DeFi Technologies Inc. (DEFT) Achieves Record Asset Under Management amid Expanding Liquidity

DeFi Technologies Inc. (NASDAQ:DEFT) is one of the fastest-growing penny stocks to buy now. On November 17, Maxim Group analyst Matthew Galinko reiterated a Buy rating on DeFi Technologies Inc. (NASDAQ:DEFT), impressed by the increase in assets under management and the expansion of Exchange Traded Products.

DeFi Technologies Inc. (DEFT) Achieves Record Asset Under Management amid Expanding Liquidity

The analyst expects the company to enjoy robust growth with the launch of new Exchange Traded Products strategies, followed by expansion into new geographies. The company is also well-positioned to benefit from expanding liquidity and advisory services. A strong financial position, coupled with significant cash reserves and cryptocurrency holdings also affirms its long-term prospects.

The remarks come on the heels of DeFi Technologies delivering mixed third-quarter results on November 14, in which revenues dropped to $22.5 million from $28.1 million in the same quarter last year. The decline was due to lower revenues from realized and net changes in unrealized gains on digital assets. Operating income also fell to $9 million from $14.4 million, driven by lower revenues.

“With average AUM exceeding $900 million per month in the third quarter, the highest quarterly average in history, and net inflows every month year-to-date, we continue to demonstrate the power of our integrated asset management and trading ecosystem,” said CEO, Olivier Roussy Newton.

DeFi Technologies Inc. (NASDAQ:DEFT) is a financial technology company that bridges traditional finance with decentralized finance (DeFi) by offering regulated products and services. It creates and issues exchange-traded products (ETPs) that provide indirect exposure to digital assets and DeFi protocols.

While we acknowledge the potential of DeFi Technologies Inc. (NASDAQ:DEFT) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DEFT and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: Top 10 Stocks Offering High Upside Potential in Data Centers and 10 Best Breakout Stocks to Invest In.

Disclosure: None. This article is originally published at Insider Monkey.