Rankings Financial data & insurance broking Bitcoin Group
Bitcoin Group
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Licence refusal from BaFin−14
- Margin−8
- Quality of growth−8
Strengths
- Asset coverage+3
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 24.22 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −33%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −8MarginEBITDA was −EUR 3.25m on revenue of 1.59m in H1 2026 (−1.0m a year earlier), and the operating margin is −60% TTM. Management expects negative EBITDA for the full year 2026.
- −8Quality of growthRevenue fell 58% in H1 2026, and trading on bitcoin.de has been largely suspended since 12 Jun 2026, so current revenue is now close to zero. Earnings swing with crypto prices (2021: EUR 25.4m, 2022: 8.3m).
- −7Moat / segment of the futurebitcoin.de's strength was being Germany's largest peer-to-peer marketplace with over 1m accounts, but competitors such as Bitpanda have obtained a MiCAR licence, and trading has moved to brokers and banks (Trade Republic, Sparkassen/DZ Bank). The planned relaunch as a broker is to take place via external partners, so the company loses a large part of the value chain.
- −3Capital allocationThe dividend of EUR 0.10 per share was paid in August 2026, while liquidity fell from EUR 12.6m to EUR 3.9m, operations produced a loss, and the company has taken on about EUR 4m in long-term debt.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyP/B is 0.83 versus 0.70-1.34 in 2021-2025, i.e. mid-range of its own history. The discount to estimated intrinsic value (about EUR 40 per share after deferred tax) is about 35-40%, but holding companies with loss-making operations and tax on crypto sales normally trade at a discount. P/S (16) is meaningless when trading is suspended.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−21 of −35
- −14Licence refusal from BaFinOn 6/10-2026 BaFin rejected futurum bank's MiCAR licence application (submitted 27/6-2025), ending the previous tolerance for the company's crypto services. The core business bitcoin.de thus has no licence, and customers with over 1m accounts have been unable to trade or deposit since June.
- −4Crypto exposureAlmost all equity is crypto: net crypto holdings fell from EUR 293m to 199m in H1 2026 as bitcoin fell about 32%, and equity fell from EUR 225m to 155m.
- −3LiquidityCash was 3.9m EUR as of 30 Jun 2026 with an operating burn of approx. 1.6m per quarter. Without revenue, operations must be funded with loans or sales of crypto, which triggers tax.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Asset coverageNet crypto holdings of EUR 199m at 30 Jun 2026 against a market cap of EUR 128m, only about EUR 4.5m in financial debt and an equity ratio of 71.8%.
Caveats
What the score does not capture, or where the data is weak.
Bitcoin Group is NOT in restructuring; the ordinary calibration is used. Market cap is 5.0m shares × 25.68 EUR = 128.4m EUR (approx. 958m DKK; Nordnet shows 1,046). Intrinsic value is our own estimate: net crypto holdings were 199m EUR as of 30/6-2026 at a bitcoin price of approx. 60,100 USD; bitcoin is now approx. 82,900 USD (CoinGecko 11/10-2026), giving approx. 270-290m EUR before tax if the holdings follow bitcoin (predominantly BTC, then ETH). After deferred tax (approx. 28% per the balance sheet) this corresponds to equity of approx. 200-210m EUR or approx. 40-42 EUR per share. The number of BTC/ETH is not disclosed. BaFin's decision has not yet been formally served, and the reasoning is unknown. The shareholder structure (Priority AG >25%) is from the company's data sheet from April 2026. No analyst coverage. Short interest has not been examined.
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