Corporate News

Corporate News

Bitcoin Group SE adjusts earnings forecast for 2018 – company nevertheless expects strong positive result

  • Expected revenue of EUR 9.5 million for 2018 (previous year: EUR 12.6 million)
  • Strong positive result expected for fiscal year 2018
  • Important milestones reached to expand business model

Herford, December 04, 2018 – Bitcoin Group SE (ISIN DE000A1TNV91) has adjusted its previously announced earnings forecast for fiscal year 2018. Although revenues at the end of November 2018 had risen by about 35% compared to the same period last year, the company, which operates Germany's only regulated trading platform for digital currencies with Bitcoin.de, sees itself prompted to take this step. Specifically, Bitcoin Group SE expects revenues of more than EUR 9.5 million for the financial year 2018 (previous year: EUR 12.6 million). With expected costs of no more than EUR 2.5 million (previous year: approx. EUR 1.8 million), profit before taxes is expected to be above EUR 7 million.

The reason for the adjustment is the unusually high demand for Bitcoin in December 2017. At that time, the price of the cryptocurrency rose from approx. 8,000 euros to almost 17,000 euros within a few days. Accordingly, the trading volumes essential for the company developed at that time. At present, a similarly dynamic price development cannot be assumed due to the prevailing market and media environment. In spite of the still high dynamics in the acquisition of new customers, the target of 1 million users in 2018 will not be reached. Bitcoin Group SE will nevertheless achieve a strongly positive result for the current financial year.

In order to further diversify its business model, the company has already taken decisive steps and achieved important milestones. In mid-November 2018, Bitcoin Group SE acquired 100% of the shares in Tremmel Wertpapierhandelsbank GmbH. This opens up the possibility of significantly extending the value chain. This includes proprietary trading in cryptocurrencies, the issue of corresponding financial products and the installation of ATMs for cryptocurrencies. In the future, the aim is to develop Bitcoin.de into a cryptocurrency exchange while retaining the marketplace model.

"Many clients are more cautious in their investment decisions due to the overall challenging market environment. This is also reflected in the listing of major cryptocurrencies. We are continuously expanding our business model in order to be able to act even more independently in the future. We have already reached important milestones in this respect, and more will follow. In this way, we will be able to increase our pace on the growth path and inspire more customers with our services and products," says Marco Bodewein, Managing Director of Bitcoin Group SE.

Bitcoin Group SE acquires Tremmel Wertpapierhandelsbank GmbH and significantly expands its own service portfolio

  • Acquisition of all shares in Tremmel Wertpapierhandelsbank GmbH
  • Important milestone reached on the way to the cryptocurrency exchange
  • Purchase price in the lower seven-digit euro range

Herford, 12 November 2018 – Bitcoin Group SE (ISIN DE000A1TNV91) has reached an important milestone in the expansion of its own service portfolio and acquired 100% of the shares in Tremmel Wertpapierhandelsbank GmbH as of today.

The acquisition will significantly expand the range of services offered by Bitcoin Group SE, which operates Bitcoin.de, Germany's only regulated trading platform for digital currencies. As a result, Bitcoin Group SE will be able to issue its own products in connection with cryptocurrencies, conduct proprietary trading in cryptocurrencies and operate ATMs for cryptocurrencies thanks to the banking license of the investment service provider. The acquisition follows the clearly defined growth strategy of developing Bitcoin.de into a cryptocurrency exchange with a multilateral approach. This offers numerous advantages. For example, it would be possible to maintain an order book and even quote prices, which would at the same time ensure more liquid trading.

The previous sole shareholder and managing director of Tremmel Wertpapierhandelsbank GmbH, Mr. Rainer Bergmann, will be bound to the bank on a long-term basis and will expand it together with Mr. Marco Bodewein into a deposit institution.

"We are very pleased that in Tremmel Wertpapierhandelsbank GmbH and in particular Mr. Rainer Bergmann we have been able to gain an excellently positioned partner with in-depth knowledge of the market. This will enable us to take the corporate development of Bitcoin Group SE to a new level," says Marco Bodewein, Managing Director of Bitcoin Group SE.

