coinIX GmbH & Co. KGaA
coinIX GmbH & Co. KGaA : coinIX publishes 2024 half-year financial report | Significant revenue increase compared to the previous year | Realization of hidden reserves now in the second half of 2024

The Hamburg-based investment company coinIX GmbH & Co. KGaA has presented its interim financial statement as of June 30, 2024. With a significant increase from EUR 347k in the previous year to EUR 791k, the revenue situation has improved noticeably. Write-downs on existing investments totaling EUR 394k were made, and other operating expenses increased to EUR 665k, compared to EUR 162k in the previous year. The increase is due to the fact that, as a result of the substantial price increases in the cryptocurrencies held by the company in the first quarter of 2024, the conditions for the payment of a variable management fee to the general partner were met. Overall, there is a loss of EUR 260k for the first half of 2024. The half-year financial statement is available on the company’s website.

The intrinsic value of the portfolio was determined to be EUR 10.8 million as of June 30, 2024, and it reached a peak of EUR 16 million in the first half of 2024. Compared to the book value of the assets shown on the balance sheet, which amounts to EUR 6.5 million, there are therefore hidden reserves.

The company had initially intended to realize part of these hidden reserves, amounting to more than EUR 5 million, in March 2024 as part of the contribution of liquid cryptocurrencies into a special fund. However, the contribution process was reversed due to an adjustment in valuation and was redone effective August 30, 2024. The re-execution in the second half of the year does not affect the performance or the composition of the company’s portfolio. In light of the declining price trend of liquid cryptocurrencies since March 2024, the realization of the hidden reserves will result in a comparatively smaller earnings contribution in the financial statements under German GAAP (HGB). This earnings contribution, which will now be recognized in the second half of 2024, amounts to EUR 1.6 million. Overall, the company continues to expect a positive net profit for the fiscal year 2024.