DEFG (Grayscale Decentralized Finance (DeFi) Fund LLC) Operating Income: $-2.13 Mil (TTM As of Mar. 2026)

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DEFG Grayscale Decentralized Finance (DeFi) Fund LLC DEFG
36 GF Score
Price $10.10
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What is Grayscale Decentralized Finance (DeFi) Fund LLC Operating Income?

Grayscale Decentralized Finance (DeFi) Fund LLC DEFG -1.27% 36 Operating Income is $-2.13 Mil as of Mar. 2026. GuruFocus rates DEFG with a GF Score™ of 36/100.

Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income for the three months ended in Mar. 2026 was $-0.90 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-2.13 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income for the three months ended in Mar. 2026 was $-0.90 Mil. Grayscale Decentralized Finance (DeFi) Fund LLC's Revenue for the three months ended in Mar. 2026 was $-0.12 Mil. Therefore, Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Margin % for the quarter that ended in Mar. 2026 was 775.86%.

Grayscale Decentralized Finance (DeFi) Fund LLC's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Grayscale Decentralized Finance (DeFi) Fund LLC's annualized ROC % for the quarter that ended in Mar. 2026 was -167.48%. Grayscale Decentralized Finance (DeFi) Fund LLC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was %.

Grayscale Decentralized Finance (DeFi) Fund LLC  (OTCPK:DEFG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Grayscale Decentralized Finance (DeFi) Fund LLC's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-3.6 * ( 1 - 0% )/( (2.6 + 1.699)/ 2 )
=-3.6/2.1495
=-167.48 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2.6 - 0 - ( 0 - max(0, 0 - 0+0))
=2.6

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1.699 - 0 - ( 0 - max(0, 0 - 0+0))
=1.699

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Grayscale Decentralized Finance (DeFi) Fund LLC's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-3.6/( ( (0 + max(0, 0)) + (0 + max(0, 0)) )/ 2 )
=-3.6/( ( 0 + 0 )/ 2 )
=-3.6/0
= %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (0 + 0 + 0)
=0

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 0) - (0 + 0 + 0)
=0

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-0.9/-0.116
=775.86 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Grayscale Decentralized Finance (DeFi) Fund LLC Operating Income Related Terms

Grayscale Decentralized Finance (DeFi) Fund LLC Operating Income Historical Data

* Premium members only.

The historical data trend for Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Grayscale Decentralized Finance (DeFi) Fund LLC Operating Income Chart

Grayscale Decentralized Finance (DeFi) Fund LLC Annual Data
Trend Jun22 Jun23 Jun24 Jun25
Operating Income
-0.50 -3.23 -1.80 -0.23

Grayscale Decentralized Finance (DeFi) Fund LLC Quarterly Data
Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.16 1.13 -0.32 -2.04 -0.90
DEFG
36GF Score
Grayscale Decentralized Finance (DeFi) Fund LLC DEFG
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Grayscale Decentralized Finance (DeFi) Fund LLC Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-2.13 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-2.13 Mil mean?
Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG) has a Operating Income of $-2.13 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Grayscale Decentralized Finance (DeFi) Fund LLC and its competitors.
Is Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income too high?
Grayscale Decentralized Finance (DeFi) Fund LLC's current Operating Income is $-2.13 Mil. Overall, Grayscale Decentralized Finance (DeFi) Fund LLC has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income compare to ZSTK and BNBX?
Grayscale Decentralized Finance (DeFi) Fund LLC's Operating Income of $-2.13 Mil can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for an Asset Management company?
A good Operating Income depends on the Asset Management industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Grayscale Decentralized Finance (DeFi) Fund LLC and its competitors. Grayscale Decentralized Finance (DeFi) Fund LLC's current Operating Income is $-2.13 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Grayscale Decentralized Finance (DeFi) Fund LLC stock overvalued right now?
Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG) has a current Operating Income of $-2.13 Mil. The current Operating Income is $-2.13 Mil. Grayscale Decentralized Finance (DeFi) Fund LLC's overall GF Score™ is 36/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG), the current Operating Income is $-2.13 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Grayscale Decentralized Finance (DeFi) Fund LLC Business Description

Address 290 Harbor Drive, 4th Floor, Stamford, CT, USA, 06902
Grayscale Decentralized Finance (DeFi) Fund LLC is an investment vehicle that invests in and derives value from a basket of decentralized finance applications in the form of a security while avoiding the challenges of buying, storing, and safekeeping DeFi directly. Its investment objective is for the value of the Shares (based on NAV per Share) to reflect the value of the fund components as determined by reference to their respective digital asset reference rates and fund weightings, less the fund's expenses and other liabilities. The fund components consist of the digital assets that make up the DFX (CoinDesk DeFi Select Index) as rebalanced from time to time.
36GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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