Half-year report 2023
First half of the year 2023, 1 January – 30 June in short
- Net revenues amounted to 19 KSEK (0 KSEK).
- Operating result before depreciation (EBITDA) amounted to - 6 858 KSEK (- 42 KSEK).
- Operating result amounted to - 6 929 KSEK (- 42 KSEK).
- Net result amounted to - 6 965 KSEK (- 42 KSEK).
- Cash flow from operations amounted to - 6 506 KSEK (1 723 KSEK).
Events during the period
- The company has changed its company category to become a public company.
- Through a directed issue, the company has strengthened the company's capital by SEK 15 million before any issuance costs and carried out a bonus issue in connection with this to be able to meet Nasdaq's share capital requirements.
- The company's base prospectus was approved by the Swedish Financial Supervisory Authority in April 2023.
- Virtune received approval as a new issuer on Nasdaq Stockholm to issue crypto exchange-traded products.
- Virtune introduced the first crypto index-ETP (Exchange Traded Product in the Nordics on the 15th of May. The ETPs was listed both in SEK and in EUR with different ISINs.
- Virtune made an entrance into the German market with its EUR-denominated product on the 15th of June 2023.
Events after the period
- The company launched a staked Ethereum ETP on Nasdaq Stockholm during August 2023.
Commercialization start for Virtune
The first half of 2023 has been a very eventful period at Virtune, marked by significant progress in line with our business plan and our vision to become the leading asset manager for digital assets in the Nordics.
The start of 2023 was characterized by persistent work to complete the remaining parts for the initial listing of Virtune's Exchange Traded Products ("ETP"). This included regulatory work, such as drafting the base prospectus, as well as extensive efforts in governance, compliance and company structure to prepare the company to become an approved issuer on Nasdaq Stockholm.
Furthermore, considerable work has been put into structuring the company operationally, tech-wise, and policy-related to establish an efficient and high-quality organizational structure. This has been carried out with the ambition to enable expansion of Virtune's product offering as well as geographical expansion into new markets in the best possible way.
On the 15th of May 2023, Virtune launched the first and long-awaited crypto index ETP in the Nordics on Nasdaq Stockholm. The product is available in both SEK and EUR and gives institutional and private investors in the Nordics the opportunity for broad crypto exposure and management through monthly rebalancing in a regulated investment product. Since the start, Virtune has actively taken an educational role in our market and has so far carried out a series of educational initiatives, including webinars and physical events with, among others. Unga Aktiesparare and ongoing informative content in social media.
One of Virtune's most important goals is to be a regulated and reliable actor in the crypto market, which is demonstrated by the fact that Virtune is a Swedish company registered as a financial institution with the Financial Supervisory Authority, where we work actively to spread knowledge and communicate our messages to the market. This has been realized through a series of market-related initiatives, such as my participation on DiTv Borsmorgon.
Another important event in the first half of the year was Virtune's expansion to the German market where Virtune’s crypto index ETP was listed on Boerse Stuttgart during June, which was the first launch outside of Sweden. Within the company, we have also actively worked on further developing our technical platform to automate processes and routines, with the goal of maintaining a cost-effective organization as we grow. The company went through an intense summer, where significant time and resources were directed towards the product launch early in the second half of the year as well as further preparations for the fall. At the end of the first half of 2023, assets under management amounted to SEK 9.3 million.
During the summer, we also announced new positions that are planned to be filled in the second half of 2023. At the end of the half year, the team consisted of me, Christopher Kock (co-founder and CEO), Peter Arvidsson (co-founder and CTO), Henry Forelius (Partner and Client Director) and Daniel Lundberg (CFO). At the end of July, Sofia Boström was welcomed as Marketing and Growth Manager and she starts her position on 21th of August.
In summary, Virtune is well equipped for the future after the efforts that have been implemented during the latter part of the first half of the year and we have a well-defined plan in place to achieve our growth goals. We are also keenly following the regulatory developments in the US, including Blackrock's application for the Spot Bitcoin ETF, as well as other exciting events that could strongly influence the crypto market in a positive direction and thereby contribute to Virtune reaching and even exceeding its ambitious goals for the future.
The full report is attached to this press release and will be available on virtune.com under Investor Relations.
Stockholm on the 16th of August 2023,
Christopher Kock,
CEO & Board of director at Virtune AB (Publ)
For more information, please contact:
Christopher Kock, CEO & Board of Director
Mobile: +46 70 073 45 64
Email: christopher@virtune.com
About Virtune AB (Publ)
Virtune with its headquarters in Stockholm is a fully regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges.
With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.
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