Bitcoin Group SE Company Profile: Deep Dive into Financials, Operations, and Crypto Strategy

Source: Bitcoin Group SE Annual Report 2025.

Quick Facts / Company Snapshot

Metric	Value
Company Name	Bitcoin Group SE
Ticker Symbol	ADE
ISIN	DE000A1TNV91
Headquarters	Herford, Germany
Fiscal Year-End	December 31
Revenue (2025)	EUR 10,046,951.13
EBITDA (2025)	EUR 476,892.53
Net Profit / Loss (2025)	EUR -1,296,372.88
Total Assets	EUR 313,917,423.56
Total Equity	EUR 225,243,132.87
Equity Ratio	71.8%
Cash and Cash Equivalents	EUR 12,617,328.79
Proprietary Cryptocurrency Holdings	EUR 293,264,988.41
Number of Customers	1,110,000
Number of Employees	30
Share Capital	EUR 5,000,000.00
Number of Shares	5,000,000 no-par value bearer shares
Main Operating Subsidiary	futurum bank AG (100% ownership)
Management Board	Moritz Eckert, Anton Langbroek
Chairman of the Supervisory Board	Alexander Müller

Source: Bitcoin Group SE Annual Report 2025.

Company Overview

Bitcoin Group SE operates as a capital investment and consulting firm with a stringent focus on Bitcoin and blockchain-based business models. Headquartered in Herford, Germany, the enterprise assists its portfolio companies by providing capital and management services to tap into future growth potential, aiming to launch these entities onto the capital markets in the medium term. The Group executes its core operational business through its wholly owned subsidiary, futurum bank AG, which manages the cryptocurrency trading platform “bitcoin.de”.

• The company concluded the 2025 fiscal year with a registered customer base of 1,110,000, reflecting an average growth of approximately 3,000 new users per month.
• A defining characteristic of the firm is its substantial proprietary cryptocurrency treasury, which was valued at EUR 293.26 million at the end of the reporting period.
• The equity ratio stood at a highly robust 71.8% as of December 31, 2025, ensuring maximum financial flexibility for ongoing structural transformation projects.

As the global cryptocurrency market enters a phase of heightened institutionalisation, Bitcoin Group SE is presently undergoing the most substantial structural transformation in its corporate history. The firm is actively moving away from its legacy peer-to-peer marketplace model to establish a fully modernised, scalable brokerage infrastructure that offers instantaneous settlement and advanced custody solutions. This foundational shift aims to secure a dominant market position in an increasingly regulated European digital asset ecosystem.

Business Segments

Bitcoin Group SE manages its operations within a highly consolidated framework and currently maintains only one reportable operating segment. The Group’s internal reporting and management structure does not strictly divide operational metrics into distinct, independent business units.

Single Operating Segment: Cryptocurrency Trading and Financial Services

Segment Name	Revenue (2025)	% of Total Revenue	Operational Scope
Cryptocurrency Trading & Services	EUR 10,046,951.13	100% (Calculated by FirmsWorld)	Brokerage, custody, and securities trading via futurum bank AG.

Source: Bitcoin Group SE Annual Report 2025.

The singular business segment generates revenue predominantly through the transfer of goods and services at specific points in time, exclusively conducted by Group companies based in Germany. During the 2025 fiscal year, this segment produced total revenues of EUR 10.05 million, marking an approximate 7% increase from the EUR 9.37 million generated in the prior year. The segment’s financial performance is driven overwhelmingly by marketplace brokerage commissions on the bitcoin.de platform.

• The Management Board uses earnings before interest, taxes, depreciation, and amortization (EBITDA), free cash flow, and customer acquisition metrics to measure segment performance.
• The operating segment holds an extensive cryptocurrency portfolio that is treated as an intangible asset, exposing the segment to volatile capital market fluctuations.
• No single customer accounted for more than 10% of the consolidated revenue during the 2025 financial year, reflecting a broadly diversified retail user base.

Through this segment, the company acts primarily as an agent between market participants, facilitating the exchange of digital assets while providing a secure deposit infrastructure where customers retain their euro balances in personal bank accounts until transactions are fully cleared.

