Zug, June 29, 2023 – Bitcoin Suisse continued to deliver on its strategy in a challenging year 2022 for the crypto industry. At today’s Annual General Assembly, the Board of Directors of Bitcoin Suisse presented the Group’s financial results for the fiscal year 2022 and elected Dr. Philipp Rösler, former Vice Chancellor of the Federal Republic of Germany, as well as Marco Menotti, a banking expert and former Member of the Executive Board of SIX Group AG to the Board of Directors. Revenues for the full year 2022 decreased significantly in an operating environment impacted by high volatility, geopolitical challenges, and macroeconomic turmoil. Bitcoin Suisse remains in a strong financial position, concluding 2022 with a total equity of CHF 111 million at the end of the year, and it is celebrating its tenth anniversary in 2023.

Bitcoin Suisse reached several milestones in the challenging market environment of 2022 and has made significant progress in its strategic realignment targeting wealthy private clients as well as institutions with an innovative and secure offering.

Reaching major milestones

Dr. Dirk Klee, CEO of Bitcoin Suisse, said: «The crypto industry is evolving rapidly and maturing, as specialized and institutional-grade companies take the lead. Bitcoin Suisse needs to define its place in this new environment. This is why we set ourselves a new strategy when I took over in April 2022. With institutional adoption picking up further and client demand becoming more sophisticated, we place an even stronger focus on wealthy private clients and institutions. This goes hand in hand with the expansion of our services to include crypto advisory services and asset management products.»

In line with its strategic goals, Bitcoin Suisse has launched the first crypto native core banking platform TCS BaNCS in cooperation with Tata Consulting Services. By building an institutional-grade infrastructure, Bitcoin Suisse set an important foundation. In addition to releasing a new version of its mobile app, several new products have been included in the product portfolio. As one of the top four custodial staking providers worldwide, Bitcoin Suisse expanded its staking services with the launch of new tokens and enabled Ethereum Liquid Staking by joining the Liquid Collective. In its institutional-grade custody solution, the Bitcoin Suisse Vault, the company also enabled support for further protocols. As one of the earliest supporters of the Ethereum network since 2014, Bitcoin Suisse supported the Merge to Proof-of-Stake, completed the latest upgrade of the blockchain, Shapella, and successfully moved its clients to the new product.

Dirk Klee added: «On the back of our solid risk management, enhanced governance, and state-of-the-art information technology infrastructure, as well as a strong compliance culture built on established Swiss AML and CFT regulations, we have made progress towards applying for a FINMA license in Switzerland. This should enable us to successfully and securely expand and scale our product offering and make Bitcoin Suisse more attractive for institutional partnerships.»

Increasing our focus on recurring revenue

Following explosive growth in 2021, the crypto market experienced substantial disruptions in 2022. For Bitcoin Suisse, low levels of client trading activity of clients and the high correlation to market prices led to a significant decrease in revenue, with operating revenues declining by over 56% from CHF 79 million in 2021 to CHF 35 million in 2022. The company swiftly adapted to the changed market conditions with a client-first, highly cost-conscious approach. This included a carefully managed reduction in headcount in Switzerland, Denmark, and Liechtenstein resulting in a total of around 220 employees as of June 2023.

Dirk Klee said: «2021 was a year of hype with the crypto market getting ahead of itself. This was followed by a sharp reversal in 2022. Crypto institutions with highly leveraged business models and fraudulent activities were exposed. As a longstanding and trusted Swiss crypto investment partner, Bitcoin Suisse persevered despite these extraordinarily tough conditions. The developments in 2022 reinforce the importance of our strategy to achieve a more diversified mix of trading and recurring revenues. We demonstrated that we are here for our clients and that we can help them to navigate the complexities of the rapidly evolving crypto landscape going forward.»

