Bitcoin : Annual Report/ Financial Statements 2024

ANNUAL REPORT 2024

CONTENTS

1. LETTER TO SHAREHOLDERS 5

2. GROUP MANAGEMENT REPORT 19

3. CONSOLIDATED FINANCIAL

STATEMENTS 33

4

1. LETTER TO SHAREHOLDERS

   BITCOIN GROUP SE AT A GLANCE 6

   FOREWORD BY THE MANAGEMENT BOARD 7

   THE BITCOIN GROUP SE ON THE CAPITAL MARKET 11

   REPORT OF THE SUPERVISORY BOARD 15

   5

   
   
   

   BITCOIN GROUP SE AT A GLANCE

   BITCOIN GROUP SE KEY FIGURES

   			2024		2023
   Number of customers			1,070,000		1,055,000
   Bitcoin price	EUR		89,807.21		38,833.34
   Ethereum price	EUR		3,195.58		2,071.45
   Revenue EUR			9,372		7,751
   EBITDA EUR			1,790		-1,790

   thousand

   thousand

   thousand

   Earnings after taxes EUR

   1,793 1,936

   Earnings per share EUR 0.36 0.39

   Equity ratio % 72.3 74.7

   6

   
   
   

   FOREWORD BY THE MANAGEMENT BOARD

   Dear shareholders,

   The year 2024 marked a turning point for the global crypto industry - and also for the Bitcoin Group. We experienced a dynamic market environment characterized by in-depth, extensive structural changes that have decisively advanced the institutional relevance and regulatory maturity of the entire industry. In this environment, the Bitcoin Group put in gratifying performance which exceeded planning, in spite of geopolitical and economic ambiguities.

   Bitcoin proves best and most successful asset class

   All in all, the cryptocurrency market developed strongly in 2024. Global crypto market capitalization almost doubled to USD 3.27 trillion between the beginning of January 2024 and the end of December 2024. As the most important digital currency in the crypto universe, Bitcoin recorded an impressive performance of +119%, positioning it as the most successful asset class for the eighth time in the past ten years. The Bitcoin price exceeded the symbolic USD 100,000 mark in December, representing a historic milestone and underlining the confidence in digital assets on a global level. The Bitcoin halving that occurred in April 2024 also contributed to the positive price performance due to the resulting shortage.

   Strong institutional dynamics

   The approval of Bitcoin spot ETFs in the USA at the beginning of the year was a significant catalyst for this positive market development. In response, companies such as BlackRock and other global financial players opened up new investment channels for institutional investors - a clear sign of the increasing integration of cryptocurrencies into the traditional financial system. The focus of institutional investors also increasingly shifted to Ethereum: In July, the first Ethereum spot ETF was approved in the USA. This underlines the broader market acceptance and offers new diversification opportunities for investors in the crypto sector.

   Regulatory progress and political impetus

   The introduction of the MiCA framework (Markets in Crypto-Assets) by the European Union marked another key milestone. This uniform regulation not only creates greater transparency and security for investors, but also promotes Europe's competitiveness as a location for blockchain innovations. The Bitcoin Group expressly welcomes this development and perceives it as the foundation for sustainable growth. Political developments, especially the crypto-friendly statements by the new US President Donald Trump, resulted in a further improvement in market sentiment in the autumn. The use of Bitcoin as part of corporate treasury strategies and discussions about using Bitcoin to diversify government asset reserves is a trend that picked up speed again in 2024. This clearly documents that the crypto market has outgrown its experimental phase and that crypto assets are being taken seriously as strategic assets.

   Own crypto portfolio more than doubles to EUR 366 million

   In this market environment, the Bitcoin Group SE generated revenue of EUR 9.4 million in the reporting year, following on from EUR 7.8 million in the prior year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 1.8 million after EUR -1.8 million in the 2023 financial year, meaning that we were able to exceed our forecast for 2024. The positive price performance of Bitcoin and other cryptocurrencies is also reflected in a significant increase in the value of net crypto holdings. As of December 31, 2024, these amounted to EUR 366 million, which is 122% higher than the previous year's figure of just under EUR 165 million. Given an equity ratio of 72,3% (December 31, 2023: 74.7%) and cash and cash equivalents of EUR 12.2 million after EUR 11.1 million as of December 31, 2023, the Bitcoin Group's balance sheet and financial position is excellent. Against this backdrop, we will propose, as in previous years, a dividend of EUR 0.10 per share at the Annual General Meeting in August 2025. At the same time, we have the financial flexibility to drive the further development of the Group forward.

