CoinIX Reports Significant Revenue Increase in H1 2024

Hamburg-based investment company coinIX GmbH & Co. KGaA has released its interim financial statement for June 30, 2024. The firm reported a significant revenue increase from EUR 347k in the previous year to EUR 791k. This improvement was accompanied by write-downs on existing investments totaling EUR 394k, and an increase in operating expenses to EUR 665k, up from EUR 162k last year. A loss of EUR 260k was recorded for the first half of 2024.

The intrinsic value of coinIX's portfolio was EUR 10.8 million as of June 30, 2024, peaking at EUR 16 million in the first half of the year. The company holds hidden reserves compared to the book value of EUR 6.5 million. Initially, coinIX planned to realize these hidden reserves amounting to over EUR 5 million in March 2024. However, due to valuation adjustments, the contribution process was redone by August 30, 2024.

The re-execution will result in a smaller earnings contribution of EUR 1.6 million in the financial statements under German GAAP (HGB) due to declining cryptocurrency prices since March 2024. Despite this, the company expects a positive net profit for the fiscal year 2024.