History and Evolution

The foundational operations of Bitcoin Group SE began in 2011 with the launch of “bitcoin.de,” which successfully established itself as a pioneering peer-to-peer trading platform for cryptocurrencies in Germany. Operating out of Europe’s largest economy, the platform capitalized on the trust associated with Germany as a highly regulated business location, differentiating itself from offshore exchanges that often operated with minimal oversight.

• In 2014, the company marked a significant corporate milestone with the first-time consolidation of Bitcoin Deutschland AG into the Group’s financial statements, generating goodwill of EUR 3.88 million.
• On July 16, 2021, the company’s Annual General Meeting resolved to transition the corporate governance structure from a single-tier board of directors to a two-tier system consisting of a Management Board and a Supervisory Board.
• The fiscal year 2025 represented a definitive turning point as the company initiated a comprehensive technological and functional overhaul to phase out its historic peer-to-peer structure in favour of a modern brokerage platform.

As the global digital asset sector reached a market capitalization of approximately USD 4 trillion in 2025, Bitcoin Group SE recognized that its traditional peer-to-peer model was no longer fully aligned with contemporary market expectations. Consequently, the company dedicated the reporting year to rebuilding its technology stack from the ground up to enable instantaneous order settlement, broaden its tradable asset selection, and introduce institutional-grade custody solutions.

Products and Services

Bitcoin Group SE’s core offerings revolve around digital asset trading, custody, and complementary financial services, largely executed through its wholly owned subsidiary.

Cryptocurrency Marketplace Brokerage (bitcoin.de)

Product / Service	Revenue (2025)	% of Total Revenue
Cryptocurrency Commission & Brokerage	EUR 9,804,951.13 (Calculated by FirmsWorld)	97.59% (Calculated by FirmsWorld)

Source: Bitcoin Group SE Annual Report 2025.

The primary service provided by the Group is the facilitation of digital asset trades via the bitcoin.de platform. The company charges a commission for these transactions, typically ranging between 0.8% and 1.0% of the specific transaction volume. This service provides retail and institutional clients with a secure environment to invest in leading cryptocurrencies.

• The platform is actively expanding its product suite to include more than 100 carefully curated cryptocurrencies.
• New operational features currently in development include automated crypto savings plans, dynamic staking solutions, and direct crypto swaps.
• A newly designed high-performance trading app for iOS and Android is scheduled for a full launch in the summer of 2026.

Securities Trading and Financial Services

Product / Service	Revenue (2025)	% of Total Revenue
Securities Trading	EUR 242,000.00	2.41% (Calculated by FirmsWorld)

Source: Bitcoin Group SE Annual Report 2025.

In addition to pure cryptocurrency brokerage, the company generates a secondary stream of income through traditional securities trading and the provision of financial product services for its customer base. This segment contributed EUR 242 thousand to the total revenue in 2025, experiencing a contraction from the EUR 417 thousand generated in the previous year.

• The company’s subsidiary, futurum bank AG, currently operates as a regulated securities institution under the German Securities Institutions Act (WpIG).
• The Group is aggressively preparing to launch a dedicated institutional solution branded as “futurum” in late 2026 to service small and medium-sized enterprises (SMEs) and institutional investors.

Brand Portfolio

Bitcoin Group SE manages a streamlined portfolio of distinct corporate and platform brands that cater to different facets of the digital asset and financial services landscape.

bitcoin.de

As the company’s flagship retail brand, bitcoin.de operates as one of Europe’s largest and Germany’s oldest cryptocurrency trading platforms. The brand has cultivated strong consumer trust based on a reputation for security “Made in Germany” and its unique model that ties crypto trading directly to the user’s traditional bank account.

futurum bank AG

This brand functions as the regulated financial backbone of the Group. futurum bank AG holds the necessary licenses to operate securities trading and acts as the legal operator of the bitcoin.de platform. The brand is currently being expanded into a standalone institutional service offering to attract corporate crypto treasury clients.

Geographical Presence

Bitcoin Group SE’s operational footprint and revenue generation are heavily concentrated within a single geographic market.

Region / Country	Revenue (2025)	% of Total Revenue
Germany	EUR 10,046,951.13	100% (Calculated by FirmsWorld)

Source: Bitcoin Group SE Annual Report 2025.