   Structural realignment - development of a modern, scalable trading platform

   For the Bitcoin Group, the 2024 financial year was also a year of setting the course and implementing an organizational realignment - with the clear goal of consolidating and expanding our position in the crypto-financial market over the long term. The newly appointed Management Board of our most important subsidiary, futurum bank AG, was the central focus point of changes. At the end of March, the contract with the previous back office board member was terminated by mutual agreement, before the previous front office board member also left the bank, thereby stepping down from the Bitcoin Group's Management Board with effect from the end of November. Mr. Moritz Eckert is his successor in the back office area, who has already held a management position at the institute for several years and is therefore very familiar with the company, as well as the market and the regulatory requirements. In February 2025, Mr. Anton Langbroek, who also commands excellent knowledge of financial services and crypto assets, was appointed as the new Chief Market Officer. In addition to his Management Board activities at the bank, Mr. Eckert was appointed as the new CEO of Bitcoin Group SE, effective as from February 1, 2025. As a new management team, we not only bring fresh impetus in terms of personnel, but also have concise and clear-cut ideas for the further development of the Group. Accompanying the personnel realignment, we drew up a new multi-year business strategy at the beginning of 2025 and received the mandate for its implementation from the Supervisory Board. This will serve as a structural framework for the coming years and forms the basis for the most significant operational innovation in the Group's history: the development of an entirely new and scalable trading platform. This will initially be developed in parallel to the existing peer-to-peer marketplace bitcoin.de and will become the group's central trading infrastructure when it goes live. With the launch of the new platform, we plan to offer our existing customers, whose number increased to around 1,070,000 registered users in 2024 (previous year: 1,055,000) accor-

   ding to plan, to make a seamless switch offer. Right from the outset, the product range of the new platform will extend well beyond the scope of the current peer-to-peer marketplace and will be incrementally expanded in various stages over the next few years.

   At the same time, we aim to address new target markets - not only in the private sector, but also in the institutional environment. Equally, we are making targeted investments in expanding our personnel base, particularly in the areas of compliance, risk management and IT security - areas that are becoming increasingly important in view of the rising regulatory requirements and IT risks. New positions will also be created in areas such as operations, sales and marketing in order to further scale the business and achieve greater market penetration.

   We have developed a clearly defined project plan for the implementation of this strategic transformation and provided the necessary financial resources. We assume that these investments will have a negative impact on earnings in the 2025 financial year, while representing a necessary measure to position the Bitcoin Group ideally for the future and to take account of the far-reaching changes in the industry and on the European market. All this in connection with our unchanged brand message: Reliability, compliance with the strictest regulatory standards and a state-of-the-art IT infrastructure "Made in Germany".

   We look to the coming year and beyond with confidence and would like to thank all stakeholders for their trust and support along the way.

   Herford, June 2025

   
   
   

   Moritz Eckert

   Management Board

   Michael Nowak

   
   
   

   Management Board

   9

   
   
   

   THE BITCOIN GROUP SE ON THE CAPITAL MARKET

   SHARE PRICE PERFORMANCE

   The Bitcoin Group SE stock was off to the trading year on January 3, 2024 at EUR 37.70. It reached its high for the reporting year on November 12, 2024 at a price of EUR 71.50. The shares recorded their low for the year 2024 at a price of EUR 31.15 on January 23, 2024. The stock concluded 2024 at EUR 50.30, equating to a gain of 48% against the closing price of 2023 (EUR 34.05 on December 29, 2023).

   In stock market year 2024, the international stock markets were able to look back on a positive performance overall. Over the course of the year, however, the geopolitical conflicts in Ukraine and the Middle East continued to cause uncertainty and ensuing market volatility. The continued strength of the US economy boosted the stock markets of the industrialized countries, while the late recovery in Chinese share prices, together with the strong economies in India and

   Taiwan, supported the stock markets of the emerging markets. By contrast, the weak economic trends and low share of AI companies had a negative impact on European stock markets.

