	9		-			-			(375,928	)		-
Total other (expenses) income			(12,736,748	)		(103,712	)		(7,592,252	)		(680,428	)
Net (loss) income for the period before taxes			(15,060,756	)		(1,016,377	)		(10,129,057	)		29,729,895
Current income taxes			-			271,801			-			1,018,253
Net (loss) income for the period after taxes			(15,060,756	)		(1,288,178	)		(10,129,057	)		28,711,642
Other comprehensive income
Cumulative translation adjustment			84,102			2,154,702			57,154			2,085,410
Net (loss) income and comprehensive (loss) income for the period			(14,976,654	)		866,524			(10,071,903	)		30,797,052

(Loss) income per share
Basic			(0.04	)		(0.00	)		(0.03	)		0.09
Diluted			(0.04	)		(0.00	)		(0.03	)		0.08

Weighted average number of shares outstanding:
Basic			388,045,989			330,104,321			387,286,397			327,902,724
Diluted			388,045,989			330,104,321			387,286,397			360,736,682

See accompanying notes to these condensed consolidated interim financial statements

DeFi Technologies Inc.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in U.S. dollars)

			Six months ended June 30,
			2026			2025
	Note		$			$

Cash (used in) provided by operations:
Net (loss) income for the period after taxes				(10,129,057	)	$	28,711,642
Adjustments to reconcile net (loss) income to cash (used in) operating activities:
Share-based payments		22		2,985,533			8,550,656
Impairment loss		9		375,928			-
Interest expense				-			215,712
Non-cash interest income				(921	)
Depreciation - equipment				-			858
Amortization - right-of-use asset		15		261,347			-
Amortization - Intangible asset		9		24,280			705,441
Realized loss on investments, net		23		-			478,182
Unrealized loss (gain) on investments, net		23		16,757,944			(2,702	)
Realized and net change in unrealized (loss) gain on digital assets		16		197,741,146			88,929,646
Realized and net change in unrealized (loss) gain on equity investments at FVTPL		17		39,861,327			53,027,796
Realized and net change in unrealized gain (loss) on ETP payables		18		(244,922,047	)		(173,809,075	)
Staking and lending income		19		(3,805,197	)		(16,657,583	)
Management fee revenue				(2,463,268	)		(4,662,247	)
Non-cash ETP settlement				(106,211	)		643,181
Non-cash trading fees				(98,668	)		-
Change in fair value of warrant liability		14		(8,910,960	)		-
Lease interest expense		15		106,111			-
Loss on investment in associate		10		91,629			-
Gain on lease termination		15		(146,213	)
Unrealized loss on foreign exchange				545,889			1,597,507
				(11,831,408	)		(12,270,986	)
Adjustment for:
Purchase of digital assets		23		(34,559,755	)		(97,085,731	)
Disposal of digital assets		23		16,466,844			35,300,261
Disposal of equity investments		23		15,965,180			-
Purchase of investments		23		-			(551,611	)
Change in client digital assets				-			1,010,499
Change in client cash deposit				(1,320,727	)		-
Change in prepaid expenses and deposits				1,733,919			(2,285,738	)
Change in accounts payable and accrued liabilities				(4,002,311	)		3,987,322
Change in trading liabilities				(713,211	)		2,179,722
Change in derivative liability				176,919			-
Change in loan payable				-			(215,712	)
Net cash (used in) operating activities				(18,084,550	)		(69,931,974	)
Investing activities
Purchase other financial assets				(21,999,990	)
Net cash paid for acquisition of subsidiaries		8		-			(544,964	)
Net cash (used in) provided by investing activities				(21,999,990	)		(544,964	)
Financing activities
Proceeds from ETP holders				135,465,753			367,924,241
Payments to ETP holders				(122,960,495	)		(290,482,938	)
Loan repaid				(2,611,009	)		(2,502,103	)
Proceeds from investments				-			299,903
Proceeds from option exercises		22		-			5,860,199
Proceeds from warrant exercises		22		-			540,414
Lease payments		15		(326,047	)		-
NCIB				-			(1,877,135	)
Net cash provided by financing activities				9,568,202			79,762,581
Effect of exchange rate changes on cash and cash equivalents				(406,040	)		1,156,757
Change in cash and cash equivalents				(30,922,378	)		10,442,400
Cash, beginning of period				91,234,090			15,931,525
Cash and cash equivalents, end of period				60,311,712		$	26,373,925

See accompanying notes to these condensed consolidated interim financial statements

DeFi Technologies Inc.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

(Expressed in U.S. dollars)

											Share-based payments
	Number of Common Shares			Common Shares			Number of Preferred Shares		Preferred Shares		Options			Deferred Shares Unit (DSU)			Restricted Shares Unit (RSU)			Performance Share Unit (PSU)		Warrants			Share-based Payments Reserve			Accumulated other comprehensive income			Non-controlling interest		Deficit			Total

Balance, December 31, 2025		385,827,975		$	222,974,359			4,500,000	$	3,190,601	$	14,052,954		$	9,109,269		$	1,191,943		$	31,552	$	586,348		$	24,972,066		$	(1,481,289	)	$	—	$	(100,101,884	)	$	149,553,853
DSU exercised		1,663,750			2,572,420			—		—		—			(2,572,420	)		—			—		—			(2,572,420	)		—			—					—
RSU conversion		554,264			995,786			—		—		—			—			(995,786	)		—		—			(995,786	)		—			—		—			—
RSUs cancelled		—			—			—		—		—			—			(106,211	)				—			(106,211	)		—			—		—			(106,211	)
Options expired		—			—			—		—		(2,510,159	)		—			—			—		—			(2,510,159	)		—			—		2,510,159			—
Directors’ RSUs granted		—			—			—		—		—			—			140,532			—		—			140,532			—			—		—			140,532
Share-based payments		—			—			—		—		460,147			957,025			1,572,591			101,981		—			3,091,744			—			—		—			3,091,744
Net income (loss) and comprehensive income (loss)		—			—			—		—		—			—			—			—		—			—			57,154			—		(10,129,057	)		(10,071,903	)
Balance, June 30, 2026		388,045,989		$	226,542,565			4,500,000	$	3,190,601	$	12,002,942		$	7,493,874		$	1,803,069		$	133,533	$	586,348		$	22,019,766		$	(1,424,135	)	$	—	$	(107,720,782	)	$	142,608,015

Balance, December 31, 2024 (See Note 2(e))		321,257,689		$	153,294,666			4,500,000	$	3,190,601	$	16,904,428		$	8,768,445		$	—		$	—	$	728,133		$	26,401,006			(294,045	)		—		(163,448,031	)		19,144,197
Acquisition of Neuronomics		186,034			442,722			—		—		—			—			—			—		—			—			—			—		—			442,722
DSUs cancelled		—			—			—		—		—			(589,765	)		—			—		—			(589,765	)		—			—		—			(589,765	)
Warrants exercised		3,125,000			671,132			—		—		—			—			—			—		(130,718	)		(130,718	)		—			—		—			540,414
Options exercised		7,212,595			11,491,717			—		—		(5,631,518	)		—			—			—		—			(5,631,518	)		—			—		—			5,860,199
DSUs exercised		2,409,505			2,865,916			—		—		—			(2,865,916	)		—			—		—			(2,865,916	)		—			—		—			—
Share purchase agreement		1,607,717			3,909,861			—		—		—			—			—			—		—			—			—			—		—			3,909,861
NCIB		(675,900	)		(1,877,135	)		—		—		—			—			—			—		—			—			—			—		—			(1,877,135	)
Share-based payments		—			—			—		—		3,747,773			5,392,642			—			—		—			9,140,415			—			—		—			9,140,415
Other		—			—			—		—		—			—			—			—		—			—			2,085,410			—		—			2,085,410
Net income and comprehensive income		—			—			—		—		—			—			—			—		—			—			—			1,484,854		28,711,642			30,196,496
Balance, June 30, 2025		335,122,640		$	170,798,879			4,500,000	$	3,190,601	$	15,020,683		$	10,705,406		$	—		$	—	$	597,415		$	26,323,504		$	1,791,365		$	1,484,854	$	(134,736,389	)	$	68,852,814

See accompanying notes to these condensed consolidated interim financial statementsShare

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Nature of operations and going concern

DeFi Technologies Inc. (the “Company” or “DeFi”), is a publicly listed company incorporated in the Province of British Columbia and continued under the laws of the Province of Ontario. The Company’s primary stock exchange listing is the CBOE Canada Exchange under the symbol “DEFI”. In May 2025, the Company dual listed its shares on the Nasdaq Capital Markets Exchange under the symbol of “DEFT” to gain improved access to U.S. capital markets. DeFi is a Canadian technology company bridging the gap between traditional capital markets and decentralized finance. The Company generates revenues through the issuance of exchange traded products that synthetically track the value of a single DeFi protocol, investments in various companies and leading protocols across the decentralized finance ecosystem to build a diversified portfolio of decentralized finance assets, providing premium membership for research reports to investors and offering node management of decentralized protocols to support governance, security and transaction validation. The Company’s head office is located at 333 Bay Street, Suite 2400, Toronto, Ontario, Canada, M5H 2R2.

These condensed consolidated interim financial statements were prepared on a going concern basis of presentation, which contemplates the realization of assets and settlement of liabilities as they become due in the normal course of operations for the next fiscal year. As at June 30, 2026, the Company has working capital of $61,191,757 (December 31, 2025 – working capital deficiency of $5,144,229), including cash of $60,311,712 (December 31, 2025 - $91,234,090) and accumulated deficit of $107,720,782 (December 31, 2025 - $100,101,884), and for the six months ended June 30, 2026 had a net loss and comprehensive loss of $10,071,903 (for the six months ended June 30, 2025 – net income and comprehensive income of $30,797,052). The Company’s current source of operating cash flow is dependent on the success of its business model and operations which are also influenced by cryptocurrency prices and there can be no assurances that sufficient funding, including adequate financing, will be available to cover the general and administrative expenses necessary for the maintenance of a public company.

These condensed consolidated interim financial statements do not reflect adjustments in the carrying value of the assets and liabilities, the reported revenues and expenses and the balance sheet classifications that would be necessary if the going concern assumption were not appropriate. These adjustments could be material.

International conflict and other geopolitical tensions and events, including war, military action, terrorism, trade disputes, and international responses thereto have historically led to, and may in the future lead to, uncertainty or volatility in global commodity and financial markets and supply chains. Volatility in digital asset prices and supply chain disruptions may adversely affect the Corporation’s business, financial condition, financing options, and results of operations.

Material accounting policy information

(a)

Statement of compliance

These condensed consolidated interim financial statements of the Company were prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including IAS 34 – Interim Financial Reporting. These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements for the years ended December 31, 2025 and 2024, which were prepared in accordance with IFRS as issued by the IASB. These condensed consolidated interim financial statements of the Company were approved for issue by the Board of Directors on August 13, 2026.

(b)

Basis of consolidation

Subsidiaries consist of entities over which the Company is exposed to, or has rights to, variable returns as well as the ability to affect these returns through the power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date control is transferred to the Company and are deconsolidated from the date control ceases. The condensed consolidated interim financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiary after eliminating inter-entity balances and transactions.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Material accounting policy information (continued)

These condensed consolidated interim financial statements comprise the financial statements of the Company and its wholly owned subsidiaries Reflexivity LLC, Valour Inc., Valour Europe AG, DeFi Middle East DMCC, Stillman Digital Inc., and Stillman Digital Bermuda Ltd., Valour Funds SPC. Neuronomics AG was 52.5% owned until September 30, 2025 by the Company and was consolidated on the basis of control. On September 30, 2025, the Company’s ownership in Neuronomics dropped to 44.68% and the investment was reclassified to investment in associate. Valour Digital Securities Limited is 0% owned by the Company and consolidated on the basis of control. On February 8, 2026, the Company incorporated Valour Funds SPC to serve as its planned crypto fund. All material intercompany transactions and balances between the Company and its subsidiaries have been eliminated on consolidation. DeFi Holdings (Bermuda) Ltd. was dissolved on January 26, 2026. The Company is in the process of winding up Reflexivity LLC.

Intercompany balances and any unrealized gains and losses or income and expenses arising from intercompany transactions are eliminated in preparing the condensed consolidated interim financial statements.

(c)

Basis of preparation and functional currency

These condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments and investments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.

Foreign currency transactions are recorded at the exchange rate as at the date of the transaction. At each statement of financial position date, monetary assets and liabilities in foreign currencies other than the functional currency are translated using the year end foreign exchange rate. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary assets and liabilities in foreign currencies other than the functional currency are translated using the historical rate. All gains and losses on translation of these foreign currency transactions and balances are included in the profit and loss. The functional currency for DeFi, DeFi Bermuda, Reflexivity LLC, Valour Inc., Valour Europe AG, Stillman Digital Inc., Stillman Digital Bermuda Ltd. and Valour Digital Securities Limited is the U.S Dollar. The functional currency of DeFi Middle East DMCC is the United Arab Emirates Dirham. The functional currency of Neuronomics AG is the Swiss Franc.

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

●

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet,

●

income and expenses for each statement of loss and comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and

●

all resulting exchange differences are recognized in other comprehensive loss.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities and of borrowings are recognized in other comprehensive loss. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

IFRS does not have clear and definitive guidance on the treatment of custodied digital assets. As such, the Company looked to industry practice and other standard setting bodies, such as SEC Staff Accounting Bulletins (“SAB”) and US GAAP for guidance on the treatment of these assets.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Material accounting policy information (continued)

(d)

New and future accounting change

IFRS 7 and IFRS 9 - In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments – Disclosures. The amendments clarify the derecognition of financial liabilities and introduces an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system. The amendments also clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG) - linked features and other similar contingent features and the treatment of nonrecourse assets and contractually linked instruments (CLIs). Further, the amendments mandate additional disclosures in IFRS 7 for financial instruments with contingent features and equity instruments classified at FVOCI. The amendments are effective for annual periods starting on or after January 1, 2026. Adoption of this standard did not have a material impact on the Company’s condensed consolidated interim financial statements.

Certain pronouncements were issued by the IASB or the IFRIC that are mandatory for accounting periods on or after January 1, 2027 or later periods. Many are not applicable or do not have a significant impact to the Company and have been excluded.

IFRS 18 - In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. The new standard replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new categories and required subtotals in the statement of profit and loss and also requires disclosure of management-defined performance measures. It also includes new requirements for the location, aggregation and disaggregation of financial information. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements. Retrospective application is required and early adoption is permitted.

Cash and cash equivalents

	30-Jun-26		31-Dec-25
Cash at banks	$	26,995,621	$	73,374,606
Money market funds		10,015,012		-
Cash at brokers		22,305,426		17,742,923
Cash at digital currency exchanges		995,653		116,561
	$	60,311,712	$	91,234,090

Money market funds

During the six months ended June 30, 2026, the Company purchased U.S. dollar denominated money market funds sponsored by a large U.S. financial institution investing primarily in U.S. treasuries. These funds can be sold without restriction at any time on a trade + 1 day basis.

Client cash deposits

The Company also holds client cash deposits for trading purposes in the United States and Bermuda and has classified these deposits as client cash deposits on the statement of financial position. As at June 30, 2026, the balance in client cash deposits was $6,935,781 (December 31, 2025 - $5,615,054).

Prepaid expenses and other assets

	30-Jun-26		31-Dec-25
Prepaid insurance	$	12,456	$	167,500
Prepaid expenses		712,144		624,679
Trading receivables		6,368,280		8,214,295
Other assets		590,448		590,447
	$	7,683,328	$	9,596,921

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Investments, at fair value through profit and loss

At June 30, 2026, the Company’s investment portfolio consisted of one publicly traded investment, twelve private investments, and two other investments for a total estimated fair value of $34,533,141 (December 31, 2025 – one publicly traded investment and twelve private investments for a total estimated fair value of $29,645,148).

During the six months ended June 30, 2026, the Company had a realized loss of $nil and an unrealized loss of $16,757,944 (June 30, 2025 – realized loss of $478,182 and an unrealized gain of $2,702) on private investments, public investments and other investments.

Public Investments

At June 30, 2026, the Company’s one public investment had a total fair value of $335,280.

Public Issuer	Note	Security description		Cost		Estimated Fair Value		% of FV
TenX Protocols Inc.			2,272,831 common shares and 667,000 warrants	$	857,337	$	335,280		100.0	%
Total public investments				$	857,337	$	335,280		100.0	%

At December 31, 2025, the Company’s one public investment had a total fair value of $272,520.

Public Issuer	Note	Security description		Cost		Estimated Fair Value		% of FV
TenX Protocols Inc.			1,334,000 common shares and 667,000 warrants	$	729,965	$	272,520		100.0	%
Total public investments				$	729,965	$	272,520		100.0	%

Private Investments

At June 30, 2026, the Company’s twelve private investments had a total fair value of $15,147,378.

