en Hamburg, 27 September 2024 - The Hamburg-based investment company coinIX GmbH & Co. KGaA has published its interim financial report as of June 30, 2024. Revenue significantly improved, rising from EUR 347,000 in the previous year to EUR 791,000. Write-downs on existing investments totaled EUR 394,000, while other operating expenses increased to EUR 665,000, compared to EUR 162,000 in the previous year. This increase is due to the significant rise in the value of the company's cryptocurrency holdings in the first quarter of 2024, which triggered the conditions for a variable management fee payment to the general partner. Overall, there was a loss of EUR 260,000 in the first half of 2024.
The portfolio's intrinsic value was assessed at EUR 10.8 million as of June 30, 2024, reaching a peak of EUR 16 million in the first half of 2024. In comparison to the book value of the assets shown in the balance sheet, which amounted to EUR 6.5 million, there are thus hidden reserves.
The company originally intended to realize part of these hidden reserves, totaling more than EUR 5 million, in March 2024 by contributing liquid cryptocurrency holdings into a special fund. However, due to a valuation adjustment, the contribution process was reversed and redone with effect from August 30, 2024. This renewed process in the second half of the year does not affect the portfolio's performance or the company's holdings. Given the declining market trend for liquid cryptocurrencies since March 2024, the realization of the hidden reserves will contribute a comparatively smaller result to the financial statements under German commercial law (HGB). This contribution, now expected in the second half of 2024, amounts to EUR 1.6 million. The company continues to anticipate a positive net income for the 2024 fiscal year.
The annual report is now available for download on our Investor Relations page.
Here you can find the link to the german press release.
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