Herford, 26 June 2023 – Bitcoin Group SE (ISIN DE000A1TNV91) today published its Annual Report 2022. The Company, which operates the cryptocurrency trading platform Bitcoin.de via its wholly-owned subsidiary futurum bank AG, can look back on a profitable year despite the challenging environment for the crypto industry.
Bitcoin Group SE achieved revenues of EUR 8.34 million (IFRS) in the financial year 2022, compared to EUR 25.39 million in the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 1.37 million compared to EUR 19.75 million in the previous year. For the financial year 2022, earnings per share amounted to of EUR -0.48, compared to EUR 2.67 in the previous year. The decline in revenues and earnings was a consequence of the decline in trading activities in the wake of the extremely challenging environment in the reporting year. Firstly, the negative overall market sentiment that prevailed for much of 2022, which was characterised by geopolitical tensions, supply chain issues, energy supply concerns and high inflation. This was compounded by the restrictive policies of the world's central banks, which led to a bear market in all assets from equities and bonds to precious metals and cryptocurrencies. On the other hand, a series of insolvencies of foreign crypto marketplaces, starting with the collapse of the crypto exchange FTX in the USA, was an additional burdening factor, which caused a price collapse for all cryptocurrencies. In this environment, the price of Bitcoin, for example, as a reference for the overall market, plummeted by almost 63% from EUR 41,652.72 to EUR 15,496.24. The risk reduction in asset allocation among both private and institutional investors associated with the aforementioned general conditions characterised trading activity in the 2022 financial year.
"The year 2022 was undoubtedly a turning point for the crypto industry. However, we are convinced that as Bitcoin Group we will emerge stronger from this challenging phase. Due to the crisis in the industry, the competitive environment is thinning out. Above all, as an institution supervised by the BaFin, we offer the highest security standards and are pioneers in regulatory security and transparency. This, together with our range of trading opportunities, creates trust, which is consequently reflected in a growing client base. We are in the early stages of crypto-evolution. I am therefore convinced that the potential offered by the crypto industry continues to be promising and is far from exhausted," says Marco Bodewein, CEO of Bitcoin Group SE.
The balance sheet situation of the Bitcoin Group continues to be very stable. The equity ratio was 77.23% as of 31 December 2022 (31 December 2021: 72.99%). Cash and cash equivalents amounted to EUR 14.88 million, down from EUR 20.28 million at the 2021 balance sheet date. The net cryptocurrency holdings decreased to EUR 70.8 million in 2022, down from EUR 181.1 million at 31 December 2021, due to exchange rate losses. The solid balance sheet and financial position provides Bitcoin Group with all options to continue to flexibly pursue its growth strategy.
The continuing geopolitical and economic uncertainties and the further emerging exit of major central banks from the expansive monetary policy make it difficult to provide a valid forecast. Against this backdrop, Bitcoin Group SE expects slightly declining revenue and a slightly negative EBITDA in the 2023 financial year. The free cash flow is nevertheless expected to be at a high level, so that investments or repurchases of own shares are possible at any time and the Bitcoin Group can survive unexpected events without a significant impact on the operating business.
The German Annual Report 2022 is available in German for download as a PDF document on bitcoingroup.com in the publications section. The English translation will be available at the beginning of July.