Private Issuer	Note	Security description	Cost		Estimated Fair Value		% of FV
Amina Bank AG		3,906,250 non-voting shares	$	24,749,403	$	11,442,068		75.5	%
Earnity Inc.		85,142 preferred shares		95,538		-		0.0	%
Luxor Technology Corporation		201,633 preferred shares		460,016		505,435		3.3	%
SDK:meta, LLC		1,000,000 units		2,495,232		-		0.0	%
Skolem Technologies Ltd.		16,354 preferred shares		129,495		-		0.0	%
VolMEX Labs Corporation		Rights to certain preferred shares and warrants		30,000		-		0.0	%
Global Benchmarks AB	(i)	53,300 common shares		199,875		199,875		1.3	%
ZKP Corporation	(i)	370,370 common shares		1,000,000		-		0.0	%
CH Technical Solutions SA		25 common shares		3,952,977		-		0.0	%
Canada Stablecorp Inc.		303,030 common shares		500,000		500,000		3.3	%
Continental Stable Coin		Rights to certain preferred shares		500,000		500,000		3.3	%
Bonsol Labs Inc.		Rights to certain preferred shares		2,000,000		2,000,000		13.2	%
Total private investments			$	36,112,536	$	15,147,378		100.0	%

(i)	Investments in related party entities see Note 27

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Investments, at fair value through profit and loss (continued)

At December 31, 2025, the Company’s twelve private investments had a total fair value of $29,372,628.

Private Issuer	Note	Security description	Cost		Estimated Fair Value		% of FV
Amina Bank AG		3,906,250 non-voting shares	$	24,749,403	$	24,285,752		82.7	%
Earnity Inc.		85,142 preferred shares		95,538		-		0.0	%
Luxor Technology Corporation		201,633 preferred shares		460,016		524,963		1.8	%
SDK:meta, LLC		1,000,000 units		2,495,232		-		0.0	%
Skolem Technologies Ltd.		16,354 preferred shares		129,495		-		0.0	%
VolMEX Labs Corporation		Rights to certain preferred shares and warrants		30,000		-		0.0	%
Global Benchmarks AB	(i)	53,300 common shares		199,875		199,875		0.7	%
ZKP Corporation	(i)	370,370 common shares		1,000,000		1,000,000		3.4	%
CH Technical Solutions SA		25 common shares		3,952,977		362,038		1.2	%
Canada Stablecorp Inc.		303,030 common shares		500,000		500,000		1.7	%
Continental Stable Coin		Rights to certain preferred shares		500,000		500,000		1.7	%
Bonsol Labs Inc.		Rights to certain preferred shares		2,000,000		2,000,000		6.8	%
Total private investments			$	36,112,536	$	29,372,628		100.0	%

(i)	Investments in related party entities see Note 27

Other investments, at fair value through profit and loss

At June 30, 2026, the Company’s two other investments had a total fair value of $19,050,483.

Other investments	Note		Cost		Estimated Fair Value		% of FV
STRC preferred shares		200,914 preferred shares	$	19,999,990	$	17,049,562		89.5	%
Short-term investment		2,000,921 RWUSD	$	2,000,000	$	2,000,921		10.5	%
Total other investments			$	21,999,990	$	19,050,483		100.0	%

The Strategy Variable Rate Perpetual Stretch Preferred Shares Series A (trading symbol “STRC” – Nasdaq) are classified as a level 1 financial instrument in the fair value hierarchy classification and are measured at fair value through profit and loss. The preferred shares yield approximately 12% per annum.

For the six months ended June 30, 2026, the Company recognized $921 through interest income relating to the short-term investments. These short-term investments are redeemable on demand for USDC.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked

As at June 30, 2026, the Company’s digital assets consisted of the below digital currencies, with a fair value of $365,799,777 (December 31, 2025 - $515,586,931). Digital currencies are recorded at their fair value on the date they are acquired and are revalued to their current market value at each reporting date. Fair value is determined by taking the mid-point price at 17:30 CET from Kraken, Bitfinex, Binance, Coinbase, Bitstamp, Bybit OKX, Vinter, Compass and Gate.IO and other exchanges consistent with the final terms for each ETP. Fair value for Mobilecoin, Shyft, Blocto, Maps, Oxygen, Boba Network, Saffron.finance, Clover, Sovryn, Wilder World, Pyth and Volmex is determined by taking the last closing price for the day (UTC time) from www.coinmarketcap.com.

The Company’s holdings of digital assets consist of the following:

	June 30, 2026				December 31, 2025
	Quantity		$		Quantity		$
Binance Coin (BNB)		1,532.6067		835,242		1,763.4867		1,520,530
Bitcoin (BTC)		2,841.2321		162,601,446		2,596.9563		223,491,846
Ethereum (ETH)		24,111.7434		37,703,596		21,329.9035		63,656,646
Cardano (ADA)		70,485,362.5805		10,140,610		69,150,950.0310		23,565,970
Polkadot (DOT)		3,411,870.2685		2,781,449		3,340,140.2001		6,035,593
Solana (SOL)		518,406.3543		37,989,379		169,185.2128		21,097,592
Uniswap (UNI)		417,198.0351		1,153,615		399,616.8814		2,332,473
USDC		1,352,765.0900		1,355,364		-		4,461,378
USDT		1,312,994.8200		8,996,999		-		18,098,752
Litecoin (LTC)		3,320.9310		139,889		11,073.8030		851,800
Dogecoin (DOGE)		55,183,269.9329		3,900,032		56,534,119.7635		6,828,612
Cosmos (ATOM)		4,432.0498		6,765		12,005.8560		23,143
Avalanche (AVAX)		642,546.4708		4,152,046		461,501.5177		5,740,226
Polygon (POL)		1,126,963.7988		78,467		304,295.6891		31,088
Ripple (XRP)		21,537,978.3318		22,224,461		21,146,529.3119		39,186,475
Enjin (ENJ)		547,510.1760		15,276		576,307.9792		15,849
Tron (TRX)		780,338.4568		246,911		663,171.3819		187,723
Terra Luna (LUNA)		-		-		141,177.2041		13,436
Shiba Inu (SHIB)		11,843,589,595.6000		49,749		20,643,542,012.0300		143,214
Pyth Network (PYTH)		5,692,004.2200		224,834		4,935,058.3767		280,805
AAVE (AAVE)		5,788.6349		493,690		4,429.5388		652,127
Algorand (ALGO)		2,293,753.2700		189,015		1,380,335.0800		153,904
Aptos Mainnet (APT)		675,834.2119		383,130		517,026.2356		875,222
Arweave (AR)		58,740.5700		112,940		64,940.4200		223,096
Aerodome (AERO0X91)		2,062,387.4640		953,854		2,113,572.4104		917,924
Arbitrum (ARB)		1,254,891.1425		93,471		1,489,777.0200		280,923
Bitcoin Cash (BCH)		382.1064		77,207		860.1464		511,921
Core (CORE)		12,867,452.4561		321,686		12,500,445.6036		1,377,549
Curve DAO Token (CRV)		4,780,146.0600		892,077		3,939,395.2500		1,442,868
Europa Coin (EURC)		394,100.2100		461,097		605,795.2800		708,780
Fetch.ai (FET)		5,260,253.5000		902,660		4,619,586.9000		946,091
Filecoin (FIL)		119,272.3359		85,328		83,678.3922		109,612
The Graph (GRT)		1,321,747.5800		23,513		542,238.9100		18,229
Hedera (HBAR)		186,240,597.3179		13,082,365		76,729,676.9089		8,317,073
Internet Computer (ICP)		1,884,501.7795		3,975,215		1,778,949.0942		4,866,716
Immutable (IMX)		478,719.2352		56,344		274,878.9400		61,176
Injective (INJ)		375,473.2886		1,724,699		335,577.3200		1,463,990
Jupiter (JUP)		2,860,870.6678		595,061		3,089,314.6000		583,880
Lido DAO (LDO)		502,129.4800		123,116		513,196.1600		300,384
Chainlink (LINK)		336,034.9790		2,407,021		347,418.3828		4,295,173
NEAR Protocol (NEAR)		1,709,206.3575		3,039,475		1,701,315.2684		2,553,372
Optimism (OP)		340,640.2800		32,427		173,791.6300		46,248
MANTRA (OM)		2,615,076.8533		17,521		453,091.4000		31,807
Pendle (PDL)		155,298.9333		201,143		182,478.7000		343,772
Quant (QNT)		1,921.5060		123,452		1,014.7880		71,156
Ripple USD (RLUSD)		100.0000		100		50,126.0000		50,126
RENDERSOL (RNDR)		1,727,339.4521		2,613,843		1,703,278.0201		2,193,856
THORChain (RUNE)		271,674.2000		103,318		269,953.8000		151,768
Sei Network (SEI1)		14,144,941.9713		681,786		16,419,686.8978		1,848,857
SKY Governance Token (SKY)		682,323.0000		36,709		645,038.0000		37,735
Stacks (STX)		62,629.1000		10,108		47,106.4000		11,744
Sui (SUI)		18,721,952.8717		11,714,497		14,683,690.6345		16,459,983
Bittensor (TAO)		21,171.6448		4,286,246		22,107.9024		4,906,095
Gram (GRAM)		450,364.3730		695,538		454,318.1948		739,494
Wormhole (W)		9,576,799.9000		89,064		4,760,219.0000		157,563
Tether Gold (XAUT6)		48.4294		194,923		34.4628		149,372
dogwifhat (WIF)		2,628.4300		439		56,581.9600		15,277
Worldcoin (WLD2)		1,106,531.0667		457,330		2,002,365.2100		969,345
Stellar (XLM)		7,925,603.4900		1,434,425		3,704,385.3200		753,012
StarkNet (STRK1)		3,201,086.5156		95,072		2,990,189.0056		231,441
Sonic Labs (SONICLABS)		3,704,071.2700		84,484		3,959,492.2712		300,086
Akash Network (AKT)		445,511.1180		267,708		375,586.0011		135,737
Kaspa (KAS)		31,304,410.4293		957,915		24,576,822.7965		1,064,176
Official Trump (TRUMP)		2,802.7700		4,801		2,309.3700		10,891
Mantle (MNT)		164,179.8520		68,315		259,308.9369		251,037
Story (IP)		11,538.4390		3,575		5,951.7992		10,187
Crypto.com (CRO)		1,585,392.1875		84,660		1,453,014.1410		132,805
Hyperliquid (HYPE)		70,152.6514		4,552,318		32,103.2182		830,677
UNUS SED LEO (LEO)		1,097.9552		10,282		670.9046		6,266
OKB (OKB)		119.3241		9,377		276.2829		30,051
IOTA (IOTA)		1,846,650.0000		65,741		1,233,469.0000		102,131
Ondo (ONDO)		3,505,449.8233		1,082,840		1,711,993.3233		634,291
Theta Token (THETA)		142,583.2000		18,108		100,410.4000		26,749
Celestia (TIA)		143,185.9200		52,077		111,295.8400		52,209
Flare (FLR)		5,608,868.9063		35,897		3,689,429.0635		39,108
Pi Network (PI)		132,721.4123		15,037		126,934.2148		25,895
Ethna (ENA)		1,840,789.1400		129,778		1,686,126.1900		340,092
Four (FORM)		21,094.7000		4,430		31,111.1000		10,777
Virtuals Protocol (VIRTUAL)		2,342,789.2266		1,230,433		1,776,320.7111		1,179,832
VeChain (VET)		8,763,114.2000		38,558		4,978,553.8000		52,773
Penut the Squirrel (PNUT)		86,370.9300		3,584		445,601.2200		30,657
Pepe (PEPE)		92,108,970,413.2800		703		40,164,090,458.7000		24,082
Zcash (ZEC)		-		-		-		32,569
Canton (CC)		232,464.4850		32,583		-		-
Other Coins		5,588,906,834.8974		107,244		1,903,713,337.6790		48,131
Current				356,237,483				482,763,021
Solana (SOL)		94,500.0000		6,845,410		196,500.0000		24,471,703
SUI (SUI)		5,204,994.7222		2,693,248		8,327,991.5556		8,289,840
Other Coins		271,406,137.0826		23,636		271,406,137.0826		62,367
Long-Term				9,562,294				32,823,910
Total Digital Assets				365,799,777				515,586,931

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

	June 30, 2026		December 31, 2025
	$		$
Current digital assets
Digital assets		189,692,571		356,450,053
Digital assets loaned		136,267,166		87,326,227
Digital assets staked		30,277,746		38,986,741
Total current digital assets		356,237,483		482,763,021
Non-current digital assets
Digital assets		23,636		62,367
Digital assets loaned		9,538,658		32,761,543
Total non-current digital assets		9,562,294		32,823,910
Total digital assets		365,799,777		515,586,931

In addition to the above noted digital assets, the Company has the following equity investments at fair value through profit and loss (“FVTPL”). See Note 7 for further details.

	June 30, 2026
	Current				Long Term				Total
	Quantity		Amount		Quantity		Amount		Quantity		Amount
Fund A - Solana (SOL)		198,271.1758	$	12,441,214		127,378.8747	$	7,992,831		325,650.0506	$	20,434,045
Fund A - Avalanche (AVAX)		493,987.8417	$	2,808,344		8,956.2077	$	50,916		502,944.0494	$	2,859,260
			$	15,249,558			$	8,043,747			$	23,293,305

Fund B - Solana (SOL)		406,960.7000	$	26,033,277		175,869.0000	$	11,250,340		582,829.7000	$	37,283,617
			$	26,033,277			$	11,250,340			$	37,283,617
Total			$	41,282,835			$	19,294,087			$	60,576,922

	December 31, 2025
	Current				Long Term				Total
	Quantity		Amount		Quantity		Amount		Quantity		Amount
Fund A - Solana (SOL)		192,949.9577	$	19,860,832		220,396.5353	$	22,685,979		413,346.4930	$	42,546,811
Fund A - Avalanche (AVAX)		503,720.0812	$	5,253,822		232,861.4009	$	2,428,755		736,581.4821	$	7,682,577
			$	25,114,654			$	25,114,734			$	50,229,388

Fund B - Solana (SOL)		470,185.9000	$	50,297,296		294,049.0000	$	31,455,366		764,234.9000	$	81,752,662
Total			$	75,411,950			$	56,570,100			$	131,982,050

The continuity of digital assets for the periods ended June 30, 2026 and December 31, 2025 is as follows:

	June 30, 2026			December 31, 2025
Opening balance	$	515,586,931		$	555,838,900
Digital assets acquired		34,559,755			273,427,760
Digital assets disposed		(16,466,844	)		(87,878,518	)
Digital assets earned from staking, lending and fees		3,805,197			13,072,141
Realized gain (loss) on digital assets		(60,135,440	)		48,283,105
Net change in unrealized gains and losses on digital assets		(137,605,706	)		(282,272,597	)
Settlement of Genesis loan		-			(6,100,598	)
Digital assets transferred in from (out to) equity investments at FVTPL		15,578,620			2,749,352
Digital assets in from (out to) ETP sales		10,378,596			-
Foreign exchange gain (loss) / Fees / Other		98,668			(1,532,614	)
	$	365,799,777		$	515,586,931

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

Digital assets held by counterparty for the periods ended June 30, 2026 and December 31, 2025 are as follows:

	June 30, 2026		December 31, 2025
Counterparty A	$	88,856,439	$	41,304,262
Counterparty C		1,001,519		3,460,154
Counterparty E		990,859		1,492,892
Counterparty F		12,966,107		25,061,967
Counterparty H		49,602,302		171,980,818
Counterparty J		41,944,334		-
Counterparty K		142,271,768		218,232,056
Counterparty M		706,127		4,954,135
Other		2,326,308		1,451,800
Self custody		25,134,014		47,648,847
Total	$	365,799,777	$	515,586,931

Digital Assets held by lenders

The Company has a loan payable to Global Capital LLC (“Genesis”) for which Genesis holds digital assets as collateral against the loan. In prior periods, the digital assets and the loan payable were recorded separately on the statement of financial position. The Company has a loan payable to Genesis for which Genesis held digital assets as collateral. The digital assets and loan payable were previously recorded gross on the statement of financial position at $6,100,598 and $6,100,598, respectively, with the digital assets being written down to the value of the loan payable. After the approval of the motion on June 26, 2024, the Company obtained the legally enforceable right to set off the digital assets being held as collateral against the loan payable. As a result, the Company has netted the asset and liability on the statement of financial position, reducing both the Company’s digital assets and loan payable by $6,100,598, which represents the principal amount of the loan plus interest.

Following the court approved set-off, the remaining exposure for the Genesis loan is 68 BTC. Considering Genesis’ low credit quality due to its bankruptcy, the Company has applied a loss rate approach of 75% to calculate it’s expected credit loss on digital assets held by Genesis based on management’s best estimate. The expected credit loss of $2,972,578 on these 68 BTC has been recorded under realized and net change in unrealized (loss) gain on digital assets in the consolidated statement of income.