Germany Operations

The company’s entire revenue base is generated exclusively from Group companies situated in Germany. The corporate headquarters are located in Herford, while the primary subsidiary, futurum bank AG, operates out of Frankfurt am Main—a strategic hub for European financial operations.

• The regulatory environment in Germany heavily dictates the company’s operations; futurum bank AG operates under the scrutiny of the German financial supervisory authorities (BaFin and the Deutsche Bundesbank).
• To expand its service passporting capabilities across the broader European Union, the company is actively undergoing the authorization process in Germany to comply with the European Markets in Crypto-Assets (MiCA) Regulation.
• The company does not hold direct business activities in international conflict zones such as Russia, Ukraine, or the Middle East.

Profit and Loss

The 2025 fiscal year presented a complex earnings picture characterised by rising top-line revenues offset by substantial operational investments and non-cash valuation adjustments.

Consolidated Statement of Comprehensive Income (Selected Items)

Metric	January 1 – December 31, 2025 (EUR)	January 1 – December 31, 2024 (EUR)
Revenue	10,046,951.13	9,372,121.10
Other operating income	452,568.90	321,577.25
Cost of materials	-155,052.74	-297,799.65
Staff costs	-3,275,828.01	-3,243,408.08
Other operating expenses	-6,591,746.75	-4,317,966.92
EBITDA	476,892.53	1,789,523.70
Amortization and write-downs	-3,115,879.13	-251,808.76
Reversal of impairment losses	1,165,357.68	1,045,281.01
EBIT	-1,619,662.14	2,582,995.95
Earnings before income taxes	-1,635,366.97	2,633,884.50
Income taxes	346,388.05	-841,282.16
Profit or loss	-1,296,372.88	1,793,050.47
Total comprehensive income	-52,454,019.58	140,783,767.33
Earnings per share (Basic and Diluted)	-0.26	0.36

Source: Bitcoin Group SE Annual Report 2025.

Revenue increased to EUR 10.05 million, driven directly by higher trading volumes on the bitcoin.de platform throughout the year. However, the cost of generating this revenue also rose. Other operating expenses experienced a massive 53% surge to EUR 6.59 million, largely fuelled by legal, consulting, and auditing costs which spiked from EUR 1.08 million in 2024 to EUR 2.13 million in 2025.

• The intense capital deployment required to overhaul the digital trading infrastructure directly compressed EBITDA, dropping it from EUR 1.79 million down to EUR 476 thousand.
• The company recorded an extraordinary non-cash impairment of EUR 3.12 million related to its cryptocurrency assets, causing the operating result (EBIT) to dive into negative territory at EUR -1.62 million.
• The sheer volatility of the underlying crypto market is evident in the Total Comprehensive Income figure, which plunged to a loss of EUR 52.45 million due to a negative remeasurement of intangible assets (cryptocurrencies) totalling EUR 72.01 million before tax effects.

Balance Sheet

The company’s balance sheet is predominantly shaped by its classification of proprietary cryptocurrency holdings as intangible assets, leading to significant valuation swings based on global market prices.

Consolidated Balance Sheet (Assets)

Assets	December 31, 2025 (EUR)	December 31, 2024 (EUR)
Non-current assets
Property, Plant and Equipment	78,806.00	65,059.00
Goodwill	3,882,225.95	3,882,225.95
Intangible assets (cryptocurrencies)	293,264,988.41	365,999,554.60
Intangible assets (other)	2,543,508.70	781,535.20
Right-of-use assets	272,772.49	417,063.11
Deferred tax assets	0.00	4,918.34
Other non-current financial assets	189,809.22	189,809.22
Total non-current assets	300,232,110.77	371,340,165.42
Current assets
Trade receivables from third parties	0.00	33,760.30
Other current financial assets	0.00	389,445.92
Other non-financial current assets	608,984.00	278,259.53
Income tax assets	209,000.00	237,645.00
Non-current assets held for sale	250,000.00	415,500.00
Cash and cash equivalents	12,617,328.79	12,186,700.26
Total current assets	13,685,312.79	13,541,311.01
Total assets	313,917,423.56	384,881,476.43

Source: Bitcoin Group SE Annual Report 2025.

