DeFi Technologies, a publicly listed Canadian ETP provider, has announced its adoption of Bitcoin (CRYPTO:BTC) as the primary treasury reserve asset.

The decision coincided with the repayment of $5 million in debt by its subsidiary, Valour, and resulted in a rise in the company’s share prices on Canadian and U.S. OTC exchanges.

This move reflects a growing trend of institutional adoption of Bitcoin, with other firms and government institutions also exploring Bitcoin as a treasury asset.

Additionally, the company reported $607 million in assets under management as of May 31, 2024.