As of June 30, 2026, digital assets held by lenders as collateral consisted of the following:

	Number of coins on loan		Fair Value
Bitcoin (BTC)		67.9793		990,859
Total		67.9793		990,859

As of December 31, 2025, digital assets held by lenders as collateral consisted of the following:

	Number of coins on loan		Fair Value
Bitcoin (BTC)		67.9793	$	1,492,892
Total		67.9793	$	1,492,892

As at December 31, 2025, the 67.9793 Bitcoin held by Genesis as collateral against a loan has been written down to $1,492,892, the fair value of the loan and interest held with Genesis.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

In the normal course of business, the Company enters into open-ended lending arrangements with certain financial institutions, whereby the Company loans certain fiat and digital assets in exchange for interest income. The Company can demand the repayment of the loans and accrued interest at any time. The digital assets on loan are included in digital assets balances above.

Digital Assets loaned

As of June 30, 2026, the Company loaned select digital assets to borrowers at annual rates ranging from approximately 0.5% to 12.00% and accrued interest on a monthly basis. The digital assets on loan are measured at fair value through profit and loss.

As of December 31, 2025, the Company loaned select digital assets to borrowers at annual rates ranging from approximately 1.98% to 12.00% and accrued interest on a monthly basis. The digital assets on loan are measured at fair value through profit and loss.

As of June 30, 2026, digital assets on loan consisted of the following:

	Number of coins on loan		Fair Value		Fair Value Share
Bitcoin (BTC)		780.7736		45,521,898		31.2	%
Ethereum (ETH)		19,030.6963		29,758,418		20.4	%
Solana (SOL)		274,177.8082		19,992,417		13.7	%
Sui (SUI)		19,676,656.5831		11,472,059		7.9	%
Ripple (XRP)		15,745,969.4444		16,238,818		11.1	%
Bittensor (TAO)		19,079.1667		3,862,619		2.6	%
Hedera (HBAR)		48,620,250.0000		3,418,004		2.3	%
Internet Computer (ICP)		613,050.0000		1,298,930		0.9	%
NEAR Protocol (NEAR)		1,151,826.6667		2,048,293		1.4	%
Uniswap (UNI)		362,603.3333		1,002,417		0.7	%
Virtuals Protocol (VIRTUAL)		1,650,210.0000		866,690		0.6	%
Fetch.ai (FET)		4,444,000.0000		762,590		0.5	%
Injective (INJ)		301,250.0000		1,383,762		0.9	%
Curve DAO Token (CRV)		3,560,925.0000		664,469		0.5	%
Kaspa (KAS)		22,735,533.3333		695,707		0.5	%
Aerodome (AERO0X91)		2,016,970.0000		932,849		0.6	%
Stellar (XLM)		3,401,482.5000		612,267		0.4	%
Ondo (ONDO)		1,824,000.0000		563,434		0.4	%
Jupiter (JUP)		2,732,805.1667		568,423		0.4	%
Aptos Mainnet (APT)		470,697.0833		266,838		0.2	%
AAVE (AAVE)		3,906.5000		332,982		0.2	%
Pyth Network (PYTH)		4,586,600.0000		181,171		0.1	%
THORChain (RUNE)		253,260.0000		96,315		0.1	%
MANTRA (OM)		1,729,120.0000		11,585		0.0	%
Hyperliquid (HYPE)		50,115.0685		3,252,869		2.2	%
Total		136,244,299.1242		145,805,824		100	%

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

Digital Assets loaned (continued)

The digital assets loaned are classified as follows:

Current
Bitcoin (BTC)	780.7736	45,521,898
Ethereum (ETH)	19,030.6963	29,758,418
Solana (SOL)	179,677.8082	13,147,007
Sui (SUI)	14,471,661.8608	8,778,811
Ripple (XRP)	15,745,969.4444	16,238,818
Bittensor (TAO)	19,079.1667	3,862,619
Hedera (HBAR)	48,620,250.0000	3,418,004
Internet Computer (ICP)	613,050.0000	1,298,930
NEAR Protocol (NEAR)	1,151,826.6667	2,048,293
Uniswap (UNI)	362,603.3333	1,002,417
Virtuals Protocol (VIRTUAL)	1,650,210.0000	866,690
Fetch.ai (FET)	4,444,000.0000	762,590
Injective (INJ)	301,250.0000	1,383,762
Curve DAO Token (CRV)	3,560,925.0000	664,469
Kaspa (KAS)	22,735,533.3333	695,707
Aerodome (AERO0X91)	2,016,970.0000	932,849
Stellar (XLM)	3,401,482.5000	612,267
Ondo (ONDO)	1,824,000.0000	563,434
Jupiter (JUP)	2,732,805.1667	568,423
Aptos Mainnet (APT)	470,697.0833	266,838
AAVE (AAVE)	3,906.5000	332,982
Pyth Network (PYTH)	4,586,600.0000	181,171
THORChain (RUNE)	253,260.0000	96,315
MANTRA (OM)	1,729,120.0000	11,585
Hyperliquid (HYPE)	50,115.0685	3,252,869
Total current digital assets on loan	130,944,804.4020	136,267,166
Long-Term
Solana (SOL)	94,500.0000	6,845,410
SUI (SUI)	5,204,994.7222	2,693,248
Total long-term digital assets on loan	5,299,494.7222	9,538,658
Total	136,244,299.1242	145,805,824

As of December 31, 2025, digital assets on loan consisted of the following:

	Number of coins				Fair Value
	on loan		Fair Value		Share
Bitcoin (BTC)		420.0000		36,894,425		30.7	%
Ethereum (ETH)		8,000.0000		23,879,570		19.9	%
Solana (SOL)		326,500.0000		40,661,634		33.9	%
SUI (SUI)		18,737,981.0000		18,652,141		15.5	%
Total		19,072,901.0000		120,087,770		100	%

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

Digital Assets loaned (continued)

As of June 30, 2026, the digital assets on loan by significant borrowing counterparty is as follows:

	Interest rates	Number of coins on loan		Fair Value		Geography	Fair Value Share
Counterparty A	1.7% - 12%		335,818.4384		69,677,455	Grand Cayman		47.8	%
Counterparty F	1.5% - 3.5%		12,229,651.4497		18,111,181	UAE		12.4	%
Counterparty H	3.5% - 4.5%		6,220.0000		22,209,025	Switzerland		15.2	%
Counterparty J	0.5% - 16%		12,229,651.4497		35,808,163	United States		24.6	%
Total			24,801,341.3378		145,805,824			100	%
Current
Counterparty A			241,318.4384		62,832,045	Grand Cayman		43.1	%
Counterparty F			7,024,656.7275		15,417,933	UAE		10.6	%
Counterparty H			6,220.0000		22,209,025	Switzerland		15.2	%
Counterparty J			12,229,651.4497		35,808,163	United States		24.6	%
Total current digital assets on loan			19,501,846.6156		136,267,166			93.5	%
Long-term
Counterparty A			94,500.0000		6,845,410	Grand Cayman		4.7	%
Counterparty F			5,204,994.7222		2,693,248	UAE		1.8	%
Total long-term digital assets on loan			5,299,494.7222		9,538,658			6.5	%
Total loaned digital assets			24,801,341.3378		145,805,824			100	%

As of December 31, 2025, the digital assets on loan by significant borrowing counterparty is as follows:

	Interest rates		Number of coins on loan		Fair Value		Geography	Fair Value Share
Counterparty A		12%		326,500.0000		40,661,634	Grand Cayman		33.9	%
Counterparty F		1.94% - 4.75%		18,739,981.0000		24,622,033	UAE		20.5	%
Counterparty H		3.75% - 4.5%		6,420.0000		54,804,103	Switzerland		45.6	%
Total				19,072,901.0000		120,087,770			100	%
Current
Counterparty A				130,000.0000		16,189,931	Grand Cayman		13.5	%
Counterparty F				10,411,989.4444		16,332,193	UAE		13.6	%
Counterparty H				6,420.0000		54,804,103	Switzerland		45.6	%
Total current digital assets on loan				10,548,409.4444		87,326,227			72.7	%
Long-term
Counterparty A				196,500.0000		24,471,703	Grand Cayman		20.4	%
Counterparty F				8,327,991.5556		8,289,840	UAE		6.9	%
Total long-term digital assets on loan				8,524,491.5556		32,761,543			27.3	%
Total loaned digital assets				19,072,901.0000		120,087,770			100	%

The Company’s digital assets on loan are exposed to credit risk. The Company limits its credit risk by placing its digital assets on loan with high credit quality financial institutions that have sufficient capital to meet their obligations as they come due and on which the Company has performed internal due diligence procedures. The Company’s due diligence procedures may include, but are not limited to, review of the financial position of the borrower, review of the internal control practices and procedures of the borrower, review of market information, and monitoring the Company’s risk exposure thresholds. Digital asset loan receivables are assessed for expected credit losses under IFRS 9 using a loss-rate approach. Counterparty A is subject to a 1% Stage 1 expected credit loss, driven by the recall penalty. The $69,146 ECL on these coins has been expensed to bad debt expense. Counterparty H is not subject to any expected credit loss due to its recallability without penalty. The Company does not hold any collateral or other credit enhancements related to these loans.

The fair value of the SUI digital assets on loan include a discount for lack of marketability since the SUI coins are locked and not freely transferrable as at June 30, 2026. These coins unlock intermittently through April 2028. The DLOM was determined using the Finnerty model. The model works by treating this loss of marketability as the equivalent of a European put option, which provides protection against price declines during the period the assets cannot be sold. By estimating the value of such a hypothetical put option, based on factors like the underlying stock price, volatility, risk-free rate, and expected holding period. No separate ECL was recorded for the SUI digital assets as management feels that any relevant default risk is captured in the fair value assumptions of the digital assets. The SUI digital assets are considered a level 3 in the financial instrument hierarchy (Note 23).

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

Digital Assets loaned (continued)

Borrower	Asset	Quantity		Current		Non-current		Gross Total		ECL			Net Total
Counterparty A	BTC		500.6986		29,192,522		-		29,192,522		-			29,192,522
Counterparty F	BTC		60.0750		3,502,588		-		3,502,588		-			3,502,588
Counterparty H	BTC		220.0000		12,826,788		-		12,826,788		-			12,826,788
Counterparty A	ETH		11,024.8630		17,239,647		-		17,239,647		-			17,239,647
Counterparty F	ETH		2,005.8333		3,136,534		-		3,136,534		-			3,136,534
Counterparty H	ETH		6,000.0000		9,382,237		-		9,382,237		-			9,382,237
Counterparty A	SOL		274,177.8082		13,216,153		6,845,410		20,061,563		(69,146	)		19,992,417
Counterparty F	SUI		12,227,585.5414		8,778,811		2,693,248		11,472,059		-			11,472,059
Counterparty J	XRP		15,745,969.4444		16,238,818		-		16,238,818		-			16,238,818
Counterparty J	TAO		19,079.1667		3,862,619		-		3,862,619		-			3,862,619
Counterparty J	HBAR		48,620,250.0000		3,418,004		-		3,418,004		-			3,418,004
Counterparty J	RNDR		-		-		-		-		-			-
Counterparty J	AVAX		-		-		-		-		-			-
Counterparty J	ICP		613,050.0000		1,298,930		-		1,298,930		-			1,298,930
Counterparty J	NEAR		1,151,826.6667		2,048,293		-		2,048,293		-			2,048,293
Counterparty J	UNI		362,603.3333		1,002,417		-		1,002,417		-			1,002,417
Counterparty J	VIRTUAL		1,650,210.0000		866,690		-		866,690		-			866,690
Counterparty J	FET		4,444,000.0000		762,590		-		762,590		-			762,590
Counterparty J	INJ		301,250.0000		1,383,762		-		1,383,762		-			1,383,762
Counterparty J	CRV		3,560,925.0000		664,469		-		664,469		-			664,469
Counterparty J	KAS		22,735,533.3333		695,707		-		695,707		-			695,707
Counterparty J	AERO		2,016,970.0000		932,849		-		932,849		-			932,849
Counterparty J	XLM		3,401,482.5000		612,267		-		612,267		-			612,267
Counterparty J	ONDO		1,824,000.0000		563,434		-		563,434		-			563,434
Counterparty J	JUP		2,732,805.1667		568,423		-		568,423		-			568,423
Counterparty J	APT		470,697.0833		266,838		-		266,838		-			266,838
Counterparty J	AAVE		3,906.5000		332,982		-		332,982		-			332,982
Counterparty J	PYTH		4,586,600.0000		181,171		-		181,171		-			181,171
Counterparty J	RUNE		253,260.0000		96,315		-		96,315		-			96,315
Counterparty J	MANTRA		1,729,120.0000		11,585		-		11,585		-			11,585
Counterparty J	WLD		-		-		-		-		-			-
Counterparty A	HYPE		50,115.0685		3,252,869		-		3,252,869		-			3,252,869
					136,336,312		9,538,658		145,874,970		(69,146	)		145,805,824

As of June 30, 2026, the Company has staked select digital assets with counterparties at annual rates ranging from approximately 1.98% to 8.81% and accrues rewards as they are earned. The digital assets staked are measured at fair value through profit and loss. As of December 31, 2025, the Company has staked select digital assets to borrowers at annual rates ranging from approximately 1.24% to 14.93% and accrue rewards as they are earned. The digital assets staked are measured at fair value through profit and loss.

As of June 30, 2026, digital assets staked consisted of the following:

	Number of coins staked		Fair Value		Fair Value Share
Ethereum (ETH)		131.6296		203,853		0.7	%
Cardano (ADA)		63,789,432.0539		9,172,920		30.3	%
Core (CORE)		12,392,246.8768		309,806		1.0	%
Polkadot (DOT)		2,639,562.5380		2,151,771		7.1	%
Solana (SOL)		200,949.4616		14,703,452		48.6	%
Hedera (HBAR)		23,525,702.4326		1,643,270		5.4	%
Internet Computer (ICP)		995,563.4768		2,092,674		6.9	%
Total		103,543,588.4693		30,277,746		100	%

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Digital Assets, Digital Assets Loaned, and Digital Assets Staked (continued)

Digital Assets loaned (continued)

As of December 31, 2025, digital assets staked consisted of the following:

	Number of coins staked		Fair Value		Fair Value Share
Ethereum (ETH)		128.0536		376,190		1	%
Bitcoin (BTC)		300.0000		26,747,151		69	%
Cardano (ADA)		43,639.3760		15,470		0	%
Core (CORE)		12,017,441.5404		1,325,524		3	%
Polkadot (DOT)		2,595,690.3230		4,762,573		12	%
Solana (SOL)		0.5094		64		0	%
Hyperliquid (HYPE)		25,600.4618		662,417		2	%
Hedera (HBAR)		22,663,998.5645		2,463,577		6	%
Internet Computer (ICP)		970,082.8229		2,633,775		7	%
Total		38,316,881.6517		38,986,741		100	%

As of June 30, 2026, the digital assets staked by significant borrowing counterparty is as follows:

	Interest rates		Number of coins staked		Fair Value		Geography	Fair Value Share
Counterparty H		2.53% - 6.34%		90,457,225.9390		15,136,769	Switzerland		50.0	%
Counterparty M		2.09%		35.6000		55,668	United States		0.2	%
Self custody		1.98% - 8.81%		13,086,326.9303		15,085,309	Switzerland		49.8	%
Total				103,543,588.4693		30,277,746			100	%

As of December 31, 2025, the digital assets staked by significant borrowing counterparty is as follows:

	Interest rates		Number of coins staked		Fair Value		Geography	Fair Value Share
Counterparty H		2.76% - 7.67%		23,634,179.8442		5,097,352	Switzerland		13	%
Counterparty M		2.87%		32.0023		95,663	United States		0	%
Self custody		2.3% - 14.28%		14,682,669.8053		33,793,726	Switzerland		87	%
Total				38,316,881.6517		38,986,741			100	%

The Company’s digital assets staked are exposed to market risk, liquidity risk, lockup duration risk, loss or theft of assets and return duration risk. These risks include:

Polkadot staking exposes the Company to an unbonding period liquidity restriction (approximately 28 days), during which time the tokens remain locked and do not earn rewards once unbonding has commenced.

Ethereum staking exposes the Company to an exit queue that can vary and has on average been 6 days during which time the coins do not earn any staking rewards.

Polkadot, CORE, Ethereum and Hype staking may expose the Company to validator misconduct risk (slashing risk)

Bitcoin staking involves timelock risk, such that the coins are locked until expiry of the timelock and require a redemption transaction after expiry.

BTC staking is described by the protocol as self-custodied with no wrapping, bridging or smart contract exposure.

