- Compared to 2022, global trading volumes for the crypto sector fell by 40% in 2023
- For the 2023 financial year, Bitcoin Suisse reports a net loss of CHF 13 million
- The company closes 2023 with a robust capital base of over CHF 100 million
- Over CHF 17 million in net profits signal a strong comeback in Q1 2024
Zug, May 14, 2024 – Bitcoin Suisse reports on its 2023 financial result and provides an outlook into 2024. During a phase of what market insiders commonly refer to as “crypto winter”, the company streamlined its offering, increased the scalability and efficiency of its infrastructure, and invested into future products and services. In a difficult environment with global crypto trading volume declining by 40% compared to the previous year, Bitcoin Suisse closed the year with a net loss of CHF 13.0 million. With an equity position of CHF 103.6 million at the end of 2023, the Group remains robustly capitalized and well positioned to leverage future opportunities in an increasingly favorable market environment. For the first quarter of 2024, Bitcoin Suisse Group reports unaudited net profits of CHF 17.2 million.
Luzius Meisser, Chairman of Bitcoin Suisse, noted: “Crypto winter is the time to get in shape for crypto summer. We implemented stringent cost-cutting measures, refined our offering, and increased operational efficiency. At the same time, we reinforced our leading position in areas such as staking and made strategic investments in upcoming services. As we transition into a market phase in which opportunities are plentiful, selecting the right areas of growth becomes paramount.”
In 2023 and in the first quarter of 2024, Bitcoin Suisse achieved significant milestones, notably with new product launches as well as an extended offering for institutional investors. The company joined Liquid Collective to offer Ethereum Liquid Staking and introduced Arbitrum (ARB), Polygon (Matic), and Celestia (TIA) staking. Especially the full integration of Celestia from day one has proven to be a sounding success and led to Bitcoin Suisse positioning itself as one of the largest validators for TIA worldwide. In a partnership with STOXX, Bitcoin Suisse has released the first blue-chip digital asset index, based on the in-house developed Global Crypto Taxonomy, and, together with Valour, made accessible the first Exchange Traded Product (ETP) based on the blue-chip index.
Despite the challenging market conditions, Bitcoin Suisse saw substantial inflows of net new money throughout 2023. Coupled with the stellar performance of its clients’ portfolios in the past six months, this led to the company recently surpassing CHF 5 billion in Assets under Custody. Notably, CHF 2 billion of these assets are allocated in Staking, solidifying Bitcoin Suisse's position as one of Europe's largest custodial staking service providers. The continuous monitoring and improvement of processes, from personal client interactions to technical validator services, allows the company to react swiftly and consistently to new market trends. These foundations translated into a strong performance of Bitcoin Suisse during the first quarter of 2024, reaching a net income of CHF 17.2 million and a notable increase in operating revenues by over 110% compared to the average quarter of 2023.
Andrej Majcen, Co-Founder and CEO of Bitcoin Suisse, said: “Last year, Bitcoin Suisse celebrated its ten-year anniversary as the oldest Swiss crypto-financial services provider. We now turn our attention to fortifying our key strengths and growth pillars, leveraging our extensive expertise in the crypto-native landscape, our deep roots within the crypto ecosystem, and robust infrastructure. We remain committed to shaping market trends through our clients-first approach. I am convinced of our positive financial trajectory, with the sustained performance of the markets and a move towards less volatile revenue streams. We are strategically well positioned to invest in relevant areas and seize emerging business opportunities.”