Consolidated Balance Sheet (Equity and Liabilities)

Equity and Liabilities	December 31, 2025 (EUR)	December 31, 2024 (EUR)
Equity
Issued capital	5,000,000.00	5,000,000.00
Cumulative retained earnings	32,131,219.80	33,927,592.68
Other comprehensive income	188,111,913.07	239,269,559.77
Total equity	225,243,132.87	278,197,152.45
Non-current liabilities
Non-current leasing liabilities	192,987.05	332,506.94
Deferred tax liabilities	82,144,034.05	102,992,353.25
Non-current financial liabilities	4,101,889.01	0.00
Total non-current liabilities	86,438,910.11	103,324,860.19
Current liabilities
Trade payables and other current liabilities	595,076.97	446,496.91
Current leasing liabilities	91,384.11	122,097.71
Other non-financial liabilities	1,117,219.50	1,593,593.41
Income tax liabilities	431,700.00	1,197,275.76
Total current liabilities	2,235,380.58	3,359,463.79
Total equity and liabilities	313,917,423.56	384,881,476.43

Source: Bitcoin Group SE Annual Report 2025.

The total asset base contracted substantially from EUR 384.88 million to EUR 313.92 million over the fiscal year. This EUR 70.96 million decline was almost entirely driven by the markdown in the fair value of the firm’s cryptocurrency treasury, which suffered due to a weaker Bitcoin performance and an unfavourable US dollar to euro currency translation.

• Intangible assets (other) jumped from EUR 781 thousand to EUR 2.54 million, reflecting massive capitalised investments in “Software under development” linked to the new trading platform architecture.
• The company took on external debt in the form of a EUR 4.10 million non-current financial liability; this two-year term loan carries a fixed 2.5% interest rate and is secured by roughly EUR 5.97 million of the firm’s own cryptocurrency holdings.
• Deferred tax liabilities saw a considerable drop of roughly EUR 20.85 million, directly corresponding to the lower unrealised gains sitting within the cryptocurrency treasury.

Cash Flow

Despite heavy internal investments, the company maintained a highly liquid posture, successfully growing its cash reserves by the end of the year.

Consolidated Cash Flow Statement

Metric	January 1 – December 31, 2025 (EUR)	January 1 – December 31, 2024 (EUR)
Cash flows from operating activities	-1,362,990.16	1,799,234.22
Cash flows from investing activities	-1,679,990.74	-47,227.52
Cash flows from financing activities	3,473,609.43	-622,553.00
Net increase/decrease in cash and cash equivalents	430,628.53	1,129,453.70
Cash and cash equivalents at the beginning of the period	12,186,700.26	11,057,246.56
Cash and cash equivalents at the end of the period	12,617,328.79	12,186,700.26

Source: Bitcoin Group SE Annual Report 2025.

Operating cash flow suffered a severe negative swing, falling to a cash drain of EUR 1.36 million from a positive generation of EUR 1.80 million in 2024. This operational outflow was largely due to the negative EBIT performance and a significant reduction in trade payables and non-financial liabilities.

• Cash used in investing activities spiked aggressively to EUR 1.68 million, virtually all of which was directed towards payments for investments in intangible assets (software development).
• The shortfall in organic cash generation was bridged through financing activities, specifically the issuance of the EUR 4.10 million long-term financial liability, which ensured a net positive cash accumulation for the year.
• The firm remained committed to shareholder returns, executing a dividend payout of EUR 500,000.00 (EUR 0.10 per share) for the fiscal year.

Board of Directors and Leadership Team

Bitcoin Group SE is governed by a standard German two-tier management system that legally separates strategic execution from independent oversight.

Management Board

The Management Board manages the day-to-day operations and strategic execution of the company. In 2025, total remuneration for the Management Board reached EUR 523 thousand.

• Moritz Eckert: Appointed as a member and Chairman of the Management Board effective February 1, 2025. He assumed this position while retaining his duties regarding market operations at the subsidiary futurum bank AG.
• Anton Langbroek: Appointed to the Management Board effective May 1, 2026. Prior to this, he was appointed to the Management Board of futurum bank AG on February 1, 2025, with responsibility for operational management and the market division.
• (Note: Michael Nowak and Per Hlawatschek stepped down from the Management Board on April 30, 2026, and May 20, 2025, respectively).