The purchase price is in the lower seven-digit euro range. The closing is expected to take place in the first half of 2019 and is subject to the condition precedent of approval by the relevant regulatory authorities.

Bitcoin Group SE presents 2018 half-year report - significant increases in revenues and profit

  • Sales more than tripled to TEUR 5,671 (previous year: TEUR 1,770)
  • Operating result more than quadrupled to TEUR 4,874 (previous year: TEUR 1,040 thousand)
  • Further expansion of service portfolio successfully completed

  1. Herford, September 28, 2018 - Bitcoin Group SE (ISIN DE000A1TNV91) today published its half-year report 2018. In the period from January to June 2018, the Group recorded significant growth in sales and earnings. Sales revenues tripled to TEUR 5,671 compared to TEUR 1,770 in the previous year. The operating result improved to TEUR 4,874 from TEUR 1,040 in the first half of 2017. The bottom line was a profit of TEUR 3,322 (previous year: TEUR 819).

    With Bitcoin.de - Germany's only regulated trading platform for cryptocurrencies - Bitcoin Group SE benefits from the purchases and sales of its customers in major digital currencies such as Bitcoin, Bitcoin Cash and Ethereum. Compared to the same period in the first half of 2017, the trading volume increased again. Especially at the turn of the year from 2017 to 2018, trading peaked at more than EUR 610 million. Due to profit taking and a decline in media interest, the traded volume flattened out in the course of the first half of the year. Overall, the Bitcoin price fell by 51.8% from EUR 11,180.57 on January 1, 2018, to EUR 5,389.29 on June 30, 2018.

    In the reporting period, Bitcoin Group SE welcomed a total of 86,000 new customers, so that on average more than 14,300 new users found their way to Bitcoin.de each month. At the end of the first half of 2018, more than 753,000 customers were using the advantages of the trading platform for cryptocurrencies. Against the backdrop of a slight slowdown in new customer acquisition dynamics, the target of 1,000,000 customers by the end of 2018 now appears ambitious, but still achievable, if there is a dynamic year- end rally similar to 2017.

    The balance sheet of Bitcoin Group SE was further strengthened in the past half year. As of June 30, 2018, total current assets increased to EUR 34,691 thousand compared to EUR 8,521 thousand in the same period of the previous year. The reason for the increase was the strong upturn in trading volumes, especially at the beginning of 2018, in conjunction with a steady influx of customers to Bitcoin.de. With an equity ratio of 72.74%, the company continues to be solidly financed, especially in comparison with the industry (financial service providers and banks).

    "We are very satisfied with the development in the first half of 2018. Despite a stronger correction of the exchange rates, it is evident that many customers find confidence in cryptocurrencies and perceive them as an equivalent alternative to paper currencies. Building on this positive development, we want to continue to consistently and passionately pursue our strategy of developing Bitcoin.de into a cryptocurrency exchange," says Marco Bodewein, Managing Director of Bitcoin Group SE.

    The Bitcoin Group SE is continuously working on a higher acceptance and perception of cryptocurrencies in general and on the improvement of its own offer in particular. Bitcoin Group SE expanded its service portfolio by acquiring a 50% stake in the regulated

    financial investment broker Sineus Financial Services GmbH in January 2018. The company expects the approval of the responsible supervisory authorities in the short term. In the future, this will enable the Group to offer additional financial services in the cryptocurrency sector.

    The company continues to adhere to its goal of including further cryptocurrencies in Bitcoin.de's trade by the end of the year.

    The medium-term goal is to further develop Bitcoin.de into a cryptocurrency exchange with multilateral approach. This offers customers the advantage of being able to quote prices themselves and keep an order book. At the same time, liquidity in trading increases. In order to achieve this goal, further investments in this direction are planned.

    Overall, management is optimistic about the second half of the year, which is already underway, due to the robust performance in the first half of 2018.

    The half-year Report 2018 is available for download at www.bitcoingroup.com with immediate effect.