   After a positive start to the year with price gains of around 10% for the DAX in the first half of 2024, geopolitical tensions and concerns linked to inflation and recession anxiety resulted in higher volatility. These uncertainties led to a temporary correction in the third quarter, which lasted until the end of October. At the end of 2024, the most important global equity markets recorded accelerated upward trends. This was driven by falling inflation rates, the prospect of interest rate cuts in the USA and the eurozone and further robust market developments, especially in the USA. The DAX closed the stock market year 2024 with a gain of 15%, positioning it as the top performer among the major European stock exchanges. Nevertheless, the Bitcoin Group share significantly outperformed the German benchmark index in the 2024 financial year, putting in a gain of 48%.

   80.00

   60.00

   40.00

   20.00

   0.00

   YEAR / MONTH

CLOSING PRICE IN EUR

2023-12

2024-01

2024-02

2024-03

2024-04

2024-05

2024-06

2024-07

2024-08

2024-09

2024-10

2024-11

2024-12

PRICE PERFORMANCE OF BITCOIN GROUP SHARES 2024

11

INVESTOR RELATIONS

The Bitcoin Group attaches great importance to maintaining ongoing dialogs with shareholders, institutional investors, analysts and financial journalists, with whom it cultivates an active, continuous exchange of information. Annual reports and half-year reports as well as news about the company are available to all interested parties on the website in the Publications section (bitcoingroup.com).

The Bitcoin Group SE stock is listed on the primary market of the Düsseldorf stock exchange and traded

on the open market of Frankfurt's stock exchange on XETRA and on Frankfurt's trading floor as well as further German stock exchanges. BankM AG acts as the designated sponsor on the XETRA trading platform, ensuring appropriate liquidity and corresponding fungibility of the Bitcoin Group stock by providing binding bid and offer prices.

BITCOIN GROUP SE STOCK - BASE DATA

Sector Financial services

ISIN DE000A1TNV91

WKN A1TNV9

Exchange abbreviation ADE

Exchanges

Düsseldorf, Frankfurt, Xetra, Munich, Stuttgart, Berlin, Hamburg, Hannover, Tradegate

Number and type of shares 5,000,000 no-par value bearer shares Designated sponsor BankM AG, Frankfurt

Opening price EUR 37.70

High EUR 71.50

Low EUR 31.15

Closing price EUR 50.30

Share price performance +48%

Market capitalization* EUR 251.5 million

Fiscal year-end December 31

* As of December 31, 2024

SHAREHOLDER STRUCTURE

As a long-term anchor shareholder, Priority AG holds more than 25% of the voting rights as of December 31, 2024. At the end of the reporting period, the free float with voting right shares of under 5% of the share capital as defined by Deutsche Börse stands at more than 50%.

ANNUAL GENERAL MEETING

Bitcoin Group SE held its Annual General Meeting in Herford on August 30, 2024 as a physical event. Shareholders present totaled 36,29% of the share capital and accepted the management's proposals by large majorities while also approving the actions of both the Management Board and the Supervisory Board. The meeting agreed to the repeat payment of a dividend of EUR 0.10 per share by a large majority (previous year: EUR 0.10).

The results of the votes at the Annual General Meeting can be viewed on the company's website bitcoing-roup.com in the Corporate Governance section under Annual General Meeting.

13

REPORT OF THE SUPERVISORY BOARD

In the 2024 financial year, the cryptocurrency market continued to grow in a dynamic balancing act between regulatory change, technological advances and growing institutional participation. The Management Board and Supervisory Board of Bitcoin Group SE have followed these developments closely in order to align the strategic direction sustainably with the changing market conditions.

The increasing regulation of the crypto sector at European and international levels featured as a key topic in 2024.

The incremental implementation of the MiCA (Markets in Crypto-Assets) regulation in the European Union has set new standards with regard to transparency, consumer protection and licensing. At the same time, important international decisions were made by regulatory authorities such as the SEC in the USA and BaFin in Germany, which directly impact the trading and custody of crypto assets.

There is a clear trend in crypto trading towards professionalization and the market entry of institutional investors.