Supervisory Board

The Supervisory Board met five times during the 2025 reporting period (four in-person meetings and one video conference) with an attendance rate of nearly 100%. The board members received a combined remuneration of EUR 30 thousand.

• Alexander Müller (Chairman): A computer science graduate and publicly appointed, sworn IT expert based in Niedernhausen.
• Prof. Dr. Rainer Hofmann (Deputy Chairman): A university professor located in Ludwigshafen.
• Oliver Flaskämper: Serving since November 2023, he is a Member of the Management Board of the anchor shareholder Priority AG and Managing Director of DH Verwaltungs GmbH & Co.KG.
• Dr. Holger E. Giese: An Attorney at Law and LL.M. graduate from Cambridge.
• (Note: Sebastian Borek stepped down from the Supervisory Board on September 30, 2025, due to compliance reasons related to changes in his professional circumstances).

Subsidiaries, Associates, Joint Ventures

The Group operates a streamlined corporate architecture, holding controlling interests in entities that directly facilitate its financial and digital asset operations.

Entity Name	Ownership Percentage	Contribution / Details
futurum bank AG	100%	The primary operating subsidiary executing the bitcoin.de platform.
DESSIXX AG	0% consolidated (Held for sale)	A shelf company founded by futurum bank AG, currently awaiting complete divestment.

Source: Bitcoin Group SE Annual Report 2025.

futurum bank AG

Based in Frankfurt am Main, futurum bank AG serves as the core operational engine for the Group, operating the bitcoin.de platform and holding the essential securities institution licenses under the German WpIG. As of December 31, 2025, the subsidiary held a subscribed capital of EUR 1.50 million and total equity amounting to EUR 13.84 million. The net profit for the fiscal year registered at EUR 0 due to an active profit transfer agreement directly with Bitcoin Group SE.

DESSIXX AG

Established via a cash subscription by futurum bank AG in 2021, DESSIXX AG operates as a non-consolidated shelf company held explicitly for sale. Because a buyer has expressed intent to acquire 100% of the shares, a residual free float of EUR 35 was bought back in 2025, bringing its holding value down to a targeted exit profile of EUR 250 thousand. (Note: A similar subsidiary, Potrimpos Capital SE, was successfully sold during the first half of 2025).

Other Investments (Including Minority / Portfolio Holdings)

Bitcoin Group SE strategically holds unquoted equity interests in targeted firms to secure long-term operational capacity and industry access.

Entity Name	Ownership Percentage	Nature of Investment	Fair Value
Sineus Financial Services GmbH	50%	Strategic / Financial (FVTOCI)	EUR 166,605.99

Source: Bitcoin Group SE Annual Report 2025.

Sineus Financial Services GmbH

The company maintains a 50% equity stake in Melle-based Sineus Financial Services GmbH. Due to specific contractual provisions, Bitcoin Group SE cannot exercise direct control over the entity, resulting in it not being consolidated into the financial statements. Instead, the investment was acquired for strategic reasons and is accounted for at Fair Value Through Other Comprehensive Income (FVTOCI). At the close of 2025, the carrying value stood static at EUR 167 thousand.

Physical Properties

Bitcoin Group SE operates a remarkably asset-light physical footprint, holding no directly owned real estate or manufacturing facilities.

• The company secures its physical operations entirely through commercial leases, recognising these obligations as right-of-use assets on the balance sheet.
• As of December 31, 2025, the right-of-use asset value for property stood at EUR 260.30 thousand.
• The right-of-use asset value for the corporate vehicle fleet amounted to EUR 12.47 thousand.
• Total cash outflows for property rent and vehicle leases during the 2025 financial year equalled EUR 95.51 thousand and EUR 22.33 thousand, respectively.

Investments and Capital Expenditure Plans

The firm has entered an aggressive capital expenditure cycle aimed strictly at modernizing its digital architecture to capture a mature cryptocurrency demographic.

