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Original-Research: Advanced Blockchain AG - from GBC AG
29.01.2026 / 12:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to Advanced Blockchain AG
Company Name: Advanced Blockchain AG
ISIN: DE000A0M93V6
Reason for the research: Management interview
Recommendation: Buy
Target price: 3.79 EUR
Target price on sight of: 31.12.2026
Last rating change:
Analyst: Matthias Greiffenberger, Cosmin Filker
ABAG 2.0, Bitcoin Treasury and the Path to Sustainable Growth in the
Institutional Crypto Market
In the following interview, GBC AG conducts an in-depth discussion with
Hatem Elsayed and Maik Laske, members of the Management Board of Advanced
Blockchain AG (ABAG). The conversation focuses on the current state and
structural maturity of the crypto market, the growing institutional adoption
of digital assets, and the company's strategic realignment under ABAG 2.0.
Management explains how ABAG is further sharpening its role as a listed
participant in the Web3 ecosystem, the strategic importance of expanding its
Bitcoin treasury and implementing a regime-based treasury model, and how
data-driven investments, analytics products, and robust governance
structures are intended to form the foundation for sustainable growth and
increasing institutional appeal in the years ahead.
GBC AG: How do you assess the current market environment in the crypto
sector, and which medium-term developments do you see as particularly
relevant for ABAG's positioning and growth opportunities?
Hatem Elsayed: We currently see the crypto sector in a phase of structural
maturity. After several cycles of innovation and market consolidation, the
industry has become significantly more professional. Institutional players
are now an integral part of the ecosystem, driven in part by increasing
regulatory clarity in Europe, for example through MiCA and MiFID II, as well
as the entry of major asset managers via Bitcoin and Ethereum ETFs. Analysts
expect that newly launched spot ETFs could, over the medium term, absorb
more than 100 percent of the newly generated supply of Bitcoin, Ethereum,
and selected other digital assets. This highlights the structural demand
from institutional investors and may lead to a sustained tightening of
supply.
Over the medium term, we see three developments as particularly critical.
First, the establishment of Bitcoin as an institutionally accepted reserve
and hedging asset. Second, the increasing tokenization of real-world assets,
which builds bridges between capital markets and blockchain technology.
Third, the integration of blockchain into real-world infrastructure, for
example through DePINs as well as data- and AI-driven applications.
ABAG is deliberately positioning itself at this intersection as a publicly
listed company that provides institutional investors with structured access
to digital assets while simultaneously participating in the long-term value
drivers of the technology.
GBC AG: How does the planned expansion of your Bitcoin reserve contribute to
achieving the intended flywheel effect and generating sustained investor
interest?
Hatem Elsayed: Expanding our Bitcoin reserve is a core component of ABAG
2.0. Our objective is to establish Bitcoin as a long-term, transparent value
anchor on the balance sheet. Through disciplined financing, for example via
low-interest convertible bonds issued at share price premiums, we gradually
increase the Bitcoin holdings per share.
This mechanism creates a self-reinforcing flywheel effect. Rising investor
interest leads to a higher market valuation, which in turn allows capital to
be raised on more attractive terms. That capital is then reinvested into
additional Bitcoin purchases, further enhancing the attractiveness of the
stock.
Crucially, this Bitcoin exposure is embedded within a multi-pillar business
model. ABAG is deliberately not positioned as a pure digital-asset treasury
company. Instead, the treasury component is complemented by additional
operational pillars that contribute to diversification and stabilization of
revenue streams and reduce dependence on pure price movements.
GBC AG: What insights have your backtests of the regime-based treasury model
delivered, and how do they support more stable performance across market
cycles?
Hatem Elsayed: Our backtests indicate that a purely static buy-and-hold
model leaves market participants particularly exposed to changing market
regimes and elevated volatility, especially during sideways or downturn
phases. Against this backdrop, our regime-based model follows a systematic
approach. Market phases are classified as bullish, bearish, or sideways
based on trend and volatility indicators, and the instruments deployed are
adjusted accordingly.
In bullish phases, we selectively increase exposure, while in sideways
markets we employ strategies such as covered calls to stabilize returns. In
weaker market phases, the focus shifts to capital preservation and
liquidity.
The results show a reduction in drawdowns during downturns and an
improvement in risk-adjusted returns. This supports more sustainable value
development across market cycles, a key consideration for a listed issuer.
