DeFi Technologies is basically the brainchild of the founder of a company called CoinShares. Most of you have probably heard of CoinShares. It was the first-ever Bitcoin ETF company in the world, as well as the founder and creator of a company called Hive Blockchain, which is the largest Ethereum miner in the world. Those two individuals got together. They realized and saw how much money and revenue was being generated off of the Ethereum blockchain, and they realized that it was largely due to DeFi protocols, and they sat down and they tried to figure out how, between their two backgrounds, they could actually create something that would, A, generate a lot of revenue, and B, take advantage of this amazing new technology, obviously crypto as we generically refer to it, but DeFi Technologies on top of either the Ethereum chain.
Some stuff is actually being built off of blockchain now as well. This doesn't seem to be.
Yeah, I just noticed that, and we have tech coming.
No worries.
They are on their way.
Yeah, no worries, so I'll keep talking. I'm very good at talking, so what we did was we created ostensibly a crypto ETF company, and as everyone's aware, the single most popular ETF in the history of ETFs is the Bitcoin ETF. It's never ever had more uptake than any other ETF that you've seen, whether it's oil and gas, whether it's gold, whether it's anything, but very, very quietly, while everyone was celebrating the Bitcoin ETF, we actually have 26 of them trading in Europe, and for us, it's all basically an asset management, accumulation of asset gain, but where it gets really, really interesting for us, and sorry, I'm going to let these guys fiddle around here a bit.
Go ahead.
Where it gets really, really interesting for us is, oh, there we go. That was not hard.
Where it gets really, really interesting for us is, unlike the United States, and everybody needs to understand this, the United States absolutely abhors crypto. I don't know whether it's a political agenda. I don't know if it has to do with U.S. dollar issues. But everyone here has seen how the SEC has effectively attacked any effort by any company to list almost any crypto protocol in some sort of an equity fashion. Grayscale had to take them to court. They're taking XRP to court right now. The Ethereum ETF was problematic. They won't let you stake anything. And staking and lending is a really big deal in this ecosystem. So in the U.S., you're effectively only able to touch Bitcoin and Ethereum. But the actual crypto world is massive. And this may shock all of you here. It's growing two times faster than the internet did.
And when you have a protocol and an ecosystem that's growing that quickly and it's doing it almost completely without the support of the United States, that's very, very impressive. And so what we've done as a company, and it's through this company called Valour, is we've figured out a way. We've got regulatory approval. We're listing all of these on a myriad of exchanges in Europe. We're able to list almost any crypto protocol as an ETF in Europe. And not only are we allowed to list them, we're also allowed to stake the underlying assets. So if BlackRock had their way, the billions and billions and billions of dollars that they now have residing in IBIT, they would be lending that out for two or three extra %. They'd be making a killing on it.
But the U.S. won't let them do that because they think lending is a security. And this is another lawsuit that's going on. And again, I don't want to get into politics, but all of this will change with a new government. If Trump does happen to win, all of this will change as he's very pro-crypto. And so what it means for us is all of that AUM that we accumulate in Valour, we stake and we generate close to 10% of every dollar we raise. So if we get to $1 billion USD, we make $100 million. So if we get to $2 billion, we make $200 million. $3 billion, $300 million. Why that's really, really relevant is the crypto companies that you're probably the most exposed to or understand the most are the miners. And the miners are cash eaters. They always have CapEx going.
They're always raising money. It's an extremely expensive business to run. Our business costs us $10 million a year to run. So if we make $100 million, our net income is $90 million. If we make $200, our net income is $190 million. That's an actual staggeringly hard concept to understand because almost everything in crypto, whether you're looking at Galaxy, any of the miners, none of them are profitable. So we were this tiny, tiny Canadian company trading at $0.25, $0.30. Crypto was starting to go higher. Come January, February, the Bitcoin ETF was permitted and allowed in the U.S. And all of a sudden, our business model was validated. We went from $6 million in revenue in Q1, and we had debt on our balance sheet of about $45 million because we had bought a stake in a crypto bank in Europe.
