FinTech Firms Target Nasdaq With Crypto Breakthroughs

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Antalpha Platform Holding Company has launched the roadshow for its proposed initial public offering (IPO) in the United States, marking a major step toward entering the public markets. The Singapore-based company announced plans to offer 3,850,000 ordinary shares at an expected price range of US$11.00 to US$13.00 per share. In addition, Antalpha intends to grant underwriters a 30-day option to purchase up to 577,500 additional shares to cover over-allotments, if any. The shares are be listed on the Nasdaq Global Market under the ticker symbol "ANTA."

The offering is being jointly managed by Roth Capital Partners and Compass Point, with the company emphasizing that the proposed IPO will be made only by means of a prospectus. According to the announcement, a registration statement on Form F-1 has been filed with the U.S. Securities and Exchange Commission (SEC) but has not yet become effective. Antalpha stated that the press release complies with Rule 134 under the Securities Act of 1933 and does not constitute an offer to sell or a solicitation to buy.

Meanwhile, Defi Technologies Inc. (DEFT:NASDAQ; DEFI:CBOE; R9B:FSE), a major digital asset company based in Canada and publicly traded on the Cboe Canada exchange under the symbol DEFI, has secured approval from the SEC to list its shares on the Nasdaq. The company confirmed that no new capital will be raised as part of this listing. DeFi Technologies reported having approximately US$44 million in cash and digital assets at the time of the announcement.

DeFi Technologies' wholly owned subsidiary, Valour Funds, is a prominent issuer of digital asset Exchange Traded Products (ETPs) in Europe, with more than US$750 million in assets under management. The company's entry onto the Nasdaq aligns with a broader trend of digital asset firms seeking U.S. listings. Other recent additions include Vivek Ramaswamy's Strive Asset Management through a reverse merger with Asset Entities (NASDAQ: ASST), and Galaxy Digital (TSX: GLXY), which also recently received approval to list.

DeFi Technologies began trading on May 12, 2025. Since then, it has released its Q1 2025 financial results and announced it would be entering into the RWA space with the launch of a regulated bank-issued stablecoin in partnership with Firelabs.

 FinTech and Decentralized Finance (DeFi)

The financial technology sector continued to evolve as firms explored new models that combine traditional user-facing services with decentralized infrastructure. According to an article published by CoinTelegraph on May 6, fintech companies have been constrained by traditional financial systems that are "siloed, slow to deploy and run, and costly to maintain," creating inefficiencies and limitations on innovation. In response, a growing number of firms have turned to decentralized finance, or DeFi, for backend solutions. These systems offer instant settlement, deep liquidity, and always-on availability. As the article explained, DeFi infrastructure provides "24/7/365 infrastructure for trading, lending and borrowing with instant settlement, open access and deep liquidity," enabling more competitive services while maintaining regulatory-facing interfaces.

CoinTelegraph noted that fintechs integrating with DeFi could create a "positive feedback loop" of improved services and increased on-chain liquidity. The concept of the "DeFi Mullet" — a term coined to describe a fintech front end combined with a decentralized back end — was presented as a structural shift in financial technology. The report emphasized that "DeFi has arrived," with protocols already managing billions in loans and offering "credibly neutral public infrastructure" as an alternative to the centralized systems that have historically powered financial services.

Benchmark Equity Research analyst Mark Palmer reiterated his Buy rating on DeFi Technologies Inc., while raising his price target from CA$5 to CA$8. 

On May 9, Cuinsight Technology emphasized that strategic partnerships with fintech providers have become a growth strategy for community financial institutions, especially credit unions.

The publication reported that fintech firms have redefined how consumers engage with financial services by delivering "innovative, nimble and user-friendly solutions" that have reshaped both personal and small business banking. Examples cited included firms offering digital-first loans, mobile banking, and payment tools that address service gaps traditionally underserved by legacy institutions. The article also cited strong customer metrics, including "90% customer renewal rates and measurable business growth among borrowers," as indicators of fintech's impact in lending markets.

However, Cuinsight acknowledged that while fintech offers numerous advantages, challenges remain in forming and managing these partnerships. The article highlighted barriers such as "allocating the right resources," technical integration difficulties, and regulatory compliance, noting that 53% of financial institutions surveyed reported no interest in entering fintech partnerships. To address this, the report recommended fintech engagement programs, which help institutions "bridge the gap between seeing the value of fintech partnerships and extracting value from them in practice."

In its May 19 edition, Finovate presented a global snapshot of the fintech landscape, focusing on regulatory trends, payment innovation, and new digital banking tools. The article noted that regulatory frameworks continued to diverge across regions, with the United Kingdom advancing oversight for Buy Now, Pay Later lenders, while the United States reduced fines on past enforcement actions.

Zacks Investment Research analyst Michael Kim raised his price target for DeFi Technologies Inc. to US$7.00, citing strong revenue growth and an accelerating product pipeline.