The approval of the first Bitcoin spot ETFs in the US at the beginning of 2024 represented a milestone that had a positive impact on market liquidity and investor confidence. At the same time, regulated trading platforms and custodians are becoming increasingly significant - an environment in which Bitcoin Group SE is specifically positioning itself with its focus on security and compliance.

These developments present both challenges and opportunities alike for Bitcoin Group SE. During the reporting period, the Supervisory Board worked intensively with the Management Board to drive the strategic development of the company forward.

In spite of ongoing geopolitical tensions - in particular, the war in Ukraine and the Middle East conflict that flared up again in October 2023 - the financial markets put in positive performance overall in 2024. These uncertainty factors were offset by a number of favorable developments, which resulted in an increased risk appetite among private and institutional investors, whereby the significant drop in inflation was one key factor. In the eurozone, the annual inflation rate was down to 2.2% by March 2025, which is close to the European Central Bank's (ECB) target. In the USA, inflation fell to 2.3% in April 2025, the lowest level since February 2021. Responding to falling inflation, the ECB initiated a series of interest rate cuts from June 2024. By April 2025, the key interest rate had been cut seven times, reaching 2.25%. This monetary easing supported the economy and increased the attractiveness of risky asset classes. The approval of several spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) on January 10, 2024 marked a significant boost for the crypto market. This decision enabled investors to invest directly in Bitcoin without having to hold the cryptocurrency itself. The approval of these ETFs by well-known providers such as BlackRock, Fidelity and Grayscale ushered in a significant inflow of capital into the crypto market and contributed to a rise in the price of Bitcoin. In this environment, crypto trading platforms also shifted more strongly into the focus of investors. The increased market activity and growing interest in digital assets were

reflected in the positive performance of the corresponding shares. As a result, our company's share price also rose at the end of 2024, recording a significant 48% gain and markedly outperforming the German benchmark index DAX (up 15%).

In the 2024 reporting period, the Supervisory Board of Bitcoin Group SE performed the duties incumbent upon it in line with the relevant laws and directives, the company's Articles of Association and its rules of procedure with due diligence, and remained in constant contact with members of the Management Board in an advisory capacity. In the process, it was kept continuously and comprehensively informed on the development of the Group and all key associated questions relating to the group's net assets, financial position and results of operations, its strategic focus and risk management. As part of its responsibilities, the Supervisory Board played an active role in all of the decisions to be made and satisfied itself that the company was properly managed by the Management Board. The Management Board's regular reports on a face-to-face level, via telephone and in writing provided the Supervisory Board at all times with an up-to-date view of the management's operational business.

All transactions and measures requiring the approval of the Supervisory Board were discussed in advance in detail with the Management Board. Consequently, the Supervisory Board was reliably and directly involved as a monitoring body in all decisions of fundamental importance for the group in a timely manner.

A total of seventeen Supervisory Board meetings were convened, three of which were held in person and fourteen by video conference. With the exception of a few cases, all Supervisory Board members generally attended the meetings.

The Supervisory Board did not form any committees.

The meeting to adopt the balance sheet of Bitcoin Group SE was held on June 24, 2025.

After a review and following internal consultations, the Supervisory Board approved the annual financial statements presented in good time with the result that they are deemed to have been adopted pursuant to Section 172 of the German Stock Corporation Act.

The Supervisory Board also concurs with the Management Board's proposal for the appropriation of net income and will therefore recommend to the Annual General Meeting that an unchanged dividend of 10 cents per share be distributed again for 2024 in order to maintain continuity.

At no time did the Supervisory Board identify risks that could have jeopardized the continuation of Bitcoin Group

SE as a going concern. As in preceding years, the company continued to secure its IT systems harnessing state-of-the-art security and technology at all times. In addition, 98% of assets are kept in cold storage, with the result that they cannot be accessed by potential hackers. Customer portfolios under management were and are also regularly checked and confirmed by independent auditors.

It cannot be entirely ruled out, however, also in the future, that in spite of all safeguards, considerable losses might be incurred as a result of external, criminal activities in conjunction with software errors and flaws.

We remain positive with regard to the long-term prospects and the future of our company. In particular, the approval of Bitcoin spot ETFs in the USA implies a further upswing for cryptocurrency as an investment alternative to traditional investment types. In 2024, cryptocurrencies further consolidated their position with regard to adoption and established themselves in the digital environment as a decentralized supplement to legal tender.