Q2, we did $100 million in revenue, $70 million in net income, and we paid off all of our debt. And we now sit with $55 million in cash on our balance sheet. And we have a treasury strategy where we're investing in Bitcoin, SOL, and CORE. And so this company went from almost being irrelevant, definitely a going concern, to now being absolutely incredibly profitable. We're probably making close to $5 million a month, if not more. We've created our own trading desk that takes advantage of arbitrage opportunities that exist in the ecosystem. And that occurs, in my opinion, largely because the U.S. has made it so difficult for institutions to embrace this ecosystem because the SEC has been so negative towards it. The other thing that we did, you see wholly owned subsidiaries there. You guys heard of Anthony Pompliano?
Does that name ring a bell? So we own Anthony Pompliano's company. So whenever you see him talking, he's a shareholder. We own his research company. We have to do a much better job of co-branding those because most people don't know that. But it really becomes a compelling, call it a compelling business proposition when you actually have a really, really, really impressive marketer like Anthony Pompliano, who's also very good at research, as an arm of basically an ETP AUM company that's generating a lot of money. That bank that I told you about where we had a lot of debt, that's called Amina Bank. They now have offices in the Middle East. They have offices in Hong Kong. We carried on our balance sheet for around $30-$32 million US.
Between it and our venture portfolio, we probably have close to, I don't know, $35-$36 million USD worth of assets just sitting on our balance sheet. We get no valuation for that whatsoever. We also have an infrastructure business where we do run some nodes. This is a little bit out of date. We have a Solana node, a Core node. Core is this phenomenal new protocol. It's the first protocol I've ever seen that can do this. You can actually stake. Bitcoin is a proof of work concept, and everything else is a proof of stake concept. Typically, you lend Bitcoin and you stake everything else. You can actually stake your Bitcoin on the Core network and generate close to 15% yield off of that. Staking, again, who knows what's going to happen with the election.
But all of this terminology that I'm giving to you, I think, is going to become mainstream within the next year. Even if Kamala wins, there's a bipartisan effort going on in the U.S. government right now to try to bring this mainstream. If Trump wins, this all happens very, very quickly. And you guys, everyone sitting here is probably going to be very, very happy that they took this meeting because Bitcoin is already near all-time highs. And it seems to be trending higher and higher and higher as effectively the odds makers believe more and more that Trump may win because Trump is obviously a very pro-crypto individual. This is the team. I don't want to go into it. You guys can look at that on our deck.
Other than I will point out, Ollie on the left, their CEO, like I said, he is the founder and creator of Hive Blockchain, which is a multi-billion dollar entity, trades on the Nasdaq. And then importantly, Johan Wattenstrom and obviously Pomp. But Johan was the individual who created XBT Provider, which is now known as CoinShares. And CoinShares is a very common name, especially in Europe. This is our capital structure. As you can see, this is very, very outdated. I don't know what happened with the deck. But our stock's trading at around CAD 250 right now, CAD 260. Our market cap is closer to CAD 800 million. And we have, yeah, this is really out of date. Our cash and liquid assets, we sit with about $55 million US on our balance sheet right now.
Like I said, we're investing that in Core, Bitcoin, and Solana as part of a treasury strategy. But that $55 million that we have, it only costs us $10 million a year to run this business. So obviously, if we ended up in some sort of a horrible crypto winter, we could actually run this business for five or six years without having to raise one penny. What's very, very important for all of you sitting here as well, we have filed what's called a 40-F, which is our application to uplist onto Nasdaq. And so a little bit of luck. You never know what the SEC is going to do. It's still not a friendly SEC. But we believe because everything we do is in Europe, we don't even trade any of these protocols in the US.
We believe that by virtue of that, we should be able to uplist and end up obviously on the Nasdaq or a more relevant and meaningful U.S. exchange, which should theoretically get us a much more reasonable valuation. Because if you run through the thought process of $100 million in Q2, we should do, and again, this is just me using my own math, we should do at least another $30 million in Q3, at least another $30 million in Q4. And then we also are getting part of the Genesis bankruptcy. We had some coins with them. We're getting all that back. It could be close to another $20 million. So that's almost another $80 million in revenue. $100 plus $80, it's $180 million in revenue, $170 or $160 million in net income. And you look at a company, again, that's wrong.
