Original-Research: Cryptology Asset Group PLC - von GBC AG

Einstufung von GBC AG zu Cryptology Asset Group PLC

Unternehmen: Cryptology Asset Group PLC

ISIN: MT0001770107

Anlass der Studie: Initial Coverage Report

Empfehlung: BUY

seit: 06.07.2021

Kursziel: 358.43 EUR

Kursziel auf Sicht von: 31.12.2022

Letzte Ratingänderung: -

Analyst: Felix Haugg, Julien Desrosiers

'Leading European investment firm for crypto assets and blockchain


'Strong holdings offer high upside potential.'

Cryptology Asset Group plc was founded in January 2018 by Christian

Angermayer's family office, Apeiron Investment Group Ltd, crypto legend

Mike Novogratz and Joram Voelklein. This Malta-based investment company

focuses on blockchain technology as well as cryptocurrencies. The company's

strategy is to become the leading European investment company for crypto

assets and blockchain-based business models.

In order to achieve its self-imposed goal of becoming the leading

Europeaninvestment company, the company pursues a collaborative approach in

its activities and works together with the leading crypto investors.

Through this global network, Cryptology has a broad economic and technical

know-how, which is used, among other things, to support young companies in

the areas of foundation, financing, growth and, if necessary, sale.

Financial investments are generally made either in the form of equity or

convertible loans, which can be converted into equity at a later date.

The current portfolio of the Cryptology Asset Group comprises six

investments. Currently, the most important holdings are Block.one, the

issuer of the blockchain protocol EOS as well as the founder of Voice.com

and the trading platform Bullish and at the same time is one of the world's

largest Bitcoin holders, and Northern Data, a leading high-performance

computing (HPC) provider and Bitcoin mining host. Other investments include

global crypto-asset management group Iconic Holding, commission-free

neobrokernextmarkets, geo-data platform provider Cloudeo, and Bitcoin

micropayments payment platform Bottlepay.

Since its foundation in 2018, Cryptology Asset Group has shown very

positive development, despite the highly volatile market environment. This

development is also reflected in their revenues. Basically,

Cryptologygenerates reve-nues from the sale of held-for-trading assets,

cryptocurrencies and tokens as well as from consulting services. In the

completed 2020 financial year, the company generated revenues totalling

EUR2.55 million. In addition, Cryptology generated income from the sale of

AFS assets (available-for-sale) in the amount of EUR8.70 million. Thus, an

EBIT of EUR 10.26 million was generated.

We have valued Cryptology Asset Group plc by calculating the net asset

value (NAV). Taking into account all investments, the GBC fair NAV valua-

tion as of July 05, 2021 is EUR1.04 billion, resulting in a NAV per share

of EUR358.43. At a stock market price of EUR 163.00, this results in a

discount to the NAV of approx. 55% or a price potential of approx. 120%.

Die vollständige Analyse können Sie hier downloaden:


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86150 Augsburg

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,6b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:


Date (time) of completion of English version: 05/07/2021 (02:58 pm)

Date (time) of first distribution of English version: 05/07/2021 (10:00 am)

-übermittelt durch die EQS Group AG.-

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