Corporate News

Bitcoin Group SE presents report for the first half of 2022: Continued operational profitability despite extreme market environment

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.

The half-year report 2022 is available in German for download at www.bitcoingroup.com in the Publications section. The report will also be available in English in around two weeks´ time.

Bitcoin Group SE holds Annual General Meeting 2022 - dividend of EUR 0.10 per share resolved

Herford, July 01, 2022 – Bitcoin Group SE (ISIN DE000A1TNV91) successfully held its Annual General Meeting 2022 today. The shareholders approved all proposed resolutions on the agenda with large majorities. In total, 35.32% of the Company's share capital was represented in the vote at the Annual General Meeting. As in the previous year, the meeting was held in person.

In its speech, the Management Board looked back on the successful financial year 2021. Among other things, Bitcoin Group SE increased earnings before interest, taxes, depreciation, and amortization (EBITDA) by more than 87% to EUR 19.7 million compared to the previous year. The shareholders will benefit from the successful business development in 2021. With a large majority, the Annual General Meeting approved the first-time payment of a dividend in the amount of EUR 0.10 per share.

"The excellent positioning in the market, high earnings power in the core business and our solid financial situation allow us to let our shareholders participate in the company's success for the first time in the form of a dividend. Despite a challenging environment, we intend to continue on our path of sustainable and profitable growth," said Marco Bodewein, CEO of Bitcoin Group SE.

Furthermore, new elections for the Supervisory Board of Bitcoin Group SE took place. Supervisory Board member Martin Rubensdörffer had resigned his mandate as of July 01, 2022. For Mr. Rubensdörffer, new member Mr. Holger E. Giese (Lawyer) joins the supervisory body. At the same time, the shareholders approved an expansion of the Supervisory Board from four to five members. The Annual General Meeting elected Mr. Sebastian Borek (General Partner of Peruya Asset Management GmbH and Managing Director of Visionary Ventures GmbH, Aldeia de Juso, Portugal) as an additional member.

At its constituent meeting following the Annual General Meeting, the Board again elected Alexander Müller as Chairman of the Supervisory Board. Prof. Dr. Rainer Hofmann remains his deputy.

"We look forward to the support of Sebastian Borek and Holger E. Giese on the Supervisory Board. Both are proven experts with a clear vision. Thus, we are gaining even more expertise overall. On behalf of the entire Management Board, I would also like to thank Martin Rubensdörffer for his trusting cooperation and passionate commitment," said Marco Bodewein.

The voting results are available on the Bitcoin Group SE website at bitcoingroup.com in the Annual General Meeting section.

Bitcoin Group SE publishes annual Report 2021 - first dividend payment of EUR 0.10 per share planned

  • Revenue increased by 69.3% to EUR 25.4 million (previous year: EUR 15.0 million)
  • EBITDA increased by 87.6% to EUR 19.7 million (previous year: EUR 10.5 million)
  • Cryptocurrency holdings more than doubled to EUR 181.1 million

Herford, May 17, 2022 – Bitcoin Group SE (ISIN DE000A1TNV91) today presented its annual report for the year 2021. After another record year, the Management Board and Supervisory Board will propose a dividend of EUR 0.10 per share for the first time at the Annual General Meeting to be held on July 1, 2022.

In the financial year 2021, Bitcoin Group SE generated revenues of EUR 25.4 million compared to EUR 15.0 million in 2020, representing an increase of 69.3%. The strong increase was primarily due to the high demand for cryptocurrencies on the Bitcoin.de trading platform. Therefore, it has been possible to significantly expand commission income in cryptocurrency trading and also to record a similar dynamic with regard to the development of earnings. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 87.6% to EUR 19.7 million compared to EUR 10.5 million in the previous year. Earnings per share rose from EUR 1.90 in 2020 to EUR 2.67 in 2021. The high demand for cryptocurrencies is also reflected in a further increase in the own portfolio of the subsidiary futurum bank AG. This more than doubled compared to 2020 to EUR 181.1 million at the end of December 2021.