Call it a $600 million US market cap that's doing close to $200 million in US dollar revenue. You're looking at a company that's trading at three, four times earnings, and that is not typical at all. Most companies on the S&P trade at 20 times earnings, and companies that are in uber growth strategies, which we are, tend to trade at 30, 40 times. Like Coinbase and Robinhood are 30 and 40 times. Why I say uber growth, if you're to look at some of our recent press releases, we are in the midst of an expansion into the Middle East. We are passporting all of our products, so we currently have, this is going to be a little way out of date as well. We have 26 products. We just launched a Sui product.
But if you can imagine us only having 26 products, launching them all in the Middle East, we're also launching all these products in Africa. We will also be launching them in Asia. We will also be launching them in Latin America. But if we did a horrible job and only got $20 million in each of these products in each of those jurisdictions, that's another $2 billion in AUM. Do the math that I was giving to you. $2 billion in AUM is another $200 million in revenue on top of what we're doing. And it makes our current market cap and our current earnings multiple just almost impossible to believe. I don't want to be the guy here telling you to buy the stock.
I just want to be the person here giving you ideas of why this could actually grow and grow substantially, especially under the dynamics that you're witnessing now where you actually might get the world's largest capital market basically becoming pro-crypto. The other thing that's really, really important for you to know is, yeah, we got 26 products now. We hope to finish the year with 40 products. We hope to finish next year with 80 products. So really, the easiest way to think about us is think about us as a baby BlackRock, a baby Vanguard, a baby Fido. We're an ETF company that just happens to specialize in crypto ETFs. We are launching them hopefully week over week over week over week. As the ecosystem picks up more traction, we will be the go-to name for those crypto ETFs.
We don't want to compete with BlackRock for Bitcoin. We don't want to compete with BlackRock for Ethereum. But no one else is doing what we're doing with Uniswap, XRP, Enjin, Atom, Core, Sui, ICP, Hedera. All of those are, I don't know how this happened. The website that we have on our, sorry, the deck we have on our website is the updated deck. But legitimately, by passporting these products to the Middle East, by passporting them to Africa, by passporting them to Asia. And again, it's not hard to do that. We're already regulated by five or six regulators. These are traditional equities. They're cleared by prospectuses. Every single person who buys these products is KYC'd. They're sold through banks. They trade on traditional exchanges. No different than any other ETF that you would buy here in the U.S. It's exactly the same concept.
It's just we've chosen to focus on an area that no one else is really focusing on. And before I leave it open to questions, the one last thing that I'll point out to you is we do have a moat. And it's important to understand that. And the moat is it took us three or four years just to get regulatory approval to do this. It is not easy to get a regulator to sign off on you. I's got to be dotted, t's got to be crossed. And it's that moat that gives us, call it a two, three, four-year advantage over everyone else. And if I was to be a betting person, there's 320 million shares outstanding. Management and insiders own 120 million of those. So we are aligned with shareholders. This is not, I'm an investor as well.
If I see a company and management is pitching me and they own like 1% of the stock, I won't touch that company. I want to know that management is risking their family's future just the way I am or they are to try to make money. That's what we do. We are probably 35% of the company's shareholder base, which is a very, very good thing because my suspicion is that our exit strategy is probably someone coming to buy us out, and that probably, in terms of percentage chances, I believe goes up with a Trump victory, and again, I don't want to be the person saying Trump's going to win or Kamala's going to win. Fire away. Ollie bought shares a couple of months ago, and he bought, I believe it was $1,000,000 worth of shares at $2.47, and we're trading at $265 today.
The management fee seems high. Is that sustainable over the long run? Or do you have to decrease that as competition moves in?
Oh, the management fees? So, we charge zero management fee for our Bitcoin and our Ethereum. We charge 1.9% for all of our other products. But because we are currently the one company that's allowed to stake this, we totally agree. We think management fees are going to zero or at least very, very low. We can still afford to do that and generate 7.5% yield off of our staking yield. So yeah, I totally agree with you. But then we've got this: take that 10% yield on a billion and take it down to 7.5%. We're making 75 million on a billion instead of 100.
Excellent question. Sorry, sir.
The estimated timeline for management fees.