The Company places allocation limits by counterparty and only deals with high credit quality financial institutions that are believed to have sufficient capital to meet their obligations as they come due and on which the Company has performed internal due diligence procedures. The Company’s due diligence procedures may include, but are not limited to, review of the financial position of the counterparty, review of the internal control practices and procedures of the counterparty, review of market information, and monitoring the Company’s risk exposure thresholds. As of June 30, 2026 and December 31, 2025, the Company does not expect a material loss on any of its digital assets staked. While the Company intends to only transact with counterparties that it believes meet the Company staking policy criteria, there can be no assurance that a counterparty will not default and that the Company will not sustain a material loss on a transaction as a result.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Equity investments in digital assets at fair value through profit and loss (“FVTPL”)

	June 30, 2026
	Current				Long Term				Total
	Quantity		Amount		Quantity		Amount		Quantity		Amount
Fund A - Solana (SOL)		198,271.1758	$	12,441,214		127,378.8747	$	7,992,831		325,650.0506	$	20,434,045
Fund A - Avalanche (AVAX)		493,987.8417	$	2,808,344		8,956.2077	$	50,916		502,944.0494	$	2,859,260
			$	15,249,558			$	8,043,747			$	23,293,305

Fund B - Solana (SOL)		406,960.7000	$	26,033,277		175,869.0000	$	11,250,340		582,829.7000	$	37,283,617
			$	26,033,277			$	11,250,340			$	37,283,617
Total			$	41,282,835			$	19,294,087			$	60,576,922

	December 31, 2025
	Current				Long Term				Total
	Quantity		Amount		Quantity		Amount		Quantity		Amount
Fund A - Solana (SOL)		192,949.9577	$	19,860,832		220,396.5353	$	22,685,979		413,346.4930	$	42,546,811
Fund A - Avalanche (AVAX)		503,720.0812	$	5,253,822		232,861.4009	$	2,428,755		736,581.4821	$	7,682,577
			$	25,114,654			$	25,114,734			$	50,229,388

Fund B - Solana (SOL)		470,185.9000	$	50,297,296		294,049.0000	$	31,455,366		764,234.9000	$	81,752,662
Total			$	75,411,950			$	56,570,100			$	131,982,050

Fund A

During the year ended December 31, 2024, the Company through a subsidiary, invested $61,741,683 in three tranches of a private investment fund (“Fund A”) designed to acquire Solana and Avalanche tokens from a bankrupt company. The Company’s investment represents the acquisition by Fund A of 491,249 Solana at $105 per Solana and 931,446 Avalanche at $11 per Avalanche.

The Solana acquired by Fund A is locked and staked, earning staking rewards during the lock period. Staking rewards will accrue while Solana is locked and will become distributable on the same unlocking schedule as the Solana. The Solana will be released by Fund A in monthly increments from January 2025 through January 2028.

The Avalanche acquired by Fund A is locked and staked, earning staking rewards during the lock period. Staking rewards will accrue while Avalanche is locked and will become distributable on the same unlocking schedule as the Avalanche.

The Avalanche will be released by Fund A in weekly increments starting July 10, 2025 and continuing through July 1, 2027.

The investments in the investment fund were initially recognized based on the latest available net asset value as determined by the investment fund’s administrator less an applicable DLOM. The values of the investments were remeasured based on quarterly valuation reports provided by the investment fund administrator less an applicable DLOM.

Fund B

During the year ended December 31, 2024, the Company invested through a subsidiary, $112,072,453 in two tranches of limited partnership units of a private investment fund (“Fund B” and together with Fund A the “Equity Investments in Digital Assets”) designed to acquire Solana tokens from a bankrupt company.

The Company’s investment represents the acquisition by Fund B of 1,123,360 Solana at $100 per Solana. The Solana acquired by Fund B is locked and staked, earning staking rewards during the lock period and thereafter until such Solana is sold by the fund manager or an in-kind distribution to the limited partners of the fund. Staking rewards will accrue while Solana is locked and will become distributable on the same unlocking schedule as the Solana. Approximately 25% of the Solana were unlocked in March 2025, while the remaining 75% of the Solana will be unlocked linearly monthly until January 2028. The Company received a distribution of $71,685,819 in July 2025 from Fund B.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Equity investments in digital assets at fair value through profit and loss (“FVTPL”) (continued)

The investments in Fund B were initially recognized based on the latest available net asset value as determined by Fund B’s administrator less an applicable DLOM. The values of the investments were remeasured based on quarterly valuation reports provided by Fund B’s administrator less an applicable DLOM.

The continuity of equity investments for the periods ended June 30, 2026 and December 31, 2025 is as follows:

	June 30, 2026			December 31, 2025
Opening Balance	$	131,982,060		$	257,425,063
Disposals		(15,965,180	)		(71,685,819	)
Staking income		2,729,105			19,784,212
Net change in realized and unrealized gain/loss		(42,341,780	)		(68,261,188	)
Management fees		(248,663	)		(2,530,856	)
Transfers out to Digital Assets		(15,578,620	)		(2,749,352	)
Closing Balance	$	60,576,922		$	131,982,060

Acquisitions

Neuronomics AG

In connection with the acquisition, the Company issued 186,304 common shares of the Company, plus additional cash considerations, to the selling shareholders of Neuronomics AG. 152,433 of the Payment Shares are subject to a lock-up schedule, with 50% released in three months and the remainder released in six months. No finder fees were paid in connection with the acquisition.

Details of the consideration for acquisition, net assets acquired and goodwill are as follows:

Purchase price consideration paid:
Cash consideration	$	816,372
Fair value of shares issued		442,722
Fair value of previously held investment		379,906
Fair value of shares issued	$	1,639,000

Fair value of assets and liabilities assumed:
Cash	$	271,408
Prepaid expenses and deposits		12,473
Goodwill		2,907,440
Trade and other payables		(69,418	)
Non-controlling interest		(1,482,903	)
Total net assets acquired	$	1,639,000

Had the acquisition taken place on January 1, 2025, the Company would have consolidated $19,013 of revenues and net losses of $114,695. As the acquisition took place March 7, 2025, the Company consolidated revenues of $19,013 and net income of $36,358 from March 7, 2025 through September 30, 2025, the date of deconsolidation. No material acquisition costs are recognized in the statement of operations.

On October 1, 2025, the Company’s ownership of Neuronomics decreased to 44.68% and the Company no longer had control over this subsidiary. As a result of this loss of control on October 1, 2025, the Company deconsolidated the subsidiary from its condensed consolidated interim financial statements and recorded its investment in Neuronomics as an investment in associate (Note 10).

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Intangible assets and goodwill

Cost	Client relationships		Technology		Brand Name			Total
Balance, December 31, 2024	$	307,640	$	3,722,456	$	32,259,253		$	36,289,349
Acquisition of Neuronomics		-		-		337,211			337,211
Additions		-		-		203,562			203,562
Deconsolidation of Neuronomics		-		-		(498,065	)		(498,065	)
Balance, December 31, 2025 and June 30, 2026	$	307,640	$	3,722,456	$	32,301,961		$	36,332,057

Accumulated Amortization	Client relationships			Technology			Brand Name			Total
Balance, December 31, 2024	$	(21,323	)	$	(3,641,701	)	$	(30,977,055	)	$	(34,640,079	)
Amortization		(27,700	)		(30,291	)		(1,273,590	)		(1,331,581	)
Deconsolidation of Neuronomics		-			-			39,811			39,811
Balance, December 31, 2025	$	(49,023	)	$	(3,671,992	)	$	(32,210,834	)	$	(35,931,849	)
Amortization					(24,280	)		-			(24,280	)
Impairment loss		(258,617	)		(26,184	)		(91,127	)		(375,928	)
Balance, June 30, 2026	$	(307,640	)	$	(3,722,456	)	$	(32,301,961	)	$	(36,332,057	)
Balance, December 31, 2025	$	258,617		$	50,464		$	91,127		$	400,208
Balance, June 30, 2026	$	-		$	-		$	-		$	-

The Company acquired various intangible assets as part of its acquisition of Reflexivity. During the six months ended June 30, 2026, management determined that these intangible assets were impaired and recognized an impairment loss of $375,928.

Goodwill

The continuity of the goodwill acquired as part of the acquisitions is as follows:

Balance, December 31, 2024	$	37,157,779
Acquisition of Neuronomics		2,907,440
Deconsolidation of Neuronomics		(2,907,440	)
Impairment		(2,077,585	)
Balance, December 31, 2025 and June 30, 2026	$	35,080,194

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

Intangibles assets and goodwill (continued)

Impairment test of goodwill

The Company tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. During December 31, 2025, the review led to the recognition of an impairment loss of $2,077,585 at the Reflexivity CGU. The recoverable amount of each of the Company’s CGUs has been assessed by reference to the value in use (“VIU”).

The key assumptions used included in the year ended December 31, 2025 impairment test: AUM long term growth rate of 2%, annualized rate of staking return of 3.4%, percentage of AUM staked of 65%, expense growth rate of 2.0% and the discount rate used of 25.4%. The expected future cash flows were projected for five years in the 2025 test.

The directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the ETP CGU to exceed its recoverable amount.

10.

Investment in associate

On January 10, 2025, the Company closed an investment to acquire 10% of Neuronomics AG for $288,727 (CHF 262,684). On March 7, 2025, the Company announced that it increased its stake in Neuronomics AG, a Swiss asset management firm specializing in artificial intelligence and model driven quantitative trading strategies from 10% to 52.5% and Neuronomics was fully consolidated with the Company’s condensed consolidated interim financial statements (Note 8). On October 1, 2025, the Company’s ownership was reduced to 44.68% and as a result, Neuronomics was deconsolidated and accounted for as an investment in associate.

The Company’s ownership of Neuronomics during the periods ended June 30, 2026 and December 31, 2025 was 44.68%.

A continuity of the investment in Neuronomics as an associate is as follows:

Balance as at December 31, 2024	$	-
Investment in associate		2,499,440
Share of loss for the year		(75,506	)
Balance as at December 31, 2025	$	2,423,934
Share of loss for the period		(91,629	)
Balance as at June 30, 2026	$	2,332,305

Summarized financial information for Neuronomics as at June 30, 2026 and for the six months ended June 30, 2026 is as follows:

	June 30, 2026			December 31, 2025
Current and total assets	$	729,804		$	514,391
Current and total liabilities		(52,812	)		(111,333	)
Total shareholders’ equity		(676,992	)		(403,058	)

	Six months ended June 30,
	2026
Revenue	$	171,053
Operating expenses		(345,584	)
Net loss		(174,531	)

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

11.

Accounts payable and accrued liabilities

	30-Jun-26		31-Dec-25
Corporate payables	$	5,127,267	$	8,828,351
Related party payable (Note 21)		-		441,759
	$	5,127,267	$	9,270,110

12.

Loans payable

Margin loan

The Company has a $10,000,000 credit line for a margin loan from a crypto liquidity provider. As at June 30, 2026, the Company has drawn $nil (December 31, 2025: $2,611,009) on the credit line. The loan is secured by the equity in the Company’s margin trading account.

Genesis loan

On January 20, 2023, Genesis declared bankruptcy and currently is not allowing withdrawals and not extending new loans. On March 15, 2023, the Court ruled that the Genesis debtors may not sell, buy, trade in crypto assets without prior consent by the creditors. The Court also allowed for the payment of some service providers required for upholding the operations but nothing beyond that. The Company’s loan with Genesis is an open term loan. The Genesis loan and interest payable at June 30, 2026 is $6,100,598 and secured with 67.98 BTC (December 31, 2025 - $6,100,598 and secured with 67.98 BTC ).

The Company has obtained a legally enforceable right to set off the digital assets being held as collateral against the loan payable. As such, the Company has netted the digital assets and loan payable on the statement of financial position, reducing both the Company’s digital assets and loan payable by $6,100,598, which represents the principal amount of the loan plus interest.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

13.

ETP holders payable

The fair market value of the Company’s ETPs as at June 30, 2026 and December 31, 2025 were as follows:

	June 30, 2026		December 31, 2025
Valour AAVE SEK		464,700		616,350
Valour Aerodome SEK		915,631		905,243
Valour Akash SEK		259,274		132,566
Valour Algorand SEK		186,791		152,328
Valour Aptos EUR		996		3,000
Valour Aptos SEK		362,963		857,715
Valour Arweave SEK		111,808		220,187
Valour Arbitrum SEK		89,099		277,287
Valour ASI SEK		850,219		931,407
Valour Avalanche EUR		57,713		142,626
Valour BCIX STOXX USD		273,778		373,434
Valour Avalanche SEK		4,369,138		9,220,824
Valour Binance EUR		51,630		84,953
Valour Binance SEK		564,621		1,156,463
Valour Bitcoin Carbon Neutral EUR		12,468		15,575
Valour Bitcoin Physical Carbon Neutral USD		738,410		889,656
Valour Bitcoin Cash SEK		37,188		83,327
Valour Bitcoin Staking SEK		2,601,274		3,881,877
Valour Bitcoin Zero EUR		12,057,201		20,476,740
Valour Bitcoin Zero SEK		142,922,107		199,124,760
Valour Bittensor SEK		4,166,452		4,879,220
Valour BTC Staking EUR		81,331		54,774
Valour Cardano EUR		78,356		201,420
Valour Cardano SEK		9,631,664		23,005,260
Valour Celestia (Tia) Sek		50,653		50,886
Valour Chainlink SEK		2,360,406		4,260,531
Valour Core SEK		56,696		206,379
Valour Cosmos EUR		5,730		5,112
Valour Cronos (Cro) Sek		81,992		131,790
Valour Curve DAO SEK		857,979		1,391,928
Valour Digital Asset Basket 10 EUR		206,403		476,270
Valour Digital Asset Basket 10 SEK		848,550		1,728,809
Valour Dogecoin EUR		151,903		203,516
Valour Dogecoin SEK		3,533,352		6,295,278
Valour Ethereum Physical Staking USD		154,586		292,932
Valour Enjin EUR		8,824		10,116
Valour Ethena (Ena) Sek		115,975		324,078
Valour Ethereum Zero EUR		1,203,361		2,527,907
Valour Ethereum Zero SEK		35,318,735		58,650,705
Valour Fantom SEK		73,704		292,946
Valour Filecoin SEK		82,425		104,428
Valour Flare SEK		35,212		38,686
Valour Floki SEK		25,714		30,504
Valour Four SEK		4,053		10,248
Valour Hedera EUR		7,753,413		1,181,185
Valour Hedera Physical Staking USD		1,635,356		2,431,247
Valour Hedera SEK		3,671,575		4,672,437
Valour Hyperliquid (Hype) Sek		4,395,597		763,491
Valour ICP SEK		1,670,343		1,938,780
Valour ICP USD		2,202,600		2,845,037
Valour Immutable SEK		55,588		60,145
Valour Injective SEK		1,670,471		1,446,640
Valour Iota SEK		65,104		101,737
Valour Jupiter SEK		565,821		569,432
Valour Kaspa SEK		941,281		1,060,250
Valour KRG BULL BTC X2 SEK		164,329		50,613
Valour KRG BULL ETH X2 SEK		219,224		14,830
Valour Lido SEK		116,505		290,233
Valour Litecoin SEK		84,738		207,192
Valour Mantle (Mnt) Sek		67,501		253,785
Valour Mantra SEK		15,354		30,117
Valour Near SEK		2,976,823		2,479,574
Valour OKB SEK		9,241		29,248
Valour Ondo (Ondo) Sek		1,014,480		614,176
Valour Optimism SEK		28,927		19,050
Valour Pendle SEK		194,895		338,093
Valour Pepe SEK		208,805		137,595
Valour Pi (Pi) Sek		15,023		25,329
Valour Polkadot EUR		31,613		48,121
Valour Polkadot SEK		2,598,526		5,705,512
Valour Polygon SEK		19,099		23,902
Valour PYTH SEK		215,813		276,689
Valour Quant SEK		123,228		70,819
Valour Render EUR		33,157		36,049
Valour Render SEK		2,556,809		2,170,348
Valour Ripple SEK		21,241,475		37,594,228
Valour SEI SEK		667,526		1,810,747
Valour Shiba Inu (Shib) Sek		44,451		51,886
Valour Short BTC SEK		845,666		987,903
Valour Sky SEK		36,327		37,632
Valour Solana EUR		2,672,819		5,795,075
Valour Solana SEK		92,059,449		169,092,078
Valour Stacks SEK		8,362		9,172
Valour Starknet SEK		91,018		216,327
Valour Stellar SEK		1,352,301		724,295
Valour Story SEK		-		7,514
Valour Sui EUR		58,464		174,515
Valour SUI SEK		12,846,097		25,440,018
Valour Tether SEK		174,970		128,098
Valour The Graph SEK		6,480		7,459
Valour Theta SEK		18,002		26,660
Valour Thorchain SEK		95,397		143,906
Valour Toncoin SEK		609,553		721,620
Valour Tron SEK		151,876		99,144
Valour Uniswap EUR		151,055		289,717
Valour Uniswap SEK		970,611		2,020,979
Valour Unus Sed Leo SEK		4,556		5,265
Valour Vechain (Vet) Sek		37,869		52,197
Valour Virtuals SEK		1,195,433		1,172,290
Valour Worldcoin SEK		438,323		950,460
Valour Wormhole SEK		82,790		133,785
		397,243,174		622,304,667

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

13.