There were no personnel changes on the Supervisory Board of Bitcoin Group SE in the past financial year.

The following changes were made to the Management Board of Bitcoin Group SE: As published in an ad hoc announcement on November 29, 2024, the Supervisory Board of Bitcoin Group SE and futurum bank AG as well as the CEO of both companies, Marco Bodewein, mutually agreed that Mr. Bodewein would resign from the Management Board with effect from November 30, 2024. As announced in a further ad hoc announcement on January 27, 2025, Mr. Moritz Eckert was appointed as a new member of the Management Board and Chairman of the Management Board of Bitcoin Group SE effective as from February 1, 2025. Mr. Eckert took on this role in addition to his previous function as back office director of the subsidiary futurum bank AG. At the same time, Mr. Anton Langbroek was appointed as a new member of the Management Board of futurum bank AG as from February 1, 2025.

On behalf of the Supervisory Board of BITCOIN GROUP SE and futurum bank AG, I would like to thank the members of the Management Board as well as all employees for their unwavering, dedicated commitment and our close, trust-based working relationship at all times.

Alexander Müller

Chairman of the Supervisory Board

of Bitcoin Group SE and futurum bank AG

1. COMBINED GROUP MANAGEMENT REPORT

BASIC INFORMATION ON THE GROUP 20

BUSINESS MODEL 20

OBJECTIVES AND STRATEGIES 20

MANAGEMENT SYSTEM 21

ECONOMIC REPORT 22

GENERAL ECONOMIC AND INDUSTRY CONDITIONS 22

BUSINESS PERFORMANCE 22

POSITION 23

RESULTS OF OPERATIONS 23

FINANCIAL POSITION 24

NET ASSETS 24

FINANCIAL AND NON-FINANCIAL PERFORMANCE INDICATORS 25

FORECAST, RISKS AND OPPORTUNITIES REPORT 26

FORECAST 26

REPORT ON RISKS AND OPPORTUNITIES 27

RESPONSIBILITY STATEMENT 31

OVERALL STATEMENT 31

COMBINED GROUP MANAGEMENT REPORT FOR FISCAL 2024

BASIC INFORMATION ON THE GROUP

BUSINESS MODEL

Bitcoin Group SE, Herford, is a capital investment company and consulting firm with a focus on Bitcoin and blockchain business models. Bitcoin Group assists its portfolio companies in tapping growth potential with management services and capital, in order to launch these companies on the capital markets over the medium term. Bitcoin Group SE plans further participations, among others by means of asset deals or also in the context of capital increases. The aim of Bitcoin Group SE is to advance the company value and profitability of the investments.

Bitcoin Group SE holds a 100% stake in futurum bank AG, Frankfurt am Main.

As a securities institution, futurum bank AG serves retail customers in cryptocurrency trading via bitcoin. de.

OBJECTIVES AND STRATEGIES

The Group is focused on companies with cryptocurrency and blockchain business models and intends to achieve further growth by acquiring stakes in companies active in the cryptocurrency sphere.

The "bitcoin.de" trading platform owned by the Group benefits from customers' confidence in Germany's corporate environment. There are many unregulated Bitcoin trading platforms active abroad. Payments are made to the bank account of the relevant operators of foreign trading platforms and are usually not protected in the event of insolvency. The bitcoin.de platform offers the advantage that customers hold the euro amounts in their own bank accounts, with deposit protection, until the purchased cryptocurrencies are paid for.

MANAGEMENT SYSTEM

Monthly reports are provided by segment on the results of operations, financial position and net assets which are included in the Company's half-year and annual reports. Moreover, each segment also delivers a monthly assessment of current and projected business developments. Furthermore, the following components essentially ensure compliance with the internal control system:

• Regular meetings of the Management Board,

  
  
  

  Supervisory Board and Board of Directors

• Risk and opportunity management

• Liquidity planning

• Monthly reporting

• Internal audits

21

ECONOMIC REPORT

GENERAL ECONOMIC AND INDUSTRY FRAMEWORK CONDITIONS

Many influencing factors determine the value of and demand for Bitcoin and other cryptocurrencies. Significant factors include economic growth, interest rate changes and movements in the exchange rates of national currencies.