Bitcoin Group SE holds Annual General Meeting

  • High approval rates for all proposed resolutions
  • Company looks confidently into the future and announces investments

Herford, June 22, 2018 – Bitcoin Group SE (ISIN DE000A1TNV91) held its Annual General Meeting in Herford on June 22, 2018, for the past 2017 financial year. The shareholders approved the proposals of the management with clear majorities in all agenda items.

The shareholders of Bitcoin Group SE present followed the recommendation of the management to approve the actions of the members of the Board of Directors for the 2017 financial year. This was accepted by 99.99 % of the capital present. The actions of the Executive Directors were also approved (99.99% approval). Baker Tilly Roelfs AG, Wirtschaftsprüfungsgesellschaft, Munich, was appointed as auditor and group auditor.

The wholly-owned subsidiary Bitcoin Deutschland AG, which operates Bitcoin.de, Germany's only regulated trading platform for cryptocurrencies, announced at its Annual General Meeting to pay a dividend of EUR 50.00 per share. In this way, the parent company will receive a total dividend of EUR 2.5 million. The funds will be used primarily for capital purposes.

The managing directors of Bitcoin Group SE gave an overview on the past fiscal year and took a look into the future: In a dynamically growing market, the company wants to strengthen and further expand its exposed position. The basis for this is Germany's only regulated trading platform for cryptocurrencies Bitcoin.de, operated by the wholly owned subsidiary Bitcoin Deutschland AG.

"We have grown strongly in the past financial year. With our trading platform Bitcoin.de, which has an interface to the regular banking network, we are in a very good position to make the best use of the potential of the cryptocurrency market", says Michael Nowak, Managing Director of Bitcoin Group SE.

"Prospectively, we want to develop Bitcoin.de into a comprehensive financial service provider. To this end, we tap into cooperations and want to make targeted investments in the usability and security of the trading platform. The inclusion of further tradable cryptocurrencies will broaden our offer on Bitcoin.de. We are convinced that in this way we will be able to convince many customers of our services and at the same time ensure our success. We have achieved a great deal. And we want to achieve even more in the 2018 financial year," says Managing Director Marco Bodewein, who has been responsible for "Corporate Strategy" since the beginning of June 2018.

The presentation of the Managing Directors and the voting results are available on Bitcoin Group SE's website at www.bitcoingroup.com under Investor Relations.

Bitcoin Group SE appoints Marco Bodewein as additional Managing Director

  • Former member of the Management Board of ACON Actienbank starts with immediate effect
  • Responsibilities involve the development of Bitcoin.de into a crypto and token exchange
  • Bitcoin Group SE is thus driving forward the professionalization of its structures

Herford, June 4, 2018 – At its meeting today, the Board of Directors of Bitcoin Group SE (ISIN DE000A1TNV91) appointed Mr. Marco Bodewein as additional Managing Director of the Company with immediate effect.

Due to the dynamic growth of Bitcoin Group SE, supported by strong demand for cryptocurrencies, the Group will further professionalize its structures. Marco Bodewein is a proven expert in investment banking, trading, strategy and corporate development. Mr. Bodewein previously was as member of the Management Board of ACON Actienbank AG responsible for the entire operative business. He has an experience of more than ten years in investment banking for small and medium-sized companies. With his expertise of many years in the regulated financial sector, Mr. Bodewein as additional Managing Director, joining Mr. Michael Nowak, will support the strategic development of BITCOIN GROUP SE and in particular Bitcoin.de towards a crypto and token exchange.

"Marco Bodewein was our preferred candidate for the operational business. We are pleased that we were able to convince him of our common aims. Besides the continuous improvement of Bitcoin.de for our customers and the sustainable growth of the entire group of companies, the development of the group structures is also of essential importance to us. Marco Bodewein will use his many years of experience to help us achieve our ambitious goals," says Martin Rubensdörffer, Chairman of the Board of Directors of Bitcoin Group SE.