ETP holders payable (continued)

The Company’s ETP certificates are unsecured and trade on the following European stock exchanges: Spotlight Exchange, Deutsche Borse Xetra, Gettex, Frankfurt Exchange, Euronext Amsterdam, Euronext Paris, London Stock Exchange, SIX Swiss Exchange and Lang and Schwarz Exchanges and the B3 exchange in Brazil. The Company’s ETP certificates traded on the Nordic Growth Market (“NGM”) until September 2024. ETPs issued by the Company referencing the performance of digital assets are measured at fair value through profit or loss. Their fair value is a function of the unadjusted quoted price of the digital asset underlying the ETP, less any accumulated management fees. The fair value basis is consistent with the measurement of the underlying digital assets which are measured at fair value. The Company’s policy is to hedge 100% of the market risk by holding directly or indirectly the underlying digital asset. Hedging is done continuously and in direct correspondence to the issuance of certificates to investors.

14.

Warrant liability

On September 25, 2025, the Company issued 34,246,577 warrants in association with the Company’s non-brokered private placement offering (Note 21). Each warrant entitles the holder to acquire 0.75 common share of the Company at a price of $2.63 for a period of three years.

On the date of issuance, the Company determined that the fair value of the warrant liability was $53,241,889 with the residual of $46,758,112 allocated to common shares. The fair value of the warrants was determined using the Black-Scholes option pricing model with the following assumptions: an underlying share price of $2.125, an exercise price of $2.63, a risk-free rate of 3.66%, an expected volatility of 131.5%, an expected life of 3 years and an expected dividend yield of 0%.

As at June 30, 2026, the Company had the following common share purchase warrants and compensation options outstanding that are classified as liabilities:

	Number outstanding & exercisable		Grant date	Expiry date	Exercise price		Fair Value		Share price		Expected volatility			Expected life (yrs)		Expected dividend yield			Risk-free interest rate
Warrant liability		34,246,577	26-Sep-25	26-Sep-28	$	2.63		4,688,356	$	0.51		109.0	%		2.25		0	%		4.15	%

		34,246,577						4,688,356

The expected volatility is based on historical share prices of the Company. The weighted average life of the outstanding warrants was 2.25 years at June 30, 2026.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

15.

Right-of-use asset and lease liability

In August 2025, the Company entered into a lease agreement for an office in Switzerland. The monthly rent payable under the terms of the lease was $66,258 (CHF53,280). The lease was for fixed term of five years commencing September 2025. The Company used a discount rate of 9% in determining the present value of the lease payments.

On May 31, 2026, the Company terminated this lease. As a result of the termination of the lease, the Company recorded a gain on termination of the lease of $146,213 in the consolidated statement of income.

Right-of-use asset

	Total
Cost:
Balance, December 31, 2025	$	3,206,581
Disposal		(3,206,581	)

Balance, June 30, 2026	$	-

Depreciation:
Balance, December 31, 2025	$	207,328
Depreciation charge for the year		261,347
Disposal		(470,542	)
Foreign exchange		1,867

Balance, June 30, 2026	$	-

Net book value:
As at June 30, 2026	$	-

Cost:
Balance, December 31, 2024	$	-
Additions		3,208,882
Foreign exchange		(2,301	)

Balance, December 31, 2025	$	3,206,581

Depreciation:
Balance, December 31, 2024	$	-
Depreciation charge for the year		207,328

Balance, December 31, 2025	$	207,328

Net book value:
As at December 31, 2025	$	2,999,253

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

15.

Right-of-use asset and lease liability (continued)

Lease liability

Lease liability as at December 31, 2024	$	-
Additions		3,208,882
Interest expense		92,080
Lease payments		(198,774	)
Lease liability as at December 31, 2025	$	3,102,188
Interest expense		106,111
Lease payments		(326,047	)
Disposal		(2,882,252	)
Lease liability as at June 30, 2026	$	-

	June 30, 2026		December 31, 2025
Current lease liability	$	-	$	553,973
Non-current lease liability		-		2,548,215
	$	-	$	3,102,188

Future undiscounted minimum lease payments for the lease agreements are as follows:

	June 30, 2026		December 31, 2025
Within one year	$	-	$	800,652
After one year but not more than five years		-		2,984,620
More than five years		-		-
	$	-	$	3,785,272

16.

Realized and net change in unrealized gains and (losses) on digital assets

				Three months ended June 30,					Six months ended June 30,
	2026			2025		2026			2025
Realized gain on digital assets	$	(25,674,785	)	$	5,022,014	$	(60,135,440	)	$	32,273,072
Unrealized loss on digital assets		(41,976,382	)		65,882,023		(137,605,706	)		(121,202,718	)
	$	(67,651,167	)	$	70,904,037	$	(197,741,146	)	$	(88,929,646	)

17.

Realized and net change in unrealized gains and (losses) on investments in equity instruments through FVTPL

	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
Unrealized loss on equity investments	$	(2,984,343	)	$	37,829,025		$	(40,113,108	)	$	(53,027,796	)
Realized gain on equity investments		1,267,877			-			(2,228,661	)		-
Staking revenue		1,006,409			4,431,627			2,729,105			10,691,076
Management fees		(97,102	)		(319,656	)		(248,663	)		(643,181	)
	$	(807,159	)	$	41,940,996		$	(39,861,327	)	$	(42,979,901	)

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

18.

Realized and net change in unrealized gains and (losses) on ETP payables

	Three months ended June 30,					Six months ended June 30,
	2026		2025			2026		2025
Realized gain / (loss) on ETPs	$	20,803,293	$	10,926,602		$	52,322,223	$	(6,800,443	)
Unrealized gain / (loss) on ETPs		50,005,898		(117,341,482	)		192,599,824		180,609,518
	$	70,809,191	$	(106,414,880	)	$	244,922,047	$	173,809,075

19.

Staking and lending income

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Validator nodes		402,776		144,010		444,795		1,807,172
All other counterparties		1,507,467		2,299,737		3,360,307		4,159,332
Total		1,910,338	$	2,443,750	$	3,805,197	$	5,966,507

20.

Expenses by nature

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Compensation and consulting	$	3,901,839	$	3,460,199	$	8,440,565	$	5,305,749
Marketing expenses		909,566		1,658,014		1,805,277		4,619,281
General and administration		574,088		664,254		961,928		1,203,972
Professional fees		1,501,961		1,628,105		3,746,897		2,446,103
Regulatory and transfer agent		107,281		178,408		430,532		285,532
Travel expenses		56,311		202,383		153,545		253,551
	$	7,051,046	$	7,791,363	$	15,538,744	$	14,114,188

21.

Share Capital

As at June 30, 2026 and December 31, 2025, the Company is authorized to issue:

Unlimited number of common shares with no par value;

II.

20,000,000 preferred shares at par value, 9% cumulative dividends, non-voting, non-participating, non-redeemable, non-retractable, and non-convertible by the holder. The preferred shares are redeemable by the Company in certain circumstances. The cumulative preference dividends have not been recognized by the Company to date.

Issued and outstanding shares

	Number of Common Shares			Amount
Balance, December 31, 2024		321,257,689		$	153,294,666
Acquisition of Reflexivity LLC		186,034			442,722
DSU exercised		4,435,755			6,908,083
RSU conversion		112,500			216,250
Options exercised		9,237,595			14,735,950
Warrants exercised		3,125,000			671,132
Share purchase agreement		1,607,717			3,909,861
NCIB		(1,235,900	)		(2,769,629	)
Private placement		45,662,101			46,758,112
Share issuance costs		-			(4,192,788	)
Treasury shares paid out		1,439,484			3,000,000
Balance, December 31, 2025		385,827,975		$	222,974,359
DSU exercised		1,663,750			2,572,420
RSU conversion		554,264			995,786
Balance, June 30, 2026		388,045,989		$	226,542,565

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

21.

Share Capital (continued)

Issued and outstanding shares (continued)

On August 21, 2025, the Company entered a one-year period under the terms of the NCIB, allowing the Company to purchase up to 10 percent of the public float for the common shares as of August 21, 2025, or 31,673,791 common shares, purchased in aggregate. The price that the Company paid for repurchased common shares was the prevailing market price at the time of purchase. All purchased common shares were cancelled by the Company. The NCIB commenced again on August 21, 2025 and runs through August 21, 2026.

During the six months ended June 30, 2026, the Company did not purchase or cancel any shares (December 31, 2025 – 1,235,900 shares at an average price of $2.24).

On September 26, 2025, the Company closed a non-brokered private placement offering of 45,662,101 units, at a price of $2.19 per unit, for aggregate gross proceeds of $100,000,001. Each unit consists of one common share of the Company and three-quarter common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company at an exercise price of $2.63 per full common share purchase warrant for a period of 36 months from the issuance date.

The terms of the warrant agreement stated that if at any time during the term of the warrant, there is no effective registration statement, the warrant holder could elect to exercise the warrants by way of a cashless exercise. This violated the fixed-for-fixed criterion due to the cashless exercise option, and accordingly these warrants had been accounted for as a liability on issuance.

The Company also incurred transaction costs of $8,819,331 on the issuance. The transaction costs were allocated based on the fair value of the shares and warrant liability. $4,123,753 of transaction costs related to the shares were recorded as a reduction to the transaction price of the instruments within equity and $4,695,578 of transaction costs related to the warrant liability were expensed.

Stock options, DSUs, RSUs, PSUs, and Warrants

	Options								DSU						RSU						PSU				Warrants
	Number of Options			Weighted average exercise price (CAD)		Value of options			Number of DSU			Value of DSU			Number of RSUs and PSUs			Value of RSU			Number of RSUs and PSUs		Value of RSU		Number of warrants			Weighted average exercise price (CAD)		Value of warrants			Total Value
December 31, 2024		28,253,782		$	1.32		16,904,428			13,126,012		$	8,768,445			-		$	-			-	$	-		23,125,000		$	0.20	$	728,133		$	26,401,006
Granted / vested		1,671,030			4.51		4,521,451			1,839,685			7,394,757			2,145,000			1,408,193			200,000		31,552		-			-		-			11,916,208
Exercised		(9,237,595	)		1.14		(6,432,505	)		(637,500	)		(6,908,083	)		(112,500	)		(216,250	)		-		-		(3,125,000	)		0.23		(141,785	)		(13,482,373	)
Expired / cancelled		(950,000	)		3.77		(940,420	)		(4,435,755	)		(145,850	)		-			-			-		-		-			-		-			(1,086,270	)
December 31, 2025		19,737,217		$	1.32	$	14,052,954			9,892,442		$	9,109,269			2,032,500		$	1,191,943			200,000	$	31,552		20,000,000		$	0.20	$	586,348		$	23,748,571
Granted / vested		450,000			1.03		460,147			-			957,025			1,128,594			1,713,123			-		101,981		-			-		-			3,130,295
Exercised		-			-		-			-			(2,572,420	)		(554,264	)		(995,786	)		-		-		-			-		-			(3,568,206	)
Forfeited		-			-		-			-			-			(187,500	)		(106,211	)		-		-		-			-		-			-
Expired / cancelled		(2,345,000	)		1.41		(2,510,159	)		(1,663,750	)		-			-			-			-		-		-			-		-			(2,510,159	)
June 30, 2026		17,842,217		$	1.55	$	12,002,942			8,228,692		$	7,493,874			2,419,330		$	1,803,069			200,000	$	133,533		20,000,000		$	-	$	586,348		$	20,800,501

Stock option plan

The Company has an ownership-based compensation scheme for executives and employees. In accordance with the terms of the plan, as approved by shareholders at a previous annual general meeting, officers, directors and consultants of the Company may be granted options to purchase common shares with the exercise prices determined at the time of grant. The Company has adopted a Floating Stock Option Plan (the “Plan”), whereby the number of common shares reserved for issuance under the Plan is equivalent of up to 10% of the issued and outstanding shares of the Company from time to time.

Each employee share option converts into one common share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

22.

Share-based payments reserves

Stock option plan (continued)

On January 6, 2025, the Company granted 100,000 stock options to an officer of the Company to purchase common shares of the Company for the price of CAD$4.59 for a period of five years from the date of grant. The options shall vest in four equal instalments every month such that all options shall fully vests on the date that is 4 months from the date of grant. These options have an estimated grant date fair value of $304,449 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 151%; risk-free interest rate of 2.96%; and an expected average life of 5 years.

On January 28, 2025, the Company granted 1,200,000 stock options to various consultants of the Company to purchase common shares of the Company for the price of CAD$4.52 for a period of five years from the date of grant. The options shall vest in four equal instalments every three months such that all options shall fully vests on the date that is 12 months from the date of grant. These options have an estimated grant date fair value of $3,591,500 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 150%; risk-free interest rate of 2.89%; and an expected average life of 5 years.

On May 26, 2025, the Company granted 50,304 stock options to an officer of the Company to purchase common shares of the Company for the price of CAD$4.97 for a period of five years from the date of grant. The options shall vest in 12 equal instalments every month commencing one month from the grant date and upon completion of certain performance conditions. The performance conditions have not been met as of December 31, 2025 and as such, none of the options have vested. These options have an estimated grant date fair value of $162,653 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 143%; risk-free interest rate of 2.92%; and an expected average life of 5 years.

These options have an estimated grant date fair value of $162,653 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 143%; risk-free interest rate of 2.92%; and an expected average life of 5 years.

On May 26, 2025, the Company granted 70,422 stock options to a consultant of the Company to purchase common shares of the Company for the price of CAD$4.97 for a period of five years from the date of grant. The options shall vest in four equal instalments every three month such that all options shall fully vest on the date that is 12 months from the date of grant. These options have an estimated grant date fair value of $227,702 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 143%; risk-free interest rate of 2.92%; and an expected average life of 5 years.

On July 11, 2025, the Company granted 200,000 stock options to a consultant of the Company to purchase common shares of the Company for the price of CAD$4.00 for a period of five years from the date of grant. The options shall vest in 12 months from the date of grant. These options have an estimated grant date fair value of $523,906 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 143%; risk-free interest rate of 3.03%; and an expected average life of 5 years.

On April 15, 2026, the Company granted 450,000 stock options to a consultant of the Company to purchase common shares of the Company for the price of CAD$1.03 for a period of five years from the date of grant. The options shall vest in eight equal instalments every three months such that all options shall fully vests on the date that is 24 months from the date of grant. These options have an estimated grant date fair value of $299,286 using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 137%; risk-free interest rate of 3.04%; and an expected average life of 5 years.

The Company recorded $460,147 of share-based payments related to stock options during the six months ended June 30, 2026 (six months ended June 30, 2025 - $3,747,773).

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

22.

Share-based payments reserves (continued)

Stock option plan (continued)

The following stock options were outstanding at June 30, 2026:

Number outstanding		Number exercisable		Grant date	Expiry date	Exercise price		Vested fair value at reporting date		Grant date share price (CAD)		Expected volatility			Expected life (yrs)		Expected dividend yield			Risk-free interest rate
	500,000		500,000	13-Aug-21	13-Aug-26	$	1.58		469,962	$	1.43		144	%		5		0	%		0.84	%
	210,000		210,000	13-Oct-21	13-Oct-26	$	2.10		292,262	$	2.10		144	%		5		0	%		1.27	%
	500,000		500,000	9-Nov-21	9-Nov-26	$	3.92		478,839	$	3.92		144	%		5		0	%		1.37	%
	500,000		500,000	9-May-22	9-May-27	$	2.00		437,859	$	1.34		146	%		5		0	%		2.76	%
	500,000		500,000	20-May-22	20-May-27	$	1.00		247,278	$	0.75		147	%		5		0	%		2.70	%
	500,000		500,000	17-Oct-22	17-Oct-27	$	0.17		55,736	$	0.17		150	%		5		0	%		3.60	%
	500,000		500,000	24-Nov-23	24-Nov-28	$	0.29		102,077	$	0.29		152	%		5		0	%		3.83	%
	4,500,000		4,500,000	4-Dec-23	4-Dec-28	$	0.45		1,599,727	$	0.45		152	%		5		0	%		3.54	%
	100,000		100,000	12-Mar-24	12-Mar-29	$	0.69		47,089	$	0.69		154	%		5		0	%		3.47	%
	62,500		62,500	23-Apr-24	23-Apr-29	$	0.77		30,202	$	0.77		154	%		5		0	%		3.79	%
	250,000		250,000	1-May-24	1-May-29	$	0.77		127,929	$	0.77		154	%		5		0	%		3.63	%
	4,000,000		4,000,000	4-Jun-24	4-Jun-29	$	1.26		3,445,474	$	1.26		155	%		5		0	%		4.08	%
	3,667,187		-	29-Jul-24	29-Jul-29	$	2.17		-	$	2.39		156	%		5		0	%		3.20	%
	100,000		75,000	4-Nov-24	4-Nov-29	$	2.28		155,335	$	2.30		150	%		5		0	%		3.04	%
	46,500		46,500	4-Nov-24	4-Nov-29	$	2.28		72,368	$	2.30		150	%		5		0	%		3.04	%
	100,000		75,000	6-Dec-24	6-Dec-29	$	4.50		355,534	$	5.24		151	%		5		0	%		2.81	%
	35,000		35,000	6-Dec-24	6-Dec-29	$	4.50		124,892	$	5.24		151	%		5		0	%		2.81	%
	100,000		100,000	6-Jan-25	6-Jan-30	$	4.59		304,449	$	4.59		151	%		5		0	%		2.96	%
	850,000		850,000	28-Jan-25	28-Jan-30	$	4.52		2,515,536	$	4.52		150	%		5		0	%		2.89	%
	50,304		50,304	26-May-25	26-May-30	$	4.97		162,653	$	4.97		143	%		5		0	%		2.92	%
	50,304		50,304	26-May-25	26-May-30	$	4.97		162,653	$	4.97		143	%		5		0	%		2.92	%
	70,422		70,422	26-May-25	26-May-30	$	4.97		227,702	$	4.97		143	%		5		0	%		2.92	%
	200,000		-	11-Jul-25	11-Jul-30	$	4.00		504,949	$	4.00		143	%		5		0	%		3.03	%
	450,000			15-Apr-26	15-Apr-31	$	1.03		82,437	$	1.03		137	%		5		0	%		3.04	%
	17,842,217		13,475,030						12,002,942

The weighted average remaining contractual life of the options exercisable at June 30, 2026 was 2.6 years (December 31, 2025 – 2.7 years).

