The Toronto-based firm, which bridges traditional capital markets with decentralized finance, saw its quarterly revenue dip from $13.1 million in the same period last year. Operating expenses were reined in to $10.1 million, reflecting a corporate-wide cost discipline strategy. CEO Johan Wattenström characterized the quarter as challenging but noted that internal performance metrics suggest long-term resilience.

Operational highlights included $22.8 million in net inflows for Valour’s exchange-traded products, even as average assets under management contracted to $471.5 million. Meanwhile, Stillman Digital provided a buffer, contributing $2.5 million in trading commissions. With a healthy balance sheet—bolstered by $70.7 million in cash and stablecoins—the company is now turning its attention toward sourcing large-scale acquisitions that could expand its institutional footprint while market valuations remain suppressed.