From the group's perspective, the underlying conditions for Bitcoin have improved steadily. Regulations and even the introduction of a Bitcoin ETF have further ensured the establishment of the cryptocurrency asset class.

The overall economic situation, still caused by the war in Ukraine, customs disputes and the persistently high interest rates (especially in the USA) are also causing high volatility in the crypto sector. Despite all these factors, cryptocurrencies rose in price due to their greater acceptance on the market as a new asset class, which also had a positive impact on the Bitcoin Group's balance sheet.

BUSINESS PERFORMANCE

Bitcoin Group SE continues to hold a 100% share in futurum bank AG, which operates the crypto trading platform bitcoin.de.

In the 2024 business year, the number of registered bitcoin.de users increased from around 1,055,000 to approximately 1,070,000, corresponding to average growth of around 1,250 customers per month. The forecast of 1,070,000 users by the end of the year was met entirely.

As forecast, the free cash flow (cash and cash equivalents) remained at a high level throughout the year, thereby enabling us to potentially buy back our own shares or make investments at any time.

Contrary to the forecast ("stable"), sales revenues (primarily brokerage fees from the bitcoin.de marketplace) were lifted by around 20%. As a result, the EBITDA forecast was also more than exceeded. Instead of only a slightly positive result, almost EUR 1,790 thousand was generated.

In the 2024 business year no restructuring or rationalization measures were required.

There are no seasonal effects in cryptocurrency trading.

There were no particular cases of damage or accidents in the reporting period.

POSITION

RESULTS OF OPERATIONS

A comparison of the income statements for the two years 2023 and 2024 shows the results of operations and the relevant changes. In fiscal 2024, operating revenues were up by approximately 21% to EUR 9,372 thousand following on from EUR 7,751 thousand in the same period in the previous financial year. This is mainly due to higher trading volume on https://www.bitcoin.de. As a result, EBITDA was up from EUR -1,790 thousand to EUR 1,790 thousand. The largest and most significant income item is commission revenue, particularly from Bitcoin but also involving other cryptocurrencies.

The largest costs in EBITDA are staff costs which were up by 5.3% and other operating expenses.

10,000

8,000

6,000

4,000

2,000

0

2023

2024

YEAR

7,751

9,372

2,000

1,500

1,000

500

0

2023

2024

YEAR

1,793

1,936

TEUR

TEUR

REVENUE DEVELOPMENT 2023/2024

DEVELOPMENT IN EARNINGS AFTER TAXES 2023/2024

FINANCIAL POSITION

The cash flow statement provides an overview of the origin and use of the financial assets and reflects the Group's cash flows. Bitcoin Group continues to operate without any notable banking or capital market finance. The resulting cash and cash equivalents as of December 31, 2024 were up by EUR 1,129 thousand to EUR 12,187 thousand compared to the previous year. Positive developments in the operating area are the background here. At all times, the company was in a position to settle its liabilities and liquidity was secured at every stage.

NET ASSETS

Total current assets were down by EUR 833 thousand by comparison with December 31, 2023 and stood at EUR 13,541 thousand. This is caused essentially by the reduction in "income tax assets" by EUR 2,282 thousand.

Non-current assets were up markedly from EUR 170,194 thousand to EUR 371,340 thousand. This was a result of intangible assets (cryptocurrencies), which appreciated from EUR 164,805 thousand as of December 31, 2023 to EUR 366,000 thousand as of

December 31, 2024.

In the reporting period equity increased by EUR 140,284 thousand to EUR 278,197 thousand in the reporting period due to the higher valuation of cryptocurrencies in other comprehensive income (EUR

+139,021 thousand).

ASSETS

rounded values:

EUR thousand EUR thousand

184,568

384,882

Liabilities

Equity

2023

2024

278,197

106,685

137,913

46,655

YEAR

EQUITY AND LIABILITIES

ASSET COMPOSITION

CAPITAL COMPOSITION

ASSETS EQUITY

rounded values:	EUR thousand EUR thousand 184,568 384,882
Non-current assets Current assets	170,194		371,340 13,541
	14,374
2023		YEAR	2024

FINANCIAL AND NONFINANCIAL PERFORMANCE INDICATORS

The Bitcoin Group is primarily managed by way of the following financial ratios:

firstly revenue, secondly earnings before interest, taxes, depreciation and amortization (EBITDA), thirdly free cash flow (cash and cash equivalents) as well as the non-financial indicator of new customers.