I remember, I don't know if you guys, who was the incredible coach for the Indiana Hoosiers? What was his name? Bobby Knight. So I'm going to use an analogy for you. Someone asked, he had a star point guard. And he said, you know, is he going to go first, second, or third in the NBA draft? And he turned his cup upside down and he rubbed it like a crystal ball. And then he looked at the person and he was like, how do I know? The SEC abhors crypto. The SEC is in the midst of what I would call a potential transformational shock that's imminent, right? We'll know in the next two weeks who the winner is. We know Kamala is becoming more crypto-friendly.
We know that there's a bipartisan bill in front of the government right now. We know that constituents want crypto. People are buying the Bitcoin ETF left, right, and center. So my view is the way you look at it is if Trump wins, the time to a NASDAQ listing is very quickly. If Kamala wins, I don't know the answer because it's going to be more of a progressive pattern where government's going to have to be brought on side. But constituents are voting in favor of crypto and politicians want to get reelected. So you could kind of bet that they're going to eventually move towards what their constituents want. More questions, please. Feel free. Yep.
You recently went into Africa. When do you expect to get some revenue out of that?
So Africa is happening a lot more quickly than the Middle East.
The Middle East is actually imminent, though. So I could see both of those within the next month. It'll be very, very interesting to see how quickly the adoption of our products goes. Because the reason, just so everyone understands, the reason why we're going Middle East and Africa rather than Asia: the Middle East is the fastest adoption country for crypto in the world, and Africa is number two. Even though Asia is big and very interested in crypto, they're not adopting it as quickly as those two jurisdictions, so we will get to Asia as quickly as we can. It's just those two jurisdictions love crypto, are adopting it, and want it as quickly as possible. This is another reason why you should buy more. They're friends. More questions? Please.
You mentioned regions, right? It's certainly country by country, right? So just on average. Oh, yeah.
It's Nigeria to start. The Nigerian Stock Exchange is kind of the captain of the stock exchanges in Africa. So you start there and then you passport your prospectuses to Johannesburg and the other.
And then recent Dubai and Riyadh or?
It'll be Dubai, UAE. Those will probably be the two preeminent or predominant jurisdictions. But again, the money there and the interest in crypto is astronomical.
So that's kind of Dubai, UAE, Nigeria, big markets.
Yep. Yep. I'm going to go to Asia. I'm assuming it's not China. No, it's probably Korea, to be honest. And then, of course, Hong Kong, which is China now, but it's a very respectable North American sort of perspective market. But Korea is probably the one you want to get to first. But we wouldn't be upset if it was Hong Kong as well. Please.
Will you be mining or acquiring additional coins? You've got Bitcoin now. You've got Solana. Are you looking at others? So assuming the business keeps growing as you talk about, you're building cash.
We're printing money right now. And I wouldn't be surprised, actually, if our AUM is at an all-time high. So if Bitcoin gets to 80,000, we're at $1 billion USD in AUM. And that's the $100 million. That's how lean we are. We've never had a down month in client adoption of our products. So even though the prices have been swinging, we've always added new customers. So your question is actually twofold. As we launch more products, we'll be accumulating more of all of those new products. And those products we stake and we get more of those coins.
We tend to turn those coins into cash immediately because we feel more comfortable having less exposure to the underlying coin and more money in either USDT, which is a stable coin, or Bitcoin, or Core, or Solana. The other thing we can do is because we're also generating a lot of free cash flow on a month-by-month basis, we can and will continue to buy more Bitcoin, more Solana, and more Core. The reason why those three, we believe those three have tremendous backgrounds in terms of valuation propositions moving forward.
And are you buying back any stock?
We are. We just bought back 350,000 shares last week. We're not doing it all the time. We will do it. It's just not our daily mantra. And the reason why is there are still companies out there.
Even though Bitcoin is now cruising on all-time highs, our stock isn't even close to all-time highs. Bitcoin is cruising on all-time highs. There are still companies that are trading at two, three, four times earnings. And if we have cash and we can buy those now into what we believe to be an extremely bullish market, probably coming pretty quickly, we'd rather do that than just sit and buy back shares, buy back shares, buy back shares. But we do do it.
All right.
Officially out of time.
Thank you very much, everyone.