Bitcoin Group SE is meeting the high demand for crypto assets with an expanded offering on Bitcoin.de. In the first half of 2021, Dogecoin (DOGE) was added as a new currency, which means that a total of eight major cryptocurrencies can now be traded on the platform. In addition to trading cryptocurrencies against euros, Bitcoin.de also offers trading of pure cryptocurrency pairs.

The new services and trading options ensured a welcoming increase in customers in the past financial year. Bitcoin.de had already exceeded the one million customer mark in the first half of 2021. Over the entire 2021 financial year, Bitcoin Group SE was able to win over an average of more than 8,000 new users per month with the advantages of its trading platform.

With an equity ratio of 73.0% (previous year: 73.7%) and cash and cash equivalents of EUR 20.3 million as of the 2021 balance sheet date (previous year: EUR 12.0 million), Bitcoin Group SE is extraordinarily well financed and can continue to flexibly pursue its growth strategy.

"The 2021 financial year was a great success for us, in which we want our shareholders to participate, in the form of a dividend. Overall, we succeeded in reaching new record levels on the growth path. However, we note that the momentum has flattened out over the course of the year. The war in Ukraine, the still uncertain development of the Corona situation and the expectation of rising interest rates are causing increasing uncertainty among capital market participants and a tendency towards decreasing risk appetite. We must clearly reflect these developments in our outlook. Our prominent market position and our solid financial situation are the basis for meeting these challenges," says Marco Bodewein, CEO of Bitcoin Group SE.

In view of the geopolitical situation in Eastern Europe, the continuing uncertain course of the Corona pandemic as well as the gradual exit of major central banks from their expansionary monetary policy, the Management Board of Bitcoin Group AG expects a slight decline in revenues and earnings before interest, taxes, depreciation and amortisation (EBITDA) in the upper single-digit million range for the financial year 2022.

The German Annual Report 2021 is available for download as a PDF document on bitcoingroup.com in the publications section. The English translation will be available at the beginning of June.

Bitcoin Group SE publishes preliminary results 2021 - significant growth in revenue and earnings

Herford, March 29, 2022 – Bitcoin Group SE (ISIN DE000A1TNV91) publishes preliminary results for the financial year 2021. The company achieved revenue of EUR 23.5 million in 2021 compared to EUR 15.0 million in 2020, which corresponds to an increase of 56.6%. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 85.7% to EUR 19.5 million compared to EUR 10.5 million in the previous year.

The dynamic increase in revenue and earnings is due in particular to the high level of user trading activity on Bitcoin.de, the cryptocurrency trading platform operated by the subsidiary futurum bank AG. In the financial year 2021, the currencies that can be traded on Bitcoin.de, such as Bitcoin, Ethereum, Ripple and others, were in increased demand. In addition, the company managed to exceed the mark of more than 1,000,000 registered users ahead of schedule in the middle of 2021.

The balance sheet total has more than doubled to EUR 223.4 million as of the 2021 balance sheet date due to the significant increase in cryptocurrency holdings (2020 balance sheet date: EUR 108.8 million). Cash and cash equivalents have increased significantly to EUR 20.3 million as of the balance sheet date 2021 (2020 balance sheet date: EUR 12.0 million). The equity ratio as of the 2021 balance sheet date is 72.5% (previous year: 73%), hence the Group shows a robust balance sheet and sufficient flexibility to finance further growth.

"Despite all the challenges, we closed the financial year 2021 with great success. We succeeded in achieving our set goals and broadening our business model. Customers can now trade eight major cryptocurrencies on Bitcoin.de. In addition, we have been offering trading of pure cryptocurrency pairs since the end of last year. On this basis, we want to grow sustainably and strongly and are optimistic about the 2022 financial year," says Marco Bodewein, CEO of Bitcoin Group SE.

The figures disclosed in this announcement are preliminary and unaudited. Bitcoin Group SE will publish the final figures for the financial year 2021 with the Annual Report 2021 in April 2022.

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