DeFi Technologies' Bold Brazil Play: A Gateway to LATAM's Crypto Boom

SÃO PAULO, BRAZIL – December 15, 2025 – In a significant move that underscores the shifting tectonics of global finance, Toronto-based DeFi Technologies has secured a strategic foothold in Latin America's largest economy. The company announced its approval to list Brazilian Depositary Receipts (BDRs) on the B3 exchange, Brazil's main stock exchange, under the ticker “DEFT31”. Set to commence trading on December 17, this initiative is more than a simple listing; it's a calculated maneuver to tap into one of the world's most vibrant and rapidly maturing digital asset markets.

Simultaneously, the company's subsidiary, Valour, will launch four digital asset Exchange Traded Products (ETPs) on the same exchange, offering local investors regulated exposure to Bitcoin, Ethereum, XRP, and SUI. This dual-pronged entry into Brazil is a powerful statement of intent, signaling a new phase in the institutionalization of decentralized finance and highlighting Brazil's emergence as a critical hub for global crypto capital.

Brazil: From Crypto Frontier to Regulated Powerhouse

DeFi Technologies' strategic bet is not a shot in the dark; it is a direct response to Brazil's remarkable transformation into a regulated crypto powerhouse. The country has rapidly moved from a nascent market to a global leader, ranking 5th on the 2025 Global Crypto Adoption Index by Chainalysis—a significant leap from its 10th position the prior year. With an estimated $319 billion in crypto value received between mid-2024 and mid-2025, Brazil now accounts for nearly a third of all crypto activity in Latin America.

This explosive growth is underpinned by a crucial factor that institutional investors crave: regulatory clarity. With the passage of the Virtual Assets Law (Law No. 14,478/2022), Brazil established a formal legal framework for the sector. The Central Bank of Brazil (BCB) has since been designated the primary regulator, tasked with licensing and overseeing Virtual Asset Service Providers (VASPs). Forthcoming resolutions are set to implement banking-level standards for crypto firms, covering governance, cybersecurity, and customer protection.

This proactive regulatory stance has created a fertile ground for sophisticated financial products. It provides a stark contrast to jurisdictions where regulatory ambiguity continues to stifle institutional participation. For a company like DeFi Technologies, whose mission is to bridge traditional capital markets with DeFi, Brazil's framework offers not a hurdle, but a runway. It allows the company to offer its products within a structure that local institutions understand and trust.

The BDR: A Bridge for Institutional Capital

The choice of a Brazilian Depositary Receipt as the primary vehicle for its equity is a masterstroke of strategic finance. The 'DEFT31' BDRs are certificates traded on the B3 that represent DeFi Technologies' common shares listed on the Nasdaq. For Brazilian institutional investors, this instrument solves several critical challenges.

Many local funds and institutions face restrictions on direct foreign equity investments, making it complex and costly to gain exposure to international growth companies. BDRs circumvent this entirely. They are BRL-denominated, trade on the familiar B3 exchange, and settle through existing domestic brokerage and custody infrastructure. This effectively domesticates the investment, removing currency risk and operational friction.

By listing as a BDR, DeFi Technologies is not asking Brazilian capital to cross borders; it is bringing its equity directly to them. This move complements the launch of Valour's ETPs, which offer a similar, regulated on-ramp for direct asset exposure. Together, they create a comprehensive ecosystem for institutional engagement: investors can choose between direct exposure to digital assets like Bitcoin via the ETPs or exposure to the growth of the underlying technology company building the infrastructure through the BDR. This dual offering acknowledges the diverse risk appetites and mandates within the institutional world.

“Launching the DEFT31 BDRs on B3 is an important next step in our international capital markets strategy,” said Johan Wattenström, CEO and Executive Chairman of DeFi Technologies, in the company's official announcement. “By listing BDRs in São Paulo, we are giving Brazilian institutional investors a straightforward, locally traded way to participate in DeFi Technologies' growth.”

A Blueprint for Global Expansion and Market Competition

This move is more than just an entry into a new market; it's a potential blueprint for DeFi Technologies' global expansion playbook. Having established its presence on major North American and European exchanges, the company is now demonstrating a nuanced approach to penetrating key emerging markets. By leveraging localized financial instruments like BDRs, it can adapt its capital markets strategy to fit the unique regulatory and structural realities of different regions.

However, DeFi Technologies is not entering an empty arena. The B3 exchange already hosts several crypto-related ETFs from established players like Hashdex and QR Asset, as well as products from traditional giants like Itaú Asset Management. The presence of these competitors validates the market's demand but also sets a high bar for new entrants.

DeFi Technologies' competitive edge lies in its integrated model. It is not merely an ETP issuer; it is a diversified financial technology company with business lines in asset management (Valour), prime brokerage (Stillman Digital), research (Reflexivity Research), and proprietary trading. The DEFT31 BDR offers investors a share in this entire ecosystem, a distinct proposition compared to single-asset or index-tracking funds.

Andrew Forson, President of DeFi Technologies, highlighted this strategic alignment. “The DEFT31 BDR program is designed to meet that demand at the corporate level,” he stated. “For institutions that already use B3 as their primary venue, DEFT31 provides a familiar structure...while delivering exposure to a company focused on bridging traditional markets and decentralised finance.”

The market will be watching closely as trading begins. The initial performance of the DEFT31 BDRs and Valour's new ETPs will serve as a crucial real-time poll of Brazilian institutional appetite. This strategic capital move by DeFi Technologies is a testament to the increasing sophistication of the digital asset industry and the growing importance of regulated, investor-friendly pathways. The real measure of success will be seen when the opening bell rings for 'DEFT31' on December 17, marking a pivotal new chapter in the convergence of global capital and the digital frontier.