Finovate also cited new developments in blockchain-enabled payments and the launch of services like PayPal's Complete Payments in Singapore, reflecting the sector's ongoing geographic and product expansion. In fraud prevention and identity verification, providers introduced tools designed to continuously monitor anti-money laundering risk, underscoring the industry's increasing focus on compliance and user protection.

On May 20, Fintech Magazine profiled the rise of GCash in the Philippines as a model of fintech scalability and financial inclusion. Operated by Mynt, GCash grew from an SMS-based payment system into a comprehensive super app with over 94 million users. Martha Sazon, CEO of Mynt, stated, "With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash's social impact, especially to the underserved." The platform's integration of money transfers, bill payments, investment access, and lending services demonstrated how fintech could address long-standing infrastructure limitations, especially in underbanked regions.

Antalpha: Positioned for Growth in Institutional Digital Finance

As outlined on the company's website, Antalpha's forthcoming listing on the Nasdaq marks a new phase in the company's evolution as a global fintech firm focused on institutional digital asset services. Since its founding in 2021, Antalpha has scaled rapidly across multiple verticals, serving institutional clients with lending, trading, and brokerage solutions tailored to the digital asset ecosystem. The company's role as the primary lending partner to Bitmain — one of the world's leading Bitcoin mining hardware providers — has further anchored its position within the blockchain infrastructure supply chain.

In 2023, Antalpha launched its flagship Antalpha Prime technology platform. This digital financial brokerage solution was designed to allow institutional clients to originate and manage digital asset loans while actively monitoring collateral in near real-time. According to company information, this offering enabled Antalpha to provide a diverse range of mortgage lending and financial services to the mining industry, with total loan volume surpassing US$700 million.

The company also expanded its capabilities by introducing Real World Asset (RWA) investment offerings, which aimed to increase access and cost efficiency for institutions seeking exposure to tangible, off-chain assets. Antalpha noted that it became the largest on-chain liquidity provider in the Asia-Pacific region and effectively leveraged the Ethereum 2.0 upgrade cycle, identifying it as a key opportunity for market expansion.

Antalpha's stated mission has been guided by a philosophy of "Prioritizing Risk Management, Promoting Openness, and Ensuring Transparency," with a platform architecture built around monitorability, auditability, and traceability. The company highlighted that its team, headquartered in Singapore, spans 18 regions across five continents and includes domain experts working to align institutional objectives with financial innovation.

Upcoming Growth Catalysts for DeFi Technologies

Defi Technologies Inc. (DEFT:NASDAQ; DEFI:CBOE; R9B:FSE) has been attempting to position itself for long-term expansion through diversified business lines, global geographic reach, and increasing institutional involvement in digital assets. As of April 30, the company reported a market capitalization of CA$1.5 billion (US$1.3 billion), with CA$15.4 million (US$11.1 million) in cash and USDT, and a treasury of CA$46.5 million (US$33.6 million).

According to its investor presentation, DeFi Technologies reported over 900% asset under management (AUM) growth since the market low in late 2022. As of December 31, 2024, the company held CA$1.18 billion (US$819 million) in AUM, representing a 132% year-over-year increase. Growth was attributed to "favorable market conditions, new ETP launches, and strategic initiatives that increased trading volumes and financial performance." Revenue was primarily derived from staking and lending, management fees, and mark-to-market asset movements.

A key catalyst for future revenue lies in Valour Asset Management, which had CA$988 million (US$715 million) in AUM as of April 30. Valour launched several first-of-their-kind ETPs, including fee-free Bitcoin and Ethereum products and the world's first Uniswap ETP. DeFi Technologies projected a 2025 revenue of CA$227.2 million (US$159.9 million), stating that continued AUM growth may drive proportional revenue increases.

DeFi Ventures, the company's early-stage investment arm, reported CA$53.7 million (US$37.3 million) in private venture assets as of December 31, 2024. Its flagship investment, AMINA Bank, reached CA$3.5 billion (US$2.5 billion) in AUM by September 30, 2024. The company led SEBA Bank's Series C funding round with a CHF25 million investment and received a seat on the board of directors.

Compass Point Research analysts Ed Engel and Joe Flynn reiterated their Buy rating and issued a US$6.50 price target.

The company also holds a 52.5% stake in Neuronomics AG, a Swiss artificial intelligence firm focused on crypto investing. A new AI-based investment strategy developed in collaboration with DeFi Technologies showed forward-tested annual returns of 80% and was built on a "diversified, long-only crypto portfolio, rebalanced using AI to capture momentum and reversal signals." According to the company, the strategy outperformed industry benchmarks, achieving a Sharpe Ratio greater than 1 and demonstrating resilience during a market drawdown of over 20%.

DeFi Technologies has expanded globally with milestones in the United Kingdom, the United Arab Emirates, Africa, Singapore, and the United States. A joint venture was announced in the U.S. with Professional Capital Management, while an MOU was signed with the Nairobi Stock Exchange in Kenya. Each regional initiative is expected to contribute to AUM growth, with the company estimating that launching 50 ETPs per region at CA$20 million each could generate CA$1 billion in additional AUM per jurisdiction.