Warrants

As at June 30, 2026, the Company had share purchase warrants outstanding as follows:

	Number outstanding & exercisable		Grant date	Expiry date	Exercise price		Fair Value			Grant date share price (CAD)		Expected volatility			Expected life (yrs)		Expected dividend yield			Risk-free interest rate
Warrants		20,000,000	6-Nov-23	6-Nov-28	$	0.20		591,881		$	0.17		151.9	%		5		0	%		3.87	%
Warrant issue costs								(5,533	)
		20,000,000						586,348

See Note 14 for warrant liability.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

22.

Share-based payments reserves (continued)

Deferred Share Units Plan (DSUs)

In August 2025, the Company adopted the Omnibus Plan. Eligible participants of the Omnibus Plan include any director, officer, employee or consultant of the Company. The Board fixes the vesting terms it deems appropriate when granting DSUs. The number of DSUs that may be granted under the Omnibus Plan may not exceed 5% of the total issued and outstanding Common Shares at the time of grant. The grant date fair value of DSUs is based on the share price on the grant date, unless stated otherwise.

On January 6, 2025, the Company granted 100,000 DSUs to an officer of the Company. These DSUs have a grant day fair value of $330,000 and vest in three equal installments every year, with the first installment vesting one year from the grant date.

On January 28, 2025, the Company granted 1,400,000 DSUs to an officer of the Company. These DSUs have a grant day fair value of $4,553,000 and vest in three equal installments every year, with the first installment vesting one year from the grant date.

On May 26, 2025, the Company granted 35,000 DSUs to consultants of the Company. These DSUs have a grant day fair value of $125,165 and vest in one year from the date of grant.

On May 26, 2025, the Company granted 200,000 DSUs to a consultant of the Company. These DSUs have a grant day fair value of $715,000 and vested on completion of certain performance conditions. These conditions were met during the year ended December 31, 2025 and as such, the DSUs vested during this period.

On May 26, 2025, the Company granted 60,362 DSUs to a consultant of the Company. These DSUs have a grant day fair value of $216,000 and vest in four equal installments every six months, with the first installment vesting six months from the grant date.

On July 11, 2025, the Company granted 44,323 DSUs to a consultant of the Company. These DSUs have a grant day fair value of $128,000 and vest in four equal installments every six months, with the first installment vesting six months from the grant date.

The Company recorded $957,025 in share-based compensation related to DSUs during the six months ended June 30, 2026 (six months ended June 30, 2025 - $5,392,642).

Restricted Share Units Plan (RSUs)

On May 20, 2025, the Company adopted the Omnibus Plan, which allows for the issuance of RSUs. Eligible participants of the plan include any director, officer, employee or consultant of the Company. The Board fixes the vesting terms it deems appropriate when granting RSUs. The number of RSUs that may be granted under the Omnibus Plan may not exceed 5% of the total issued and outstanding Common Shares at the time of grant. The grant date fair value of RSUs is based on the share price on the grant date, unless stated otherwise.

On October 16, 2025, the Company granted 500,000 RSUs to consultants of the Company. These RSUs have a grant date fair value of $500,000 and vest in eight equal installments every three months following the grant date, with the first installment vesting on the grant date.

On October 16, 2025, the Company granted 500,000 RSUs to consultants of the Company. These RSUs have a grant date fair value of $500,000 and vest on the closing price of the Company’s common shares hitting a specified price. The Company used a Monte Carlo simulation to determine the fair value of these RSUs. The awards were fair valued using the Monte Carlo simulation with the assumptions of a risk free rate of 2.4%, expected volatility of 130.0%, a random variable of nil, a dividend yield of 0.0% and a term of 3.16 years. These RSUs have not vested as of December 31, 2025.

On November 5, 2025, the Company granted 695,000 RSUs to consultants and officers of the Company. These RSUs have a grant date fair value of $1,216,250 and vest in eight equal installments every three months following the grant date, with the first installment vesting on the grant date.

On November 5, 2025, the Company granted 300,000 RSUs to an officer of the Company. These RSUs have a grant date fair value of $525,000 and vest in four equal installments every three months following the grant date, with the first installment vesting on the grant date.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

22.

Share-based payments reserves (continued)

Restricted Share Units Plan (RSUs) (continued)

On November 28, 2025, the Company granted 150,000 RSUs to a consultant of the Company. These RSUs have a grant date fair value of $262,500, with 50,000 RSUs vesting immediately and the remaining 100,000 RSUs vesting six months from the grant date.

On January 1, 2026, the Company granted 26,188 RSUs to directors of the Company. These RSUs have a grant date fair value of $60,057 and vest on the grant date.

On January 6, 2026, the Company granted 53,572 RSUs to directors of the Company. These RSUs have a grant date fair value of $40,499 and vest on the grant date.

On April 7, 2026, the Company granted 73,834 RSUs to directors of the Company. These RSUs have a grant date fair value of $40,634 and vest on the grant date.

On April 15, 2026, the Company granted 350,000 RSUs to a consultant of the Company. These RSUs have a grant day fair value of $269,710 and vest in eight equal installments every three months, with the first installment vesting three months from the grant date.

On May 5, 2026, the Company granted 625,000 RSUs to a consultant of the Company. These RSUs have a grant day fair value of $489,063 and vest in eight equal installments every three months, with the first installment vesting three months from the grant date.

Performance Share Units Plan (PSUs)

On May 20, 2025, the Company adopted the share incentive plan, which allows for the issuance of PSUs. Eligible participants of the share incentive plan include any director, officer, employee or consultant of the Company. The Board fixes the vesting terms it deems appropriate when granting PSUs. The number of PSUs that may be granted under the share incentive plan may not exceed 5% of the total issued and outstanding Common Shares at the time of grant.

On October 30, 2025, the Company granted 2,000,000 PSUs to an officer of the Company. These PSUs have a grant date fair value of $3,580,000 and vest when the Company hits specific milestones. As at December 31, 2025, these milestones have not been achieved and no amount has been expensed in relation to this grant. These PSUs will be cash settled with the officer and as such, have been recorded as an accrue liability and have not been included in share-based payment reserve at December 31, 2025.

On October 30, 2025, the Company granted 2,000,000 PSUs to an officer of the Company. These PSUs have a grant date fair value of $3,580,000 and vest in four equal installments every three months following the grant date, with the first installment vesting three months from the grant date. These PSUs will be cash settled with the officer and as such, have been recorded as an accrued liability and have not been included in share-based payment reserve at December 31, 2025.

On November 5, 2025, the Company granted 200,000 PSUs to an officer of the Company. These PSUs have a grant date fair value of $151,000 and vest in four equal installments every four months following the grant date, with the first installment vesting on the grant date.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments

Financial assets and financial liabilities as at June 30, 2026 and December 31, 2025 are as follows:

	Asset / (liabilities) at amortized cost			Assets /(liabilities) at fair value through profit/(loss)			Total
December 31, 2025
Cash	$	91,234,090		$	-		$	91,234,090
Client Cash Deposits		5,615,054			-			5,615,054
Digital assets, digital assets loaned, and digital assets staked		-			515,586,931			515,586,931
Equity investments		-			131,982,050			131,982,050
Public investments		-			272,520			272,520
Private investments		-			29,372,628			29,372,628
Accounts payable and accrued liabilities		(9,270,110	)		-			(9,270,110	)
Loan payable		(2,611,009	)		-			(2,611,009	)
Lease liability		(3,102,188	)		-			(3,102,188	)
Warrant liability		-			(13,599,316	)		(13,599,316	)
Trading liabilities		-			(24,122,640	)		(24,122,640	)
ETP holders payable		-			(622,304,667	)		(622,304,667	)
June 30, 2026
Cash	$	60,311,712		$	-		$	60,311,712
Client Cash Deposits		6,935,781			-			6,935,781
Other financial assets		2,000,921			17,049,562			19,050,483
Digital assets, digital assets loaned, and digital assets staked		-			365,799,777			365,799,777
Equity investments		-			60,576,922			60,576,922
Public investments		-			335,280			335,280
Private investments		-			15,147,378			15,147,378
Accounts payable and accrued liabilities		(5,127,267	)		-			(5,127,267	)
Loan payable		-			-			-
Lease liability		-			-			-
Warrant liability		-			(4,688,356	)		(4,688,356	)
Trading liabilities		-			(23,409,429	)		(23,409,429	)
ETP holders payable		-			(397,243,174	)		(397,243,174	)

The Company’s financial instruments are exposed to several risks, including market, liquidity, credit and currency risks. There have been no significant changes in the risks, objectives, policies and procedures from the previous year. A discussion of the Company’s use of financial instruments and their associated risks is provided below:

Credit risk

Credit risk arises from the non-performance by counterparties of contractual financial obligations. The Company’s primary counterparty related to its cash carries an investment grade rating as assessed by external rating agencies. The Company maintains all or substantially all of its cash with a major financial institution domiciled in Canada, the United States and Europe. Deposits held with this institution may exceed the amount of insurance provided on such deposits.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

Expected credit losses related to digital assets loaned are recorded in the bad debt expense on the consolidated statement of operations (Note 6 and Note 12). Expected credit losses related to collateral provided on the Company’s loan payable has been recorded through unrealized losses on digital assets in the statement of operations. Expected credit losses for the six months ended June 30, 2026, are as follows:

	Asset	Quantity		Current		Non-current		Gross Total		ECL			Net Total
Counterparty A	SOL		274,177.8082		13,216,153		6,845,410		20,061,563		(69,146	)		19,992,417
Counterparty E	BTC		67.97932		3,963,437.00		-		3,963,437		(2,972,578	)		990,859

Regulatory Risks

As cryptocurrencies have grown in both popularity and market size, governments around the world have reacted differently to cryptocurrencies with certain governments deeming them illegal while others have allowed their use and trade. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the ability of the Company to continue to operate. The effect of any future regulatory change on the DeFi ecosystem or any cryptocurrency, project or protocol that the Company may hold is impossible to predict, but such change could be substantial and adverse to the space as a whole, as well as potentially to the Company. Governments may, in the future, restrict or prohibit the acquisition, use or redemption of cryptocurrencies. Ownership of, holding or trading in cryptocurrencies may then be considered illegal and subject to sanction. Governments may also take regulatory action that may increase the cost and/or subject cryptocurrency mining companies to additional regulation.

Custodian Risks

The Company uses multiple custodians (or third-party “wallet providers”) to hold digital assets for its DeFi Ventures business line as well as for digital assets underlying Valour Cayman ETPs. Such custodians may or may not be subject to regulation by U.S. state or federal or non-U.S. governmental agencies or other regulatory or self-regulatory organizations. The Company could have a high concentration of its digital assets in one location or with one custodian, which may be prone to losses arising out of hacking, loss of passwords, compromised access credentials, malware or cyberattacks. Custodians may not indemnify us against any losses of digital assets. Digital assets held by certain custodians may be transferred into “cold storage” or “deep storage,” in which case there could be a delay in retrieving such digital assets. The Company may also incur costs related to the third-party custody and storage of its digital assets. Any security breach, incurred cost or loss of digital assets associated with the use of a custodian could materially and adversely affect our trading execution, the value of our and the value of any investment in our common shares. Furthermore, there is, and is likely to continue to be, uncertainty as to how U.S. and non-U.S. laws will be applied with respect to custody of cryptocurrencies and other digital assets held on behalf of clients. For example, U.S.- regulated investment advisers may be required to keep client “funds and securities” with a “qualified custodian”; there remain numerous questions about how to interpret and apply this rule, and how to identify a “qualified custodian” of, digital assets, which are obviously kept in a different way from the traditional securities with respect to which such rules were written. The uncertainty and potential difficulties associated with this question and related questions could materially and adversely affect our ability to continuously develop and launch our business lines. The Company may also incur costs related to the third-party custody and storage of its digital assets. Any security breach, incurred cost or loss of digital assets associated with the use of a custodian could materially and adversely affect the execution of hedging ETPs, the value of the Company’s assets and the value of any investment in the Common Shares.

Liquidity risk

Liquidity risk is the risk that the Company will not have sufficient cash resources to meet its financial obligations as they come due. The Company’s liquidity and operating results may be adversely affected if the Company’s access to the capital markets is hindered, whether as a result of a downturn in stock market conditions generally or related to matters specific to the Company, or if the value of the Company’s investments declines, resulting in losses upon disposition. In addition, some of the investments the Company holds are lightly traded public corporations or not publicly traded and may not be easily liquidated. The Company generates cash flow from proceeds from the disposition of its investments and digital assets. There can be no assurances that sufficient funding, including adequate financing, will be available to cover the general and administrative expenses necessary for the maintenance of a public company.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

The Company manages liquidity risk by maintaining adequate cash balances and liquid investments and digital assets. The Company continuously monitors and reviews both actual and forecasted cash flows, and also matches the maturity profile of financial and non-financial assets and liabilities. As at June 30, 2026, the Company had current assets of $482,885,431 (December 31, 2025 - $667,317,486) to settle current liabilities of $430,645,145 (December 31, 2025 - $672,461,715).

The following table shows the Company’s source of liquidity by assets / (liabilities) as at June 30, 2026 and December 31, 2025:

	June 30, 2026
	Total			Less than 1 year			1-3 years
Cash	$	60,311,712		$	60,311,712		$	-
Client cash deposits		6,935,781			6,935,781			-
Prepaid expenses		7,683,328			7,683,328			-
Digital assets, digital assets loaned, and digital assets staked		365,799,777			356,237,483			9,562,294
Public Investments		335,280			335,280			-
Private investments		15,147,378			-			15,147,378
Other financial assets		19,050,483			19,050,483			-
Equity investments		60,576,922			41,282,835			19,294,087
Accounts payable and accrued liabilities		(5,127,267	)		(5,127,267	)		-
Loan payable		-			-			-
Trading liabilities		(23,409,429	)		(23,409,429	)
Lease liability		-			-			-
ETP holders payable		(397,243,174	)		(397,243,174	)		-
Total assets / (liabilities)	$	110,060,791		$	66,057,032		$	44,003,759

	December 31, 2025
	Total			Less than 1 year			1-3 years
Cash	$	91,234,090		$	91,234,090		$	-
Client cash deposits		5,615,054			5,615,054			-
Prepaid expenses		9,596,921			9,596,921			-
Digital assets, digital assets loaned, and digital assets staked		515,586,931			482,763,021			32,823,910
Public Investments		272,520			272,520			-
Private investments		29,372,628			-			29,372,628
Equity investments		131,982,050			75,411,946			56,570,104
Accounts payable and accrued liabilities		(9,270,110	)		(9,270,110	)		-
Loan payable		(2,611,009	)		(2,611,009	)		-
Trading liabilities		(24,122,640	)		(24,122,640	)
Lease liability		(3,102,188	)		(553,973	)		(2,548,215	)
ETP holders payable		(622,304,667	)		(622,304,667	)		-
Total assets / (liabilities)	$	122,249,580		$	6,031,153		$	116,218,427

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

Digital assets included in the table above are non-financial assets except USDC. For the purposes of liquidity risk analysis, these non-financial assets were included as they are mainly utilized to pay off any redemptions related to ETP holders payable, a financial liability. The lent and staked digital assets fall under the “less than 1 year” bucket.

Market risk

The Company is exposed to market risk in trading its investments and unfavourable market conditions could result in dispositions of investments at less than favorable prices. At June 30, 2026, one investment made up approximately 0.03% (December 31, 2025 – one investment of 0.03%) of the total assets of the Company.

(a)

Price and concentration risk

The Company is exposed to market risk in trading its investments and unfavourable market conditions could result in dispositions of investments at less than favorable prices. In addition, most of the Company’s investments are in the technology and resource sector. At June 30, 2026, the company had one investment exposed to market risk (December 31, 2025 – one investment) of the total assets of the Company.

(b)

Interest rate risk

The Company’s cash is subject to interest rate cash flow risk as it carries variable rates of interest. The Company’s interest rate risk management policy is to purchase highly liquid investments with a term to maturity of one year or less on the date of purchase. Based on cash balances on hand at June 30, 2026, a 1% change in interest rates could result in approximately $603,000 change in net loss.