• During 2025, the company deployed EUR 1.76 million explicitly towards “Software under development,” which entails the commissioned implementation of a new IT platform designed for trading crypto and digital assets.
• Investments in physical property, plant, and equipment remained minimal, with additions totalling only EUR 58.52 thousand during the year.
• Management has guided for a slight decrease in cash and cash equivalents for the upcoming 2026 fiscal year due to “continued elevated investment activity” required to bring the futurum bank institutional solutions to market.

Shareholding Pattern

The company maintains a highly liquid public profile supported by a definitive anchor shareholder.

Shareholder Category	Holding Percentage
Priority AG (Anchor Shareholder)	> 25%
Free Float	> 50%

Source: Bitcoin Group SE Annual Report 2025.

Priority AG, a strategic holding entity based in Herford, continues to exercise significant influence over Bitcoin Group SE by commanding more than 25% of the total voting rights. The remaining free float, defined as investors holding less than a 5% individual stake, exceeds 50% of the issued share capital, ensuring deep liquidity across multiple German stock exchanges including Xetra, Düsseldorf, and Frankfurt.

Future Strategy

The executive leadership is pivoting the company from its historical role as a retail peer-to-peer facilitator into a multifaceted, institutional-grade cryptocurrency broker.

• The comprehensive technological relaunch of Bitcoin.de is scheduled for late June 2026, marking the retirement of the peer-to-peer system.
• The product strategy involves immediately expanding the tradable asset universe to over 100 tokens, introducing dynamic yield services, and embedding zero-fee bank account integrations to attract high-frequency retail traders.
• In parallel, the firm is aggressively pursuing regulatory authorisation under the European MiCA framework to export its digital asset services legally across all European Union member states.

Key Strengths

Bitcoin Group SE possesses several profound structural advantages that shield it from normal startup-tier capital risks within the blockchain sector.

• The firm holds a massive proprietary cryptocurrency reserve. Valued at over EUR 293 million, this balance sheet acts as both an immense collateral source and a strategic asset holding.
• An extraordinary 98% of all client and proprietary digital assets are held offline in highly secured, distributed “cold wallets,” practically eliminating the threat of systemic hacking losses.
• The company operates free of traditional banking or capital market financing burdens (aside from one highly specific asset-backed project loan), affording management incredible operational agility.

Key Challenges and Risks

The Board conducts rigorous assessments through an internal risk matrix designed to evaluate probability and potential severity across the business model.

• Capital Market Volatility (Class 2 / Class 4): The company is profoundly exposed to the price action of Bitcoin. Sustained drawdowns can rapidly compress the value of the firm’s EUR 293 million crypto treasury and immediately erode the equity base.
• Regulatory Uncertainty (Class 2 / Class 4): futurum bank AG currently operates under the WpIG. However, this license will not cover crypto services in the future; the bank must successfully obtain authorisation under the new European MiCA regulation. Failure to secure this would force the company to either find a regulated partner or completely halt its digital asset brokerage services.
• Tax Legislation (Class 1 / Class 4): A potential shift in how VAT is applied to crypto brokerage commissions could force the company to retroactively remit taxes, deteriorating historical and future earnings margins by up to 19%.
• Loss of Digital Assets (Class 1 / Class 4): Although 98% of funds sit in cold storage, external criminal activity or fatal software errors regarding online “hot wallets” could trigger severe financial liabilities.

Conclusion and Strategic Outlook

Bitcoin Group SE enters 2026 amidst the most ambitious corporate transformation since its founding. The retirement of the legacy peer-to-peer system will trigger a mandatory database purge; inactive customers who refuse the renewed KYC process will be deleted from the system. Management explicitly targets the migration of 200,000 highly active legacy users while aiming to attract an initial 50,000 new customers through the revamped trading applications.

Due to the sheer number of unknown variables surrounding the platform migration, combined with complex macroeconomic factors like persistently high interest rates and global geopolitical conflicts, management forecasts revenues for 2026 to remain flat. EBITDA is projected to hit break-even levels as the subsidiary, futurum bank AG, continues to absorb heavy technology investments. Ultimately, the company is sacrificing short-term margin profitability to build a fortified, scalable, and regulated infrastructure capable of capturing the next decade of institutional and retail digital asset demand.

Official Site: Bitcoin Group SE