Herford, September 22, 2022 - Bitcoin Group SE (ISIN DE000A1TNV91) today published its half-year report 2022. The Company, which operates the cryptocurrency trading platform Bitcoin.de via its wholly owned subsidiary futurum bank AG, looks back on a continued profitable first half of 2022 despite the extraordinarily challenging environment on the financial and crypto markets.
Bitcoin Group SE generated revenues of EUR 5.6 million (IFRS) in the first six months, compared to EUR 17.7 million in the same period of the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 2.7 million compared to EUR 14.4 million in the same period of the previous year. Due to write-downs on own holdings of crypto securities, earnings per share amounted to EUR -0.44, compared to EUR 2.03 as of the half-year year 2021.
The decline in revenue and earnings was mainly due to negative macroeconomic and geopolitical circumstances. Key interest rate hikes and liquidity tightening by central banks to combat inflation on the one hand, as well as the Ukraine war, energy crisis and the associated significant downturn in the global economy on the other, have led to a significant reduction in risk among investors in general and crypto investors in particular. The resulting tense mood on the financial markets characterized the business development of the Bitcoin Group in the first half of the year in the form of a decline in trading activity.
Regardless of this, the balance sheet situation of the Bitcoin Group remains very solid. The equity ratio was 74.67 percent as of June 30, 2022 (December 31, 2021: 72.99 percent). Cash and cash equivalents amounted to EUR 19.35 million as of June 30, 2022, compared to EUR 20.28 million as of the 2021 balance sheet date. Net crypto equity decreased to EUR 80.2 million, compared to EUR 181.1 million as of December 31, 2021, due to cryptocurrency price losses in the first half of the year.
The continuing geopolitical and economic uncertainties and the resulting indirect effects for Bitcoin Group SE as well as the successive exit of major central banks from the expansionary monetary policy make it difficult to provide a valid forecast. Taking into account the deteriorated market conditions, Bitcoin Group SE cannot maintain the previous ambitious forecast for the fiscal year 2022, which envisaged a slight decline in revenues and EBITDA in the upper single-digit million range. The Company now assumes a strong decline in revenues, EBITDA is expected in the lower single-digit million range.
"We are currently going through unusual and extremely challenging times in every respect. Nevertheless, I am convinced that with 1,032,000 customers on Bitcoin.de by now we will continue our growth course. We are in an excellent financial position to expand our market position in a targeted manner. Regardless of the challenging market conditions, cryptocurrencies are firmly established in many areas, whether as an asset class or payment medium in commerce, and remain an important and promising asset class. Until macroeconomic conditions improve again, it is only a matter of time, then the crypto market will also recover. In 2022, we may be in for a crypto winter, but winter is known to be followed by spring and summer. Therefore, we are basically optimistic about the future beyond 2022," says Marco Bodewein, CEO of Bitcoin Group SE.