GBC AG: Which KPIs will help you manage the liquidity and value development
of your token portfolio more actively and transparently going forward?
Maik Laske: Going forward, we will manage our portfolio using clearly
defined and transparent KPIs. At the treasury level, the key metrics include
"Bitcoin per share," modified net asset value, and realized BTC yield. These
indicators make capital allocation directly traceable.
Within the investment portfolio, we track metrics such as net asset value
development, realized exits, write-down ratios, and diversification metrics
across sectors, chains, and liquidity profiles. These are complemented by
defined liquidity thresholds to ensure we remain fully operational at all
times.
This KPI framework enables active portfolio management while simultaneously
increasing transparency for investors.
GBC AG: Which key milestones of your 2026-2028 strategy do you see as
critical, and how do you intend to ensure successful execution?
Hatem Elsayed: The key milestones include the expansion of the Bitcoin
treasury, potentially including the first convertible bond issuances, the
launch of specialized investment funds, the build-up of a scalable
consulting unit, and the gradual commercialization of ABX Analytics. These
initiatives are accompanied by further simplification of the group
structure, the expansion of recurring revenues, and the full establishment
of institutional-grade governance standards.
GBC AG: What progress has been made in the development and planned
monetization of ABX Analytics, including initial pilot customers?
Maik Laske: ABX Analytics is currently in a structured preparation phase.
The conceptual architecture, initial prototypes, and market analyses have
been completed.
Hatem Elsayed: In addition, we have held initial discussions with potential
institutional customers, during which interest in the product concept and
relevant use cases was expressed. This feedback forms the basis for further
product development.
The next step is the launch of a proof-of-concept phase, during which an
initial prototype will be developed. The goal is to technically implement
the identified core functionalities and subsequently validate the prototype
together with interested market participants. Based on this, further
optimization is planned within a minimum viable product phase.
Monetization is planned in multiple stages, through subscriptions for
dashboards and research products, as well as, in the longer term, API access
and data licensing. A disciplined, milestone-based development approach is
essential to ensure cost control and product-market fit.
GBC AG: What growth potential do you see for ABAG over the next three to
five years on the path toward a scalable, profitable platform?
Hatem Elsayed: Over the next three to five years, we see significant
potential to establish ABAG as a hybrid platform between decentralized
infrastructure (DLT) and capital markets. Our objective is to build stable,
recurring revenues across multiple pillars, complemented by selective value
appreciation from the investment portfolio.
By combining treasury strategy, data-driven investments, consulting
revenues, and analytics products, we are creating a scalable business model
with greater predictability and increasing institutional attractiveness.
Maik Laske: From an operational perspective, this implies a significant
reduction in volatility compared with the ABAG 1.0 model. At the same time,
we are laying the foundation for a sustainable valuation that does not
depend solely on market cycles, but instead is based on resilient cash flows
and clear governance.
GBC AG: Which governance and compliance measures have been introduced under
ABAG 2.0 to ensure transparency, control, and long-term investor trust?
Maik Laske: We have deliberately placed governance and compliance at the
center of our strategic realignment. The legally required review of the past
clearly showed that robust control, risk, and transparency structures had
been lacking.
Specifically, as the Management Board, in close coordination and with full
support from the Supervisory Board, we have implemented and defined a number
of measures. These include a significant simplification of the group
structure, clearer allocation of responsibilities, and the expansion of
internal control and reporting systems. Decision-making processes,
particularly in the treasury and investment areas, are now more rules-based,
KPI-driven, and subject to clearly defined risk limits.
In the treasury area, we rely on institutional standards such as
multi-signature custody structures and the regular disclosure of key
metrics. We are currently working actively on implementing the reporting
framework.
Overall, ABAG 2.0 aims not to claim trust through communication, but to make
it operationally measurable through a clearly defined strategic direction,
disciplined capital allocation, and transparent, consistent, and
comprehensible governance structures.
GBC AG: Thank you for the interview.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7c7f01870367fb6cf8f9503c92a380b2
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR
Beim oben analysierten Unternehmen ist folgender möglicher
Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
https://www.gbc-ag.de/de/Offenlegung
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Completion: 28.01.2026 (9:30 AM CET)
First disclosure: 29.01.2026 (12:00 PM CET)
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