Celebrating the first decade

2023 marks the tenth anniversary of the founding of Bitcoin Suisse. Since 2013, the crypto broker has remained steadfast in its commitment to delivering security, stability, and quality to its clients, while continuously exploring the latest and most promising innovations in the crypto industry.

Luzius Meisser, Chairman of the Board of Directors, said: «Despite a harsh crypto winter in 2022, the economic relevance of cryptocurrencies and blockchain technology has continued to grow. Our industry is now attracting significantly higher interest from investors and its institutionalization has advanced over the last year. Our relatively young industry continues to evolve. With each cycle, we are delivering further improvements and can provide new growth opportunities as well as value creation. We feel privileged to have built such great relationships with our clients, shareholders, and partners over the last decade. This year, we are looking forward to celebrating Bitcoin Suisse’s pioneering heritage, crypto-native expertise, and exciting journey over the last decade.»

Elections to the Board of Directors

At today’s Annual General Assembly, Bitcoin Suisse welcomed Dr. Philipp Rösler and Marco Menotti to the Board of Directors. Both have an outstanding track record and bring with them a combination of extensive banking expertise and longstanding internationalization experience.

Luzius Meisser stated: «The challenges that lie ahead, both for us as a company and for our industry, require expertise in various fields and clear strategic guidance. We have therefore proposed to the General Assembly to strengthen our Board of Directors with two new members, Dr. Philipp Rösler and Marco Menotti. Our shareholders have shown full support for the chosen strategy and nominations, despite a difficult year and ongoing uncertainty. I am excited to work with Philipp and Marco and convinced they will be strong assets to Bitcoin Suisse, and our clients and shareholders.»

Roger Studer did not stand for re-election at the Annual General Assembly but remains a shareholder of Bitcoin Suisse. The Board of Directors took the opportunity to thank Roger Studer for his exceptional service, counsel, and leadership over three years and to wish him all the best in his future endeavors.

Composition of the Board of Directors of Bitcoin Suisse AG as of June 29, 2023:

• Luzius Meisser, Chairman of the Board of Directors
• Urs Bigger, Vice Chairman of the Board of Directors
• Gabriela Hauser-Spühler, Member of the Board of Directors
• Giles Keating, Member of the Board of Directors
• Marco Menotti, Member of the Board of Directors
• Dr. Philipp Rösler, Member of the Board of Directors

About Dr. Philipp Rösler

Dr. Philipp Rösler started his career in the German Armed Forces, joining politics in 2003. He served as the Chairman of the Free Democratic Party in the German state of Lower-Saxony. In 2009, he joined the Federal Government of Germany as the Minister of Health. In 2011, Philipp was elected as the Chairman of the Free Democratic Party in Germany and he became Vice-Chancellor of the Federal Republic of Germany. Philipp left politics in 2013 and joined the Managing Board of the World Economic Forum in Geneva for four years. He holds management consulting mandates and supervisory board memberships in a number of known Swiss and international companies. In 2020, Philipp founded the consulting firm Consessor AG. His primary focus in his board positions is on advising regarding cross-border investments, market access and market development for Asia and Europe. Philipp recently joined the Board of CVVC, a global venture capital firm for blockchain technology based in Zug.

About Marco Menotti

Marco Menotti is Chairman of the Board of Directors and one of the founders of Grey Swan Risk Management AG, a boutique strategy consultancy focusing on strategic resilience mainly for financial institutions and financial infrastructure players operating internationally. Marco spent a large part of his career working in the banking sector in various senior executive roles. In his role as Head Banking Products at UBS Switzerland, he led large teams who continuously developed a vast portfolio of products, exposing him to many key aspects of banking including delivering large and complex IT projects. Prior to establishing his own business, Marco was Head Banking Services and Member of the Executive Board of SIX Group AG, the financial infrastructure company owned by Swiss banks. In this role he was responsible for Swiss payment systems, and he introduced the self-regulated open banking solution bLink, a highly scalable platform enabling Swiss banks and Fintechs to collaborate efficiently and securely.