Consequently, Bitcoin Group SE thereby ensures that decisions concerning the balancing act between growth, profitability and liquidity are given sufficient weight. Revenue is used to measure success on the markets. The Group applies EBITDA to measure its own operating performance and the performance of its equity investments. Taking the free cash flow into account ensures that the financial substance of the company is maintained. The free cash flow is the balance of cash inflows from operating activities and investments made.

The growth of the customer base is the most important non-financial indicator. Here, we keep an eye on the reporting of crypto topics (public media). In addition, the Bitcoin Group also engages in proactive public relations work for the company's products and business model in order to increase the number of new customers.

FORECAST, RISKS AND OPPORTUNITIES REPORT

FORECAST

The company issues the following forecast with regard to the main performance indicators:

New customers

By the end of fiscal 2025, the company expects to achieve 1,080,000 registered users. In order to better leverage the potential of the larger customer base, further measures are to be implemented to enhance usability and customer experience.

Free cash flow (cash and cash equivalents)

We expect a sharp reduction in cash and cash equivalents in 2025 due to increased investment activity.

Revenue

Due to the current situation (war in Ukraine/regulation/ currency changes/customs discussions/persistently high interest rates in the USA), it is very difficult to make forecasts. Media interest and the prices of all the major cryptocurrencies are also subject to very major fluctuations. We expect revenue to decline slightly over the entire year of 2025.

EBITDA

Due to the increased investment requirements at the subsidiary "futurum bank AG", we anticipate EBITDA to be slightly negative in 2025.

1,075,000

1,070,000

1,065,000

1,060,000

1,055,000

1,050,000

2024/01 2024/04 2024/07 2024/10 2025/01

YEAR / MONTH

USERS

TOTAL USERS 2023/2024 (13 MONTH)

Overall statement on anticipated developments The Management Board assumes that the price of cryptocurrencies and media interest will once again dominate fiscal 2025. Our aspiration is and remains to present our customers and shareholders with the best possible access to the major opportunities cryptocurrencies present. However, we would like to emphasize that this forecast is based on current information, and external circumstances could have a slight to strong impact upon this forecast.

1,090,000

1,085,000

1,080,000

1,075,000

1,070,000

1,065,000

2025/01 2025/04 2025/07 2025/10 2026/01

YEAR / MONTH

USERS

FORECAST USERS 2024/2025 (13 MONTH)

REPORT ON RISKS AND OPPORTUNITIES

RISK MANAGEMENT SYSTEM

Efficient risk management is intended to detect dangers systematically and at an early stage in order to take counter-measures in a timely manner and manage any risks. Risk management is an integral part of the value and growth-oriented management of Bitcoin Group SE. Consequently, Bitcoin Group SE records, analyzes and monitors potential risks as part of risk management for all significant business transactions and processes. The risk strategy always presupposes an assessment of the risks of an investment and the associated opportunities. The company's management assesses the individual risks based on their probability of occurrence and possible level of losses and, in addition, only takes on appropriate, manageable and controllable risks if they likewise involve an increase in the company's value. The equity and liquidity situation is monitored in an ongoing manner. The Supervisory Board received regular detailed reports on the financial position in the 2024 fiscal year. This procedure creates transparency and acts as a foundation for the assessment of opportunities and risks. As a result, members of the Management Board and Supervisory Board are able to immediately implement appropriate measures to ensure that the company enjoys a sustainably stable financial and liquidity position.

RISK MATRIX

4

3

2

1

1

2

3

4

PROBABILITY OF OCCURRENCE

LOSS CLASSES

RISK FREQUENCY

RISK ASSESSMENT - PROBABILITY OF OCCURRENCE

Class 1	very low	0% to 25%
Class 2	low	25% to 50%
Class 3	medium	50% to 75%
Class 4	high	75% to 100%

RISK ASSESSMENT - LOSS CLASSES

Class 1	EUR 50,000 to 100,000	insignificant
Class 2	EUR 100,000 to 500,000	low
Class 3	EUR 500,000 to 1,000,000	medium
Class 4	> EUR 1,000,000	severe

RISKS AND OPPORTUNITIES

Bitcoin Group SE and its subsidiaries are exposed to a number of opportunities and risks, of which the following can be considered material, i.e., as from class 3 or higher. In the presentation, the first figure in the bracket denotes the probability of occurrence, while the second indicates the loss class. The relevant assessments are made by members of the Management Board.

