DevvStream secures up to $300 million in convertible notes for crypto strategy

CALGARY - DevvStream Corp. (NASDAQ:DEVS), currently valued at $14.52 million market cap and trading at $0.70 per share, announced Monday it has entered into a securities purchase agreement for the issuance of up to $300 million in senior secured convertible notes, with an initial funding of $10 million completed on July 18, 2025. According to InvestingPro analysis, the stock appears overvalued at current levels.

The agreement with Helena Partners will be funded in multiple tranches, with DevvStream allocating 75% of the net proceeds toward purchasing liquid digital assets. For the initial tranche, 70% will be directed to these digital asset purchases. This move comes as the company faces liquidity challenges, with InvestingPro data showing a concerning current ratio of 0.07, indicating short-term obligations significantly exceed liquid assets.

According to the company, these digital assets will offer 24/7 liquidity, serve as non-correlated stores of value, and may be used as collateral for future credit facilities.

The notes may be converted by the holder into DevvStream’s common shares at an initial conversion price equal to 200% of the closing price of the company’s common shares on the trading day immediately prior to the closing date, subject to potential downward adjustment.

"The $300 million facility allows us to improve capital efficiency, reduce dilution, and bring global investors into the carbon ecosystem through a digital gateway," said Sunny Trinh, CEO of DevvStream, in the press release statement.

The carbon management firm stated that the strategy complements its core business of developing, acquiring, and monetizing environmental assets while expanding investor access to tokenized sustainability infrastructure. Despite reporting impressive gross profit margins of 73.55%, the company posted an EBITDA of -$11.36 million in the last twelve months. InvestingPro subscribers can access 11 additional key insights about DevvStream’s financial health and market position.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is serving as placement agent for the transaction.

DevvStream specializes in the development, investment, and sale of environmental assets, with operations across offset portfolio management, project investment, and project development in the sustainability sector.

In other recent news, DevvStream Corp. has announced a carbon management agreement with Energy Efficient Technologies (EET), which will generate revenue from carbon credits, international renewable energy certificates, and shared utility-bill savings. This partnership adds to DevvStream’s portfolio of hydro, solar, waste-to-energy, carbon-capture, and biogas projects. Furthermore, the company has expanded its presence in Indonesia by signing two memoranda of understanding for waste-to-energy projects, potentially creating new revenue streams through International Renewable Energy Certificates and carbon credits. These agreements are contingent upon definitive terms and regulatory approvals.

In addition, DevvStream has entered into a Memorandum of Understanding with Fayafi Investment Holding to establish a joint venture focused on funding decarbonization and climate infrastructure projects worldwide. The venture, Fayafi x DevvStream Green Ventures, is expected to launch with an initial funding commitment of $100 million. This strategic partnership is designed to leverage DevvStream’s project management and carbon monetization capabilities. These developments reflect DevvStream’s ongoing efforts to diversify its portfolio and enhance its ability to generate recurring revenue from environmental assets.

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