LONDON, July 1, 2026, 16:02 BST
- The London Stock Exchange ran its regular session July 1, open from 08:00 to 16:30 BST. DeFi Development Corporation UK PLC traded at 26.20p, up 13.91%, as of 15:40 BST, based on delayed data.
- Bid-offer stood at 25p to 29p. Around 141,038 shares changed hands—about £37,000 at the latest price. The market cap came in near £1.35 million.
- The company said June 29 it will change its name to Cykel AI PLC, move its warrant deadline to June 29, 2028, end a revolving facility with U.S. DeFi Development Corp. and has named a new CEO.
- January figures reported £18,338 invoiced from AI sales, a comprehensive loss of £2.93 million, cash at £1.33 million and liabilities standing at £2.50 million.
DeFi Development Corporation UK PLC (LON:DFDV) shares were up in London Wednesday, climbing 13.9%. But with a market cap still hovering just past the level of January’s cash holdings and under last year’s initial warrant deal, the move was more about the scale of those numbers than the day’s percent gain.
Trading remains thin. By 15:40 BST, about £37,000 worth of stock had crossed at a delayed price of 26.20p. The spread held at 4p, with a 25p bid and 29p offer, or around 14.8% of the 27p mid. Shares are still down 89.5% year-on-year, Investors Chronicle data showed.
| Market and balance-sheet marker | Latest figure | Investor read |
|---|---|---|
| Delayed share price, July 1, 15:40 BST | 26.20p, up 13.91% | Shares jumped, not much cash volume |
| Shares traded | 141,038 | Turnover just under £37,000 at last price |
| Market value | About £1.35 million | Roughly matches January’s cash |
| Original 2025 gross warrant fundraise | £2.8 million | That’s about double today’s market cap |
| Cash at Jan. 31, 2026 | £1.33 million | Market value lines up with reported cash |
| Total liabilities at Jan. 31, 2026 | £2.50 million | Liabilities run about 1.85x the market cap |
Price data is based on delayed numbers from Investors Chronicle and AJ Bell, while the financials come from the company’s RNS annual results report.
The June 29 update shifted the story. DeFi Development UK said it plans to rebrand as Cykel AI PLC, saying the new name suits its AI focus. The RNS also pushed out the warrant condition deadline to June 29, 2028, ended its revolving credit line with U.S. DeFi Development Corp. NASDAQ:DFDV, and installed Gerald Tritt as CEO and director.
| Item | Before latest RNS | June 29 update |
|---|---|---|
| Name | DeFi Development Corporation UK PLC | Planning to switch name back to Cykel AI PLC |
| Warrant condition deadline | 22 Jun 2026 | Extended to 29 Jun 2028 |
| Revolving facility | Facility was with U.S. DeFi Development Corp. | Cancelled with settlement payment agreed |
| Board | Hadley Stern, Michael Chan and Nathalie Maggi in top roles | Stern, Chan, Maggi to leave after June 30; Tritt becomes CEO |
| Continuity | Ewan Collinge was on the board | Collinge stays as director |
Cykel AI PLC is set to pick up a name it held before, not adopt something new. Companies House records show Cykel AI PLC was the company’s name from July 1, 2024 to Jan. 12, 2026, following Mustang Energy PLC. It is still listed as active and as a public limited company.
Hadley Stern, the chairman at the time, said in the May annual report the company was making some revenue from its AI products, but called the revenues “modest and below the level required to cover operational costs.” Investegate
The gap stands out. Invoiced AI sales were £18,338 for the period ended Jan. 31. Cash operating outflows came in at £2.90 million and total comprehensive loss was £2.93 million. Annual loss was roughly 160 times invoiced AI sales.
The latest RNS dropped mention of a funding bridge. The group’s May annual report put its ability to meet obligations down to a £3.5 million revolving credit facility, with the digital asset treasury seen as a longer-term element. But on June 29, the company announced that facility was terminated and said it reached a settlement with the lender. The amount of the settlement wasn’t disclosed, so it’s not possible to work out the cash position post-settlement from public filings.
Board changes are in play. Non-executive chair Stern, CEO Michael Chan and CFO Nathalie Maggi were set to leave the board on June 30. Tritt was named to the board right away. Ewan Collinge remains on the board.
Investors are focused on dilution and whether the business can keep going, not what it’s called. The £2.8 million warrant-backed raise is about double the current market cap. The warrant expiry was pushed to 2028, but management still has to convert early AI sales into enough revenue to cover costs. The company said it will update the market when the new name is in effect at Companies House and the London Stock Exchange.
