Bitcoin Group SE publishes report for the first half of 2023 and looks back on stable development – full-year guidance confirmed
Herford, 27 September 2023 – The Bitcoin Group SE (ISIN DE000A1TNV91) today published its half-year report 2023. The Company, which operates the cryptocurrency trading platform Bitcoin.de via its wholly-owned subsidiary futurum bank AG, can look back on stable development despite a challenging half-year.
Bitcoin Group SE achieved revenues of EUR 5.62 million in the first half of 2023 characterised by low trading activity in the entire financial sector, compared to EUR 5.60 million in the first half of the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR -0.56 million compared to EUR 2.74 million in the first half of the previous year. This development reflected increased personnel costs and, in particular, the depreciation of the incurred costs for the integration of Bankhaus von der Heydt in the amount of EUR 2.62 million. This resulted in earnings per share of EUR 0.38 compared to EUR -0.44 in the previous year.
The balance sheet situation of the Bitcoin Group remains very stable. The equity ratio was 75.21% as of 30 June 2023 (31 December 2022: 77.23%). Cash and cash equivalents amounted to EUR 14.47 million as of 30 June 2023, compared to EUR 14.88 million as of the 2022 balance sheet date. Net cryptocurrency holdings increased to EUR 121.86 million compared to EUR 70.77 million as of 31 December 2022, due to cryptocurrency price increases in the first half of the year.
“Based on a solid foundation, we are optimistic about the further development of the crypto market. Over the course of the year, several technological and regulatory advances have given new impetus to the acceptance and adaptation of cryptocurrencies. At Bitcoin Group this is reflected in a further increase in customers to now 1,048,000 registered users on Bitcoin.de and we expect a further increase to 1,065,000 customers by the end of the financial year. The crypto market is driven in particular by the strong interest of large asset managers in crypto assets, which are undergoing a massive transformation. With our range of products and services, we are ideally positioned to shape and profit from this promising development,” says Marco Bodewein, CEO of Bitcoin Group SE.
The Management Board of Bitcoin Group SE confirms the previous guidance for the full year 2023. As previously communicated, Bitcoin Group SE expects slightly declining revenues and a slightly negative EBITDA for the full year 2023 due to the extraordinary write-downs in connection with Bankhaus von der Heydt. However, free cash flow is expected to remain at a consistently high level, allowing the Bitcoin Group to invest or buy back shares at any time and to deal with unexpected events without any significant impact on the operating business. The outlook is subject to no significant worsening of the current geopolitical and economic environment.
The half-year report 2023 is available at www.bitcoingroup.com in the publications section. The English version of the report will be available at the beginning of October.