(c)

Currency risk

Currency risk is the risk that the fair value of, or future cash flows from, the Company’s financial instruments will fluctuate because of changes in foreign exchange rates. The Company’s operations are exposed to foreign exchange fluctuations, which could have a significant adverse effect on its results of operations from time to time. The Company’s foreign currency risk arises primarily with respect to Canadian dollar, Euro, Swiss Franc, Swedish Krona and British Pound. Fluctuations in the exchange rates between this currency and the U.S. dollar could have a material effect on the Company’s business, financial condition and results of operations. The Company does not engage in any hedging activity to mitigate this risk. The Company reduces its currency risk by maintaining minimal cash balances held in foreign currency.

As at June 30, 2026 and December 31, 2025, the Company had the following financial and non-financial assets and liabilities, (amounts posted in Canadian dollars) denominated in foreign currencies:

	June 30, 2026
	Canadian Dollars		British Pound		Swiss Franc			Swedish Krona			European Euro			Arab Emirates Dirham
Cash	$	988,138	$	679,144	$	1,156,641		$	16,911,084		$	6,644,235		$	113,693
Private investments		505,435		—		—			—			—			—
Public investments		335,280		—		—			—			—			—
Prepaid		—		—		453,147			—			—			7,545
Accounts payable and accrued liabilities		544,371		—		(232,763	)		—			—			(143,355	)
ETP holders payable		—		—		—			(47,807,101	)		(3,407,542	)		—
Net assets (liabilities)	$	2,373,224	$	679,144	$	1,377,025		$	(30,896,017	)	$	3,236,693		$	(22,117	)

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

	December 31, 2025
	Canadian Dollars			British Pound		Swiss Franc			Swedish Krona			European Euro			Arab Emirates Dirham
Cash	$	2,284,909		$	51,536	$	8,928,624		$	12,978,875		$	4,570,541		$	457,515
Private investments		25,172,753			-		-			-			-
Prepaid investment		-			-		528,255			-			-			34,278
Accounts payable and accrued liabilities		(1,003,289	)		-		(449,107	)		-			(20,219	)		(14,057	)
ETP holders payable		-			-		-			(285,235,369	)		(9,211,650	)		-
Net assets (liabilities)	$	26,454,373		$	51,536	$	9,007,772		$	(272,256,494	)	$	(4,661,328	)	$	477,736

A 10% increase (decrease) in the value of the US dollar against all foreign currencies in which the Company held financial instruments as of June 30, 2026 would result in an estimated increase (decrease) in net income of approximately $2,325,000 (June 30, 2025 - $8,830,000).

(d)

Digital currency risk factors: Perception, Evolution, Validation and Valuation

A digital currency does not represent an intrinsic value or a form of credit. Its value is a function of the perspective of the participants within the marketplace for that digital currency. The price of the digital currency fluctuates as a result of supply and demand pressures that accumulate in the market for it.

Having a finite supply (in the case of many but not all digital currencies), the more people who want to own that digital currency, the more the market price increases and vice-versa.

The most common means of determining the value of a digital currency is through one or more cryptocurrency exchanges where that digital currency is traded. Such exchanges publicly disclose the “times and sales” of the various listed pairs. As the marketplace for digital currencies evolves, the process for assessing value will become increasingly sophisticated.

(e)

Fair value of financial instruments

The Company has determined the carrying values of its financial instruments as follows:

The carrying values of cash, amounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these instruments.

ii.

Public investments, private investments, and derivative liabilities are carried at amounts in accordance with the Company’s accounting policies as set out in Note 2 in the Company’s December 31, 2025 financial statements.

iii.

Other investments are carried at fair value through profit and loss.

iv.

Digital assets classified as financial assets relate to USDC which is measured at fair value.

Warrant liability carried at its fair value.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

The following table illustrates the classification and hierarchy of the Company’s financial instruments, measured at fair value in the statements of financial position as at June 30, 2026 and December 31, 2025.

	Level 1 (Quoted Market price)		Level 2 (Valuation technique -observable market Inputs)		Level 3 (Valuation technique - non-observable market inputs)			Total
Privately traded investments	$	-	$	-	$	29,372,628		$	29,372,628
Digital assets		-		496,934,790		18,652,141			515,586,931
Equity investments		-		-		131,982,050			131,982,050
Publicly traded investments		272,520		-		-			272,520
Warrant liability		-		-		(13,599,316	)		(13,599,316	)

December 31, 2025	$	272,520	$	496,934,790	$	166,407,503		$	663,614,813

Privately traded investments	$	-	$	-	$	15,147,378		$	15,147,378
Other investments		19,050,483		-		-			19,050,483
Digital assets		-		359,472,791		6,326,986			365,799,777
Equity investments		-		-		60,576,922			60,576,922
Publicly traded investments		335,280		-		-			335,280
Warrant liability		-		-		(4,688,356	)		(4,688,356	)
June 30, 2026	$	19,385,763	$	359,472,791	$	77,362,930		$	456,221,484

Level 1 Hierarchy

The following table presents the changes in fair value measurements of financial instruments classified as Level 1 during the periods ended June 30, 2026 and December 31, 2025. These financial instruments are measured at fair value based utilizing quoted market prices. The net realized losses and net unrealized gains are recognized in the statements of loss.

Level 1 investments, financial assets at fair value	June 30, 2026			December 31, 2025
Opening balance	$	272,520		$	778,085
Realized loss on investments		-			(419,093	)
Additions		22,180,585			-
Unrealized loss on investments		(3,056,555	)		-
Foreign exchange loss		(10,787	)		-
Transferred from level 3		-			272,520
Investments sold		-			(358,992	)
	$	19,385,763		$	272,520

Strategy Variable Rate Perpetual Stretch Preferred Shares Series A ( “STRC”)

During the six months ended June 30, 2026, the Company invested $ in STRC. As of June 30, 2026, the valuation of STRC was based on market price of STRC preferred shares. During the six months ended June 30, 2026, the Company recorded a loss of $2,950,428 through the statement of income related to the preferred shares. As at June 30, 2026, a +/- 10% change in the fair value of these preferred shares will result in a corresponding +/- $1,704,956 change in the carrying amount (December 31, 2025 - $nil).

TenX Protocols Inc. (“TenX”)

On July 24, 2025, the Company invested $718,339 to acquire 1,334,000 subscription receipts of TenX. During the year ended December 31, 2025, the Company converted its 1,334,000 subscription receipts into 1,334,000 common shares and 667,000 common share purchase warrants. As a result of this conversion, the Company revalues its investment in TenX based on the market price of the TenX shares at the end of each reporting period. During the six months ended June 30, 2025, the Company received an additional 938,831 TenX shares. As at June 30, 2026, the valuation of TenX was $335,280 (December 31, 2025 - $272,520). As at June 30, 2026, a +/- 10% change in the fair value of TenX will result in a corresponding +/- $33,528 change in the carrying amount (December 31, 2025 - $27,252).

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

(e)

Fair value of financial instruments (continued)

Level 2 Hierarchy

The following table presents the changes in fair value measurements of financial instruments classified as Level 2 during the periods ended June 30, 2026 and December 31, 2025. These financial instruments are measured at fair value utilizing observable market inputs. The net realized losses and net unrealized gains are recognized in the statements of loss.

Level 2 investments, financial assets at fair value	June 30, 2026			December 31, 2025
Opening balance	$	496,934,790		$	555,838,900
Digital assets acquired		34,559,755			232,267,760
Digital assets disposed		(16,466,844	)		(87,878,518	)
Digital assets earned from staking, lending and fees		3,677,070			12,332,036
Realized gain on digital assets		(60,135,440	)		49,635,380
Unrealized losses on digital assets		(140,304,931	)		(260,376,909	)
Settlement of Genesis loan		-			(6,100,598	)
Digital assets transferred in from level 3		30,731,127			2,749,352
Digital assets from settlement of ETPs		10,378,596			-
Fees and other		98,668			(1,532,613	)
	$	359,472,791		$	496,934,790

Level 3 Hierarchy

The following table presents the changes in fair value measurements of financial instruments classified as Level 3 during the periods ended June 30, 2026 and December 31, 2025. These financial instruments are measured at fair value utilizing non-observable market inputs. The net realized losses and net unrealized gains are recognized in the statements of loss.

Level 3 investments, financial assets at fair value	June 30, 2026			December 31, 2025
Opening balance	$	180,006,819		$	294,773,144
Transferred to level 1		-			(272,520	)
Acquired as subsidiary		-			(379,906	)
Realized gain		(2,228,661	)		31,217,931
Unrealized (loss)/ gain		(51,115,272	)		(121,974,940	)
Transferred to level 2		(30,731,127	)		(2,749,352	)
Foreign exchange loss		(523,862	)		(527,269	)
Equity investments disposed		(15,965,180	)		(71,685,819	)
Cash		15,965,179			50,865,445
Cash transferred to bank		(15,965,179	)		-
Management fees		(248,663	)		-
Digital assets earned from staking, lending and fees		2,857,232			740,105
	$	82,051,286		$	180,006,819

Within Level 3, the Company includes private company investments that are not quoted on an exchange. The key assumptions used in the valuation of these instruments include (but are not limited to) the value at which a recent financing was done by the investee, company-specific information, trends in general market conditions and the share performance of comparable publicly traded companies.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

(e)

Fair value of financial instruments (continued)

Level 3 investments, financial liabilities at fair value	June 30, 2026			December 31, 2025
Opening balance	$	13,599,316		$	-
Warrants granted		-			53,195,195
Change in fair value		(8,910,960	)		(39,595,879	)
	$	4,688,356		$	13,599,316

As valuations of investments for which market quotations are not readily available, are inherently uncertain, may fluctuate within short periods of time and are based on estimates, determination of fair value may differ materially from the values that would have resulted if a ready market existed for the investments. Given the size of the private investment portfolio, such changes may have a significant impact on the Company’s financial condition or operating results.

The following table presents the fair value, categorized by key valuation techniques and the unobservable inputs used within Level 3 as at June 30, 2026 and December 31, 2025.

Description	Fair value		Valuation technique	Significant unobservable input(s)	Range of significant unobservable input(s)
Luxor Technology Corporation	$	524,963	Recent financing	Marketability of shares	0% discount
Amina Bank		24,285,752	Market approach	Marketability of shares	0% discount
ZKP Corporation		1,000,000	Recent financing	Marketability of shares	0% discount
Global Benchmarks AB		199,875	Recent financing	Marketability of shares	0% discount
CH Technical Solutions SA		362,038	Recent financing	Marketability of shares	0% discount
Canada Stablecorp Inc.		500,000	Recent financing	Marketability of shares	0% discount
Continental Stable Coin		500,000	Recent financing	Marketability of shares	0% discount
Bonsol Labs Inc.		2,000,000	Recent financing	Marketability of shares	0% discount
Equity Investments in digital		131,982,050	Market approach	Discount for lack of marketability	16% discount
Digital assets on loan		18,652,141	Market approach	Discount for lack of marketability	30% discount
December 31, 2025	$	180,006,819

Luxor Technology Corporation	$	505,435	Recent financing	Marketability of shares	0% discount
Amina Bank		11,442,068	Market approach	Marketability of shares	0% discount
ZKP Corporation		-	Recent financing	Marketability of shares	0% discount
Global Benchmarks AB		199,875	Recent financing	Marketability of shares	0% discount
CH Technical Solutions SA		-	Recent financing	Marketability of shares	0% discount
Canada Stablecorp Inc.		500,000	Recent financing	Marketability of shares	0% discount
Continental Stable Coin		500,000	Recent financing	Marketability of shares	0% discount
Bonsol Labs Inc.		2,000,000	Recent financing	Marketability of shares	0% discount
Equity Investments in digital		60,576,922	Market approach	Discount for lack of marketability	13% discount
Digital assets on loan		6,326,986	Market approach	Discount for lack of marketability	25% discount
June 30, 2026	$	82,051,286

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

(e)

Fair value of financial instruments (continued)

Luxor Technology Corporation (“LTC”)

On December 29, 2020, the Company subscribed $100,000 to acquire certain rights to the preferred shares of LTC. The transaction was closed on February 15, 2021. On May 11, 2021, the Company subscribed to additional rights of $62,500. Management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at June 30, 2026. As at June 30, 2026 the valuation of LTC was $505,435 (December 31, 2025 - $524,963). As at June 30, 2026, a +/- 10% change in the fair value of LTC will result in a corresponding +/- $50,544 (December 31, 2025 - $52,496) change in the carrying amount.

Amina Bank AG (“Amina”)

On January 14, 2022, the Company invested $25,286,777 (CAD$34,498,750) to acquire 3,906,250 non-votes shares of Amina. During the year ended December 31, 2025 and the six months ended June 30, 2026, the Company impaired its investment in Amina due to the decrease in Amina’s assets under management. As at June 30, 2026, the valuation of Amina was $11,442,068 (December 31, 2025 - $24,285,752). As at June 30, 2026, a +/- 10% change in the fair value of Amina will result in a corresponding +/- $1,144,207 (December 31, 2025 +/- $2,428,575) change in the carrying amount.

ZKP Corporation (“ZKP”)

On August 2, 2024, the Company invested $1,000,000 to acquire shares of ZKP. During the six months ended June 30, 2026, the Company impaired its investment in ZKP. As at June 30, 2026, the valuation of ZKP was $nil (December 31, 2025 - $1,000,000). As at June 30, 2026, a +/- 10% change in the fair value of ZKP will result in a corresponding +/- $nil change in the carrying amount (December 31, 2025 - $100,000).

Global Benchmarks AB (“Global Benchmarks”)

On September 24, 2024, the Company invested $199,875 to acquire shares of Global Benchmarks. As at June 30, 2026, the valuation of Global Benchmarks was based on a recent financing price. Management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at June 30, 2026. As at June 30, 2026, a +/- 10% change in the fair value of Global Benchmarks will result in a corresponding +/- $19,988 change in the carrying amount (December 31, 2025 - $19,988).

CH Technical Solutions SA (“CH Technical”)

On September 24, 2024, the Company invested $3,971,272 to acquire 25 shares of CH Technical. During the year ended December 31, 2025 and the six months ended June 30, 2026, the Company impaired its investment in CH Technical based on the investments in CH Technical. As at June 30, 2026, the valuation of CH Technical was $nil (December 31, 2025 - $362,038). As at June 30, 2026, a +/- 10% change in the fair value of CH Technical will result in a corresponding +/- $nil change in the carrying amount (December 31, 2025 - $36,204).

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

23.

Financial instruments (continued)

(e)

Fair value of financial instruments (continued)

Canada Stablecorp Inc.

On September 9, 2025, the Company invested $499,999 to acquire 303,030 shares of Canada Stablecorp Inc. As at December 31, 2025, the valuation of Canada Stablecorp Inc. was based on a recent financing price. Management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at June 30, 2026. As at June 30, 2026, a +/- 10% change in the fair value of Canada Stablecorp Inc. will result in a corresponding +/- $50,000 change in the carrying amount (December 31, 2025 - $50,000).

Continental Stable Coin

On July 25, 2025, the Company invested $500,000 to acquire rights to certain preferred shares of Continental Stable Coin. As at June 30, 2026, the valuation of Continental Stable Coin was based on a recent financing price. Management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at June 30, 2026. As at June 30, 2026, a +/- 10% change in the fair value of Continental Stable Coin will result in a corresponding +/- $50,000 change in the carrying amount (December 31, 2025 - $50,000).

Bonsol Labs Inc. (“Bonsol”)

On November 13, 2025, the Company invested $2,000,000 to acquire rights to certain preferred shares of Bonsol. As at June 30, 2026, the valuation of Bonsol was based on a recent financing price. Management has determined that there are no reasonably possible alternative assumptions that would change the fair value significantly as at June 30, 2026. As at June 30, 2026, a +/- 10% change in the fair value of Bonsol will result in a corresponding +/- $200,000 change in the carrying amount (December 31, 2025 - $200,000).

SUI Digital Assets Loaned at FVTPL

During Q2 2025, the Company invested $41,160,000 to acquire SUI digital assets. Management used the net asset values as determined by market pricing and applied a 26% discount for lack of marketability. As at June 30, 2026, a +/- 10% change in the fair value of the SUI digital assets loaned will result in a corresponding +/- $605,769 change in the carrying amount (December 31, 2025 - $1,865,214).

Equity Investments in Digital Assets Funds at FVTPL (“Equity Investments”)

During Q2 2024, the Company invested $173,814,136 to acquire interest in two entities set up to hold SOL and AVAX acquired from a bankrupt estate. Management used the net asset values as determined by the entities managers and applied a 13% discount for lack of marketability. As at June 30, 2026, a +/- 10% change in the fair value of the Equity Investments will result in a corresponding +/- $6,057,692 change in the carrying amount (December 31, 2025 - $13,198,205).

24.

Digital asset risk

(a)

Digital currency risk factors: Risks due to the technical design of cryptocurrencies

The source code of many digital currencies, such as Bitcoin, is public and may be downloaded and viewed by anyone. As with all code, there may be a bug in the respective code which is yet to be found and repaired and can ultimately jeopardize the integrity and security of one or more of these networks.