Bitcoin Group SE publishes 2017 annual report: Record revenue and earnings

  • Revenue growth to EUR 12,481 thousand (previous year: EUR 1,044 thousand)
  • Earnings before taxes jump to EUR 10,888 thousand (previous year: EUR 208thousand)
  • Start of trading in additional cryptocurrencies planned
  • Outlook for 2018: Further growth in customer numbers and sales expected

Herford, May 11, 2018 – Bitcoin Group SE (ISIN: DE000A1TNV91) closed fiscal 2017 with record levels of revenue and earnings. The company benefited in particular from strong demand for Bitcoin and other cryptocurrencies. The Group has a clear USP within the industry thanks to Bitcoin.de, Germany’s only regulated marketplace for digital currencies, which is operated by its wholly-owned subsidiary Bitcoin Deutschland AG. Demand for cryptocurrencies was reflected also in the high level of popularity of the innovative trading services offered by Bitcoin.de. The trading platform had 667,000 customers (currently over 745,000) at the end of December 2017 compared with just 356,000 in the previous year. With an average of 26,000 customers joining Bitcoin.de every month, the target of 480,000 customers by year-end was exceeded by some distance.

 

In an encouraging development, the growth in user numbers was accompanied by an equally dynamic upturn in the trading volume, which was well in excess of the forecast of EUR 1 billion at EUR 1.2 billion - for the cryptocurrency Bitcoin alone. Trading volume for the new cryptocurrencies Bitcoin Cash (BCH) and Ethereum (ETH), which commenced trading in the third quarter of 2017, amounted to around EUR 250 million. The strong rise in the price of the cryptocurrency Bitcoin and the inclusion of further cryptocurrencies such as Ethereum and Bitcoin Cash proved to be beneficial. Based on the developments described above, Bitcoin Group SE generated record revenue of EUR 12,481 thousand in fiscal 2017 compared with EUR 1,044 thousand in the previous year. As a result, earnings before taxes jumped to EUR 10,888 thousand (previous year: EUR 208 thousand). Earnings after taxes multiplied to EUR 7,452 thousand (previous year: EUR 114 thousand).

“We are delighted by the dynamic business development in the past year. With sustained high customer interest and the continued expansion of the available infrastructure, the liquidity of cryptocurrencies will increase and prices will become less susceptible to fluctuation. The victory march of Bitcoin & Co. will be unstoppable. We are already making a fundamental contribution to this evolution with Bitcoin.de, offering our customers an innovative trading system with the very highest security standards and an interface with the traditional banking system. In the current fiscal year, we will continue to focus on permanently improving Bitcoin.de while expanding our market- leading position at the same time. We intend to pursue these objectives with passion and pleasure, just like we managed with great success in the past year,” commented Michael Nowak, Managing Director of Bitcoin Group SE.

Bitcoin Group SE enjoys a strong statement of financial position. Total current assets increased by 1,594% year-on-year to EUR 49,027 thousand as of December 31, 2017

(previous year: EUR 2,893 thousand). This significant increase was achieved on the back of the higher number of bitcoins held by the company and the general rise in the Bitcoin price. Equity increased by EUR 32,107 thousand to EUR 38,190 thousand in the reporting period as a result of retained earnings (EUR 7,452 thousand) and other comprehensive income (EUR 24,659 thousand).

Outlook for 2018

For the current 2018 financial year, the company expects further growth in the number of customers and sales. Assuming only moderate cost-side increases, the management is also anticipating a strong increase in earnings. Costs relate in particular to investments in research and development activities for the expansion of Bitcoin.de. In addition to the existing cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG) and Ethereum (ETH), a large number of other cryptocurrencies are to be included in trading on Bitcoin.de in the current fiscal year. The expansion focuses on Ripple, Litecoin, IOTA, DASH and Monero. The usability of 2018 the platform will also be improved continuously in 2018 and Bitcoin.de will receive a new, contemporary design. Based on these measures, the Group expects a further increase in the number of registered Bitcoin.de users to over 1 million by the end of 2018.

Furthermore, Bitcoin Group SE plans to acquire a majority stake in a regulated bank based in Germany in the current 2018 financial year. "This would be a major milestone for the operation of a Bitcoin exchange and also the regulatory basis for the planned installation of the first Bitcoin ATMs in Germany. The successful partnership with Fidor Bank AG, whose 5th anniversary this year will be celebrated by both companies at the Tech Open Air (TOA) in Berlin from June 19 to 22, is not at disposal," adds Michael Nowak.

