Bitcoin Group SE Doubles Crypto Treasury to EUR 165 Million in 2023

Herford, 11 July 2024 – Bitcoin Group SE has released its Annual Report 2023, highlighting a significant increase in its crypto treasury to nearly EUR 165 million. Despite challenging market conditions characterized by high inflation, rising interest rates, and geopolitical tensions, the company's crypto holdings more than doubled from EUR 70.8 million in 2022.

The company's revenue slightly decreased to EUR 7.8 million from EUR 8.3 million the previous year. This decline was attributed to low trading activity on Bitcoin.de, though trading picked up in the fourth quarter.

Bitcoin Group SE reported an EBITDA of EUR -1.8 million for 2023, a drop from EUR 1.4 million in 2022. This was due to low trading activity, higher personnel costs, and one-off costs related to the cancelled acquisition of Bankhaus von der Heydt. However, net profit improved to EUR 1.9 million, largely due to reversals of impairment losses.

The company's equity increased to EUR 137.9 million, driven by retained earnings and higher valuations of held cryptocurrencies. Cash and cash equivalents stood at EUR 11.1 million. Additionally, the company announced a proposed dividend of EUR 0.10 per share.

Strategically, Bitcoin Group SE focused on enhancing the Bitcoin.de marketplace and navigating new regulatory frameworks in the U.S. and EU, which have increased the acceptance of cryptocurrencies as an asset class.