Should miners for reasons yet unknown cease to register completed transactions within blocks which have been detached from the block chain, the confidence in the protocol and network will be reduced, which will reduce the value of the digital currency associated with that protocol, and the ETP payable balances that are valued with reference to the respective digital asset.

Protocols for most digital assets or cryptocurrencies are public open-source software, they could be particularly vulnerable to hacker attacks, which could be damaging for the digital currency market and may be the cause for investors to choose other currencies or assets to invest in.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

24.

Digital asset risk (continued)

(b)

Digital currency risk factors: Ownership, Wallets

Rather than the actual cryptocurrency (which are “stored” on the blockchain), a cryptocurrency wallet stores the information necessary to transact the cryptocurrency. Those digital credentials are needed so one can access and spend the underlying digital assets. Some use public-key cryptography in which two cryptographic keys, one public and one private, are generated and stored in a wallet. There are several types of wallets:

Hardware wallets are USB-like hardware devices with a small screen built specifically for handling private keys and public keys/addresses.

Paper wallets are simply paper printouts of private and public addresses.

Desktop wallets are installable software programs/apps downloaded from the internet that hold your private and public keys/addresses.

Mobile wallets are wallets installed on a mobile device and are thus always available and connected to the internet.

Web wallets are hot wallets that are always connected to the internet that can be stored in a browser or can be “hosted” by third party providers such as an exchange.

(c)

Digital currency risk factors: Political, regulatory risk and technology in the market of digital currencies

The legal status of digital currencies, inter alia Bitcoin varies between different countries. The lack of consensus concerning the regulation of digital currencies and how such currencies shall be handled tax wise causes insecurity regarding their legal status. As all digital currencies remain largely unregulated assets, there is a risk that politics and future regulations may negatively impact the market of digital currencies and companies operating in such market. It is impossible to estimate how politics and future regulations may affect the market. However, future regulations and changes in the legal status of the digital currencies is a political risk which may affect the price development of the tracked digital currencies.

The perception (and the extent to which it is held) that there is significant usage of the digital assets in connection with criminal or other illicit purposes, could materially influence the development and regulation of digital assets (potentially by curtailing the same).

As technological change occurs, the security threats to the Company’s cryptocurrencies, DeFi protocol tokens and other digital assets will likely adapt and previously unknown threats may emerge. The Company’s ability to adopt technology in response to changing security needs or trends may pose a challenge to the safekeeping of the Company’s cryptocurrencies, DeFi protocol tokens and other digital assets. To the extent that the Company is unable to identify and mitigate or stop new security threats, the Company’s cryptocurrencies, DeFi protocol tokens and other digital assets may be subject to theft, loss, destruction or other attack.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

25.

Capital management

The Company considers its capital to consist of share capital, share based payments reserves and deficit. The Company’s objectives when managing capital are:

to allow the Company to respond to changes in economic and/or marketplace conditions by maintaining the Company’s ability to purchase new investments;

to give shareholders sustained growth in value by increasing shareholders’ equity; while

taking a conservative approach towards financial leverage and management of financial risks.

The Company’s management reviews its capital structure on an on-going basis and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its underlying investments. The Company’s current capital is composed of its shareholders’ equity and, to-date, has adjusted or maintained its level of capital by:

raising capital through equity financings; and

realizing proceeds from the disposition of its investments

The Company is not subject to any capital requirements imposed by a lending institution or regulatory body, other than the (a) CBOE Canada (formerly NEO Exchange) which requires one of the following to be met: (i) shareholders equity of at least CAD$2.5 million, (ii) net income from continuing operations of at least CAD$375,000, (iii) market value of listed securities of at least CAD$25 million, or (iv) assets and revenues of at least CAD$25 million, and (b) Nasdaq Capital Market which requires one of the following to be met: (i) shareholder equity of at least $2.5 million, (ii) market value of listed securities of at least $35 million or (iii) net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. There were no changes to the Company’s capital management during the three and six months ended June 30, 2026.

26.

Related party disclosures

a)	The condensed consolidated interim financial statements include the financial statements of the Company and its subsidiaries and its respective ownership listed below:

	% equity interest
Reflexivity LLC		100
Valour Inc.		100
Valour Europe AG		100
DeFi Middle East DMCC		100
Stillman Digital Inc.		100
Stillman Bermuda Ltd.		100
Valour Funds SPC		100
Valour Digital Securities Limited		0

Compensation of key management personnel of the Company

In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company. The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends. The remuneration of directors and other members of key management personnel during the three and six months ended June 30, 2026 and 2025 were as follows:

	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Short-term benefits	$	1,915,905	$	627,902	$	3,728,134	$	1,118,933
Shared-based payments		938,483		648,674		1,942,333		914,280
	$	2,854,388	$	1,276,576	$	5,670,467	$	2,033,213

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

26.

Related party disclosures (continued)

During the year ended December 31, 2025, the Company incurred $502,545 in legal fees to a firm in which a former director of the Company is a partner.

The Company announced a full-stack sovereign finance framework to modernize the $100 trillion sovereign debt market with SovFi, an entity held by the CEO, an Advisor and the President of the Company. The Company incurred no legal fees related to SovFi in the six months ended June 30, 2026 (December 31, 2025 - $20,000). The $20,000 was repaid by SovFi in full in May 2026. The Company has a diversified base of investors. To the Company’s knowledge, no one holds more than 10% of the Company’s shares on a basic share and partially diluted share basis as at June 30, 2026 and December 31, 2025.

The Company’s directors and officers may have investments in and hold management and/or director and officer positions in some of the investments that the Company holds. The following is a list of total investments and the nature of the relationship of the Company’s directors or officers with the investment as of June 30, 2026 and December 31, 2025.

Investment	Nature of relationship to investment	Estimated Fair Value
Global Benchmarks AB*	Share ownership of investee by director (Per Von Rosen)		199,875
Total investment - June 30, 2026		$	199,875

Private company

Investment	Nature of relationship to investment	Estimated Fair Value
ZKP Corporation*	Former Director (Olivier Roussy Newton) of investee	$	1,000,000
Global Benchmarks AB*	Share ownership of investee by director (Per Von Rosen)		199,875
Total investment - December 31, 2024		$	1,199,875

Private company

27.

Commitments and contingencies

Management Contracts Commitments

The Company is party to certain management contracts. These contracts require that additional payments of up to approximately $600,000 be made upon the occurrence of certain events such as a change of control. As a triggering event has not taken place, the contingent payments have not been reflected in these condensed consolidated interim financial statements. Minimum commitments remaining under these contracts were approximately $3,913,000, all due within one year.

Legal Commitments and Class Action Lawsuit in the United States

The Company is, from time to time, involved in various claims and legal proceedings including a class action lawsuit filed against the Company and certain officers in the United States District Court for the Eastern District of New York which alleges that the Defendants made false and / or misleading statements and / or failed to disclose that: (i) DeFi Technologies was facing delays in executing its DeFi arbitrage strategy, which at all relevant times was a key revenue driver for the Company; (ii) DeFi Technologies had understated the extent of competition it faced from other Digital Asset Treasury companies and the extent to which that competition would negatively impact its ability to execute its DeFi arbitrage strategy; (iii) as a result of the foregoing issues, the Company was unlikely to meet its previously issued revenue guidance for the fiscal year 2025; (iv) accordingly, Defendants had downplayed the true scope and severity of the negative impact that the foregoing issues were having on DeFi Technologies’ business and financial results; and (v) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

The Company does not agree with the allegations in the Class Action Lawsuit and intends to vigorously defend itself in Court. Based on the input from its external legal counsel and the early stage of this dispute, the Company believes in the merits of its legal defenses and as such has not accrued for any potential loss in these financial statements. The Company cannot reasonably predict the likelihood or outcome of these activities. This litigation is at an early stage and the Company cannot presently estimate the likelihood of loss or amount of loss that may be incurred as a result of this lawsuit.

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

28.

Operating segments

The Company operates in various business lines based on where the subsidiaries operate. Valour operates the Company’s ETPs business line which involves issuing ETPs, hedging against the underlying digital asset, lending and staking of digital assets and management fees earned on the ETPs as well as any DeFi Alpha related transactions. Stillman and Stillman Bermuda operate the trading platform. The Reflexivity research segment was discontinued effective January 1, 2026.

Information about the Company’s assets by segment is detailed below.

June 30, 2026	DeFi		Stillman Digital		Valour Inc		Total
Cash		14,833,636		10,800,854		34,677,222		60,311,712
Client cash deposits		-		6,935,781		-		6,935,781
Public investments, at fair value through profit and loss		335,280		-		-		335,280
Prepaid expenses		671,631		6,476,257		535,440		7,683,328
Short term investments		17,049,562		-		2,000,921		19,050,483
Digital assets, digital assets loaned, and digital assets staked		-		9,997,391		355,802,386		365,799,777
Equity instruments		-		-		60,576,922		60,576,922
Investment in associate		2,332,305		-		-		2,332,305
Other non-current assets		27,628,273		-		22,599,299		50,227,572
Total assets		62,850,687		34,210,283		476,192,190		573,253,160
Accounts payable and accrued liabilities		1,577,771		1,356,952		2,192,544		5,127,267
Loans payable		-		-		-		-
Trading liabilities		-		23,409,429		-		23,409,429
Warrant liability		4,688,356		-		-		4,688,356
Lease liability		-		-		-		-
Derivative liability		-		-		176,919		176,919
ETP holders payable		-		-		397,243,174		397,243,174
Total liabilities		6,266,127		24,766,381		399,612,637		430,645,145

December 31, 2025	DeFi		Reflexivity		Stillman Digital		Valour Inc		Total
Cash		52,948,491		2,101		9,203,569		29,079,929		91,234,090
Client cash deposits		-		-		5,615,054		-		5,615,054
Public investments, at fair value through profit and loss		272,520		-		-		-		272,520
Prepaid expenses		562,981		75,343		8,267,050		691,547		9,596,921
Digital assets, digital assets loaned, and digital assets staked		-		65,040		14,066,946		501,454,945		515,586,931
Equity instruments		-		-		-		131,982,050		131,982,050
Right-of-use assets		-		-		-		2,999,253		2,999,253
Investment in associate		2,423,934		-		-				2,423,934
Other non-current assets		28,172,752		-		-		36,680,278		64,853,030
Total assets		84,380,678		142,484		37,152,619		702,888,002		824,563,783
Accounts payable and accrued liabilities		2,151,846		49 421		5,458,569		1,610,274		9,270,110
Loans payable		-		-				2,611,009		2,611,009
Trading liabilities		-		-		24,122,640		-		24,122,640
Warrant liability		13,599,316		-		-		-		13,599,316
Lease liability		-		-		-		3,102,188		3,102,188
ETP holders payable		-		-		-		622,304,667		622,304,667
Total liabilities		15,751,162		49.421		29,581,209		629,628,138		675,009,930

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

28.

Operating segments (continued)

Information about the Company’s revenues and expenses by segment is detailed below:

Six months ended June 30, 2026	DeFi			Stillman Digital			Valour Inc.			Total
Staking and lending income		-			-			3,805,197			3,805,197
Management fees		-			-			2,463,268			2,463,268
Trading commissions		-			5,393,048			-			5,393,048
Other revenue		109,909			-			43,500			153,409
Revenues excluding realized and net change in unrealized (loss) gain		109,909			5,393,048			6,311,965			11,814,922
Realized and net change in unrealized loss on digital assets		-			(53,124	)		(197,688,022	)		(197,741,146	)
Realized and net change in unrealized loss on equity investments		-			-			(39,861,327	)		(39,861,327	)
Realized and net change in unrealized gains on ETP payables		-			-			244,922,047			244,922,047
Realized and net change in unrealized loss on derivative liabilities		-			-			(176,919	)		(176,919	)
Revenues from realized and net change in unrealized (loss) gain		-			(53,124	)		7,195,779			7,142,655
Total revenues		109,909			5,339,924			13,507,744			18,957,577

Expenses
Operating, general and administration		4,509,690			3,169,477			7,859,577			15,538,744
Share based payments		2,985,533			-						2,985,533
Amortization - right-of-use asset		-			-			261,347			261,347
Amortization - intangibles		-			24,280			-			24,280
Fees and commissions		17,750			624,897			1,416,297			2,058,944
Foreign exchange (gain) loss		538,353			(2,496	)		89,677			625,534
Total operating expenses		8,051,326			3,816,158			9,626,898			21,494,382
Operating (loss) income		(7,941,417	)		1,523,766			3,880,846			(2,536,805	)

Realized (loss) on investments, net		-			-			-			-
Unrealized (loss) on investments, net		(15,757,944	)		-			(1,000,000	)		(16,757,944	)
Interest income		701,093			1,582			33,044			735,719
Interest expense		-			(3,485	)		(462,142	)		(465,627	)
Other income		206,106						-			206,106
Gain on lease termination		-			-			146,213			146,213
Other expense		(28,976	)		-						(28,976	)
Loss on investment in associate		(91,629	)		-			-			(91,629	)
Change in fair value of warrant liabilities		8,910,960			-			-			8,910,960
Bad debt recovery		-			-			128,854			128,854
Impairment loss		-			-			(375,928	)		(375,928	)
Total other income (expenses)		(6,060,390	)		(1,903	)		(1,529,959	)		(7,592,252	)
Net income after tax		(14,001,807	)		1,521,863			2,350,887			(10,129,057	)
Other comprehensive loss
Foreign currency translation loss		-			-			57,154			57,154
Net income and comprehensive income for the period		(14,001,807	)		1,521,863			2,408,041			(10,071,903	)

DeFi Technologies Inc.

Notes to the condensed consolidated interim financial statements

For the three and six months ended June 30, 2026 and 2025

(Expressed in U.S. dollars unless otherwise noted)

28.

Operating segments (continued)

Six months ended June 30, 2025	DeFi			Reflexivity			DeFi Bermuda			Stillman Digital		Neuronomics			Valour Inc.			Total
Realized and net change in unrealized gains and (losses) on digital assets		(288,708	)		936			(9,106	)		238,820		-			(88,871,588	)		(88,929,646	)
Realized and net change in unrealized gains and (losses) on ETP payables		-			-			-			-		-			173,809,075			173,809,075
Unrealized gain on equity investments		-			-			-			-		-			(53,027,796	)		(53,027,796	)
Staking and lending income		-			-			-			-		-			16,657,583			16,657,583
Trading commissions		-			-			-			3,997,758		-			-			3,997,758
Management fees		-			-			-			-		41,130			4,621,117			4,662,247
Research revenue		-			358,500			-			-		-			-			358,500
Realized (loss) on investments, net		(478,182	)		-			-			-		-			-			(478,182	)
Unrealized (loss) on investments, net		2,702			-			-			-		-			-			2,702
Interest income		13,007			-			-			951		14,749			387			29,094
Total revenue		(751,181	)		359,436			(9,106	)		4,237,529		55,879			53,188,778			57,081,335
Expenses
Operating, general and administration		6,642,544			435,992			19,945			2,447,021		141,877			4,426,809			14,114,188
Share based payments		8,550,656			-			-			-		-						8,550,656
Depreciation - property, plant and equipment		-			-			-			755		-			103			858
Amortization - intangibles		703,214			-			-			2,227		-			-			705,441
Interest expense		294			-			-			1,092		-			232,656			234,042
Fees and commissions		18,963			-			-			498,404		-			3,607,022			4,124,389
Foreign exchange (gain) loss		(44,967	)		-			-			893		4,807			(338,867	)		(378,134	)
																			-
Total expenses		15,870,704			435,992			19,945			2,950,392		146,684			7,927,723			27,351,440
Income (loss) before other item		(16,621,885	)		(76,556	)		(29,051	)		1,287,137		(90,805	)		45,261,055			29,729,895
Gain on settlement of debt		-			-			-			-		-			-			-
Provision on accounts receivable		16,444,157			-			(16,444,157	)		-		-			-			-
Net income (loss) for the year		(33,066,042	)		(76,556	)		16,415,106			1,287,137		(90,805	)		45,261,055			29,729,895
Current taxes		-			-			13,543			1,003,748		761			201			1,018,253
Net income (loss) after tax		(33,066,042	)		(76,556	)		16,401,563			283,389		(91,566	)		45,260,854			28,711,642
Other comprehensive income (loss)
Foreign currency translation (loss) gain		-			-			-			-		-			2,085,410			2,085,410
Net (loss) income and comprehensive (loss) income for the period		(33,066,042	)		(76,556	)		16,401,563			283,389		(91,566	)		47,346,264			30,797,052

DeFi Alpha is a division within Valour Inc. looking for arbitrage trading opportunities. It does not have its own statement of financial position but leverages Valour Inc’s equity for its trades. The CODM only reviews DeFi Alpha’s trading operating results as part of its consolidated review of Valour and hence it has not been presented separately in the table above. The comparative period has been restated to align with the current period presentation.

29.

Reclassification of Comparative Amounts

The comparative figures have been reclassified to conform with the presentation adopted for 2026.