The 2017 annual report can be downloaded in PDF format from the Investor Relations section of the company’s website at www.bitcoingroup.com.

Bitcoin Group SE announces preliminary results for 2017 - Revenue and earnings forecast significantly exceeded

  • Trading volume on Bitcoin.de increases to EUR 1.2 billion (previous year: EUR 85 million)
  • Sales growth of more than 1,000% to EUR 12.6 million (previous year: EUR 1.1 million)
  • Record in earnings before taxes of EUR 10.8 million (previous year: EUR 0.2 million)
  • Increase in the number of customers to more than 665,000 (previous year: 356,000)

Herford, February 7, 2018 - Bitcoin Group SE today announced its preliminary results for the year 2017 and continued its growth path with a record in sales and earnings. In 2017, the volume of cryptocurrencies traded on the trading platform Bitcoin.de, which is operated by the wholly-owned subsidiary Bitcoin Deutschland AG, was EUR 1.2 billion, well above the forecast figure of EUR 1 billion. For Bitcoin Group SE, this resulted in a year-on-year increase in sales of around 1,160% to EUR 12.6 million and earnings before taxes of EUR 10.8 million, compared to EUR 0.2 million in the previous year. The number of customers on Bitcoin.de increased to more than 665,000 in 2017, after the originally planned 480,000.

 

The financial figures in this announcement are based on the provisional and unaudited single-entity financial statements prepared in accordance with the German Commercial Code (HGB), which also have to be converted into the International Financial Reporting Standards (IFRS) and may therefore change.

Bitcoin Group SE acquires stake in Sineus Financial Services GmbH

  • 50% participation in Sineus Financial Services GmbH
  • Greater security for operations and further development of Bitcoin.de
  • Expansion ofservices in the field of cryptocurrencies and cross-selling the area of initial coin offering (ICO) and securities

Herford, January 16,2018 – Bitcoin Group SE (ISIN: DE000A1TNV91, WKN: A1TNV9) announcesthat on January 15,2018,the agreement to acquire 50% of the shares in SineusFinancial Services GmbH, based in Melle, Lower Saxony, has beennotarized.The purchase price is in the lower six-digit range.

SineusFinancial Services GmbH is a financial services institution registered by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht –BaFin) in the Register of Independent Fee-based Investment Advisors in accordance with section93 of the German Securities Trading Act (Wertpapierhandelsgesetz –WpHG) with a licence for the provision of investment services, investment advice and contract brokerage.Founded as an independent financial services institution in 2001, Sineus Financial Services GmbH was one of the pioneers in fee-based consulting aiming at providing client-friendly services without conflicts of interest. By dispensing with commissions from banks or fund companies, Sineus Financial Services GmbH makes it possible to increase personal returnsfor its customers.

The investment is part of Bitcoin Group SE's growth strategy to further expand its service portfolio with afinancial services provider. “Even though we greatly appreciate and strive to continue the long lasting, good liaisonwith existing partners, we were obliged toour shareholders and customersto ensure the operationsand further development of Bitcoin.de at any time also from our own resources. With our participation in Sineus Financial ServicesGmbH, we have now fulfilled this obligation and will also have the option, following the approval of the transaction by the supervisory authorities, to offer other companies services in the area of cryptocurrencies via Sineus Financial Services GmbH in thefuture. In addition, we are also considering the possibility of offering regulated financial instruments such as Initial Coin Offering (ICO) and traditionalsecurities investments via Sineus Financial Services GmbH to our now nearly 700,000 customers at Bitcoin.de. Sharing know-how, product portfolio,and customer base will create synergies and cross-selling opportunities toaccelerate our growth,"said Michael Nowak, Managing Directorof Bitcoin Group SE.

The transaction is subject to the condition precedent of approval by the relevant regulatory authorities. Closing is planned for the first half of 2018.

BITCOIN GROUP SE
Luisenstraße 4
32052 Herford
Germany

  Fon: +49 5221 69435 20
  Fax: +49 5221 69435 25
  Mail: info2024bitcoingroup.com

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