RISKS AND OPPORTUNITIES - THE MARKET

• The success of investments is dependent on the general stock exchange environment and economic developments. A deterioration in external conditions can lead to losses from investment activity, or make raising capital more difficult, thereby negatively impacting the financial position and financial performance (class 2 / class 4). By contrast, a positive environment can affect assets, not solely due to the value of the individual investment.

• Capital market volatility: Fluctuations in prices on the capital market, in particular price fluctuations on Bitcoin markets, can impact on the value of the investments both negatively (class 2 / class 4) and positively.

• Foreign investments: Investments outside Germany can lead to increased risks owing to a different legal or tax situation that adversely affects

  the financial position and financial performance (class 1 / class 1). Especially in the area of taxation, however, advantages may also arise.

• Risks and opportunities resulting from changes in interest rates: Changes in interest rates can impact on the measurement of equity investments and make potential borrowings not subject to interest rate agreements more or less expensive (class 1 / class 1) leading to changes in the financial position and financial performance of the company.

  RISKS AND OPPORTUNITIES - THE COMPANY

• Risks and opportunities resulting from the company's investment activities: The long-term value of investments cannot be guaranteed in spite of the intensive due diligence exercised by the company. Failures can pose a threat to the company's existence (class 1 / class 4), while successes can exert a positive influence on the company's asset situation.

• Particular risks and opportunities associated with young companies: The companies targeted by Bitcoin Group SE are in an early phase of their development, which entails a high risk of insolvency and therefore a total loss for Bitcoin Group SE (class 2 / class 4). On the other hand, start-ups are often valued significantly below their future level, which can entail very positive effects for Bitcoin Group SE in the long term.

  • Limited rights in equity investments: Owing to a possible minority interest in target companies, the company will not always be able to protect its interests in these equity investments (class 1 / class 1).

  • Tax risks: A potential change in tax legislation can incur a lasting negative impact on the company's financial position and financial performance. Consequently, futurum bank AG would have to retrospectively remit VAT, plus any interest, for commission received in connection with the brokerage of cryptocurrencies for the years that can still be amended under tax law. Furthermore, the future commission for cryptocurrency brokerage would be subject to VAT, with the result that the earnings situation of futurum bank AG for past and future years could deteriorate by up to 19%, leading to a negative impact on the consolidated financial statements of Bitcoin Group SE. We maintain our position that this rule does not apply (see also our ad hoc disclosure of March 1, 2018) and therefore rate the probability of occurrence as low (class 1 / class 4).

  • Risks due to the loss of cryptocurrencies: External hackers or employees could steal cryptocurrencies customers entrusted to the futurum bank AG subsidiary, with the result that futurum bank AG would potentially be required to pay damages. This could result in a lasting negative impact on the financial position and financial performance. However, as more than 98% of cryptocurrencies

are held offline, i.e., without an Internet connection, and also distributed, i.e., protected against access by individual persons, the company perceives this risk as being low. The same applies to the company's own holdings of cryptocurrencies, which are also 98% offline and distributed. futurum bank AG's own assets are sufficient to cover potential losses of the cryptocurrencies usually available online for payment requests several times over (class 1/ class 4).

In summary, the Management Board can state that the opportunities arising from the still young and high growth environment of crypto technologies exceed the risks.

RESPONSIBILITY STATEMENT

We give our assurance that to the best of our knowledge and in accordance with the applicable accounting principles, the consolidated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group, and the group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

OVERALL STATEMENT

Overall, the Supervisory Board and members of the Management Board continue to consider the course of fiscal 2024 and the economic situation of the Group to be positive. A pleasingly positive EBITDA was achieved and equity increased significantly.

Herford, June 10, 2025

Moritz Eckert

Management Board

Michael Nowak

Management Board

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