en coinIX announces semi-annual financial results of 2023
- Slightly negative after-tax result for H1 2023
- Significant improvement in results compared to H2 2022
- Ongoing income from staking and delegating
- Net asset value per share increases by 31%
- Positive annual outlook
Hamburg, September 5, 2023 – Hamburg-based investment company coinIX GmbH & Co. KGaA, focused on cryptocurrencies and blockchain technology (WKN: A2LQ1G / ISIN: DE000A2LQ1G5), closed the first half of 2023 with an after-tax result of TEUR -71 (TEUR +74 in the previous year), following a loss of TEUR -1,251 in the second half of 2022.
With a noticeably declining sales volume, the contribution to results from the sale of cryptocurrencies decreased from TEUR 406 in the previous year to TEUR 313. ETH staking and GRT delegating activities undertaken in the second quarter contributed TEUR 34 to other operating income. The establishment and operation of proprietary hardware infrastructure have minimized risks in ETH staking, including the elimination of counterparty risk.
The increased depreciation of assets and cryptocurrency positions held in current assets from TEUR 26 to TEUR 256 had a negative impact on results. It should be noted that the coin holdings held in current assets as of December 31, 2022, were reclassified from fixed assets to current assets. As a result, the corresponding expenses of TEUR 159 in the first half of 2023 have no depreciation in the previous year's period.
The reduction in other operating expenses significantly contributed positively, with a decrease from TEUR 269 to TEUR 162 or 40%.
During the reporting period, the investment portfolio was expanded through the acquisition of a new corporate investment and an investment in a blockchain infrastructure project. Additionally, coinIX participated in another financing round at two of its portfolio companies. The depreciation on financial assets amounted to TEUR 97 and was distributed among 2 corporate investments.
The net asset value per share increased by 31% in the first half of the year, from EUR 1.93 to EUR 2.53, which was 78% above the stock price of EUR 1.42 on the reporting date.
Karl Gero Wendeborn, CEO of coinIX, is optimistic in the face of the industry's dynamics: "Technological innovations using blockchain technology continue their unstoppable rise. In one of the key areas of coinIX VC investments, blockchain infrastructure, significant progress has been made in recent months. These developments will contribute to the strengthening and stabilization of cryptocurrency markets and provide them with additional impetus. Therefore, our shareholders can expect a positive result for the 2023 fiscal year."
The complete half-year report is available for download at http://coinix.capital/aktie/.
Press contact: Karl Gero Wendeborn, CEO, kgw@coinix.capital, +49-40-4011555-0
Investor Relations: Felix J. Krekel, CFO, fk@coinix.capital, +49-40-4011555-11
About coinIX GmbH & Co. KGaA
coinIX GmbH & Co. KGaA, headquartered in Hamburg, was founded in 2017 as an investment company to build expertise in blockchain and cryptocurrencies, analyze and acquire digital assets, and make investments in this sector. The coinIX team consists of specialists with extensive experience in asset management, venture capital, and the analysis of new technologies. Currently, the company is invested in traditional crypto assets, token projects, and other investments in various blockchain startups in decentralized markets. The company's shares are listed on the free market of the Düsseldorf, Berlin, and Munich stock exchanges (ISIN DE000A2LQ1G5). www.coinix.capital.