Overall, DeFi Technologies continued to build a foundation for scalable growth across asset management, venture investment, and AI-driven trading platforms, supported by a growing international footprint and an expanding suite of digital asset products.

Third-Party Expert Analysis of DeFi

Benchmark Equity Research analyst Mark Palmer reiterated his Buy rating on DeFi Technologies Inc. in a report published May 12, while raising his price target from CA$5 to CA$8. The firm cited the company's uplisting to the Nasdaq as a key catalyst, stating that the move would likely lead to "significantly increased liquidity for the stock, broader institutional ownership and sell-side coverage, and a lower overall cost of capital." 

Palmer adjusted his estimates to reflect recent operating performance, including DeFi Alpha's CA$30.5 million arbitrage trade in early May, which the firm said was not included in prior guidance but contributed to stronger 2Q25 expectations.

According to Palmer, DeFi's plans to launch at least 40 new crypto-focused ETPs by the end of 2025 — growing its total to over 100 — remain on track, and global expansion efforts in regions such as the U.K., Africa, Asia, and the Middle East are progressing. Analyst Mark Palmer noted that the stock "now trades at 13.7x FY26E consensus EPS," a multiple the firm views as undervalued relative to DeFi's growth trajectory. The firm forecast FY25 earnings of CA$0.53 and applied a 15x multiple to derive its new CA$8 target price, describing DeFi as a "differentiated crypto platform" with ample room for multiple expansion.

On May 14, Zacks Investment Research analyst Michael Kim raised his price target for DeFi Technologies Inc. to US$7.00, citing strong revenue growth and an accelerating product pipeline.

Northland Capital Markets analysts Mike Grondahl and Luke Horton reiterated their Outperform rating on DeFi Technologies Inc., maintaining a CA$7.00 price target.

According to Kim, "Total revenues of US$43.8 million for the quarter were nearly 2x our US$23.0 million forecast," largely driven by favorable adjustments tied to previously illiquid assets. While adjusted EPS came in below expectations due to higher expenses, Kim noted that core revenue components, such as staking, lending income, and management fees, remained solid. The report also emphasized DeFi's "clear path to 100 ETPs" and a growing presence in Africa through its planned Kenya Digital Exchange. Following these developments, Kim revised his 2025 and 2026 EPS forecasts upward to US$0.39 and US$0.48, respectively.

Also on May 14, Compass Point Research analysts Ed Engel and Joe Flynn reiterated their Buy rating and issued a US$6.50 price target, highlighting a significant 17% increase in DeFi's 2025 revenue guidance, which was raised to CA$286 million. According to the analysts, this revision was supported by "higher crypto prices and underlying strength across ETP and trading segments."

The firm pointed out that DeFi was generating a 6.2% revenue yield on average AUM during the first quarter and noted accelerating net inflows of CA$83 million into its ETPs through April. The analysts stated, "DeFi is generating over CA$200 million of normalized revenue with just ~CA$20–30 million of cash expenses," and projected that EBITDA margins exceeding 75% and expanding international listings could further lift earnings. They added that DeFi shares were trading at a P/E ratio of just 12x, representing a discount compared to peers trading at 20–25x.

Northland Capital Markets analysts Mike Grondahl and Luke Horton reiterated their Outperform rating on DeFi Technologies Inc. on May 15,  maintaining a CA$7.00 price target based on ~10.5x its 2026 revenue estimate of CA$227 million.

According to the firm, DeFi's first-quarter results were noisy but ultimately encouraging, with revenue of CA$62.7 million and adjusted EBITDA of CA$44.8 million, both well ahead of Northland's expectations. While results were positively impacted by a one-time CA$45 million DLOM (Discount for Lack of Marketability) reversal, analysts highlighted the continued strength of DeFi's core operations, including rising AUM, increased staking and lending income, and expanding digital asset product offerings.

The analysts pointed to DeFi's growing global footprint as a key growth catalyst, citing recent progress toward launching exchange-traded products (ETPs) in Africa, Asia, and the Middle East, as well as its recent Nasdaq uplisting as a sign of institutional validation. The analysts raised their 2025 revenue guidance to CA$285.6 million from CA$227.2 million, crediting the upward revision to 1Q outperformance, a rising crypto market, and a CA$30.3 million arbitrage trade by DeFi Alpha. Northland also noted continued product innovation from the Valour division and upcoming AI-driven investment products, describing DeFi's multi-pronged model as well-positioned for long-term growth.

Ownership and Share Structure

According to Refinitv, 11.22% of Defi Technologies is owned by management and insiders. Of them, Olivier Roussy holds 5.45% and Newton Roussy holds 4.68%. Stratetgic entities hold .56%.

Insitutions own 3.92% with VanEck Asset Management holding the most at 1.83%. The rest is retail.

Defi Technologies has 329.39 million outstanding shares, 290.59 million free float shares, and a market cap of US$1242.77 million. Its 52 week range is US$0.77 to $4.95.