The ten-year-old Bitcoin Suisse Group presented its financial results for the fiscal year 2022 during this year's general meeting and elected Philipp Rösler and Marco Menotti to the board of directors. In line with the challenging year for the markets, the broker confirmed a loss for 2022.
As revealed by the leaked financial results of Bitcoin Suisse two weeks ago, the bear market has left its mark on Crypto Valley. These numbers were now confirmed by the Zug-based crypto pioneer at the general meeting. The group's operating revenue decreased from CHF 84 million to CHF 37 million, resulting in an adjusted operating loss of CHF 24 million. However, the management remains optimistic. Through a repositioning with traditional banking services for crypto assets and some changes in the board of directors, Bitcoin Suisse is expected to be well-prepared for the next phase of growth.
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Business focus realignment
In a challenging market environment, Bitcoin Suisse has made significant progress in its strategic realignment by achieving several milestones. While institutional adoption continues to grow, the group is placing a stronger emphasis on affluent private clients and institutions. This aligns with the expansion of services through crypto consulting and asset management products. The next milestone that would further support this realignment is the reapplication for a FINMA license.
"Based on our solid risk management, improved governance, state-of-the-art IT infrastructure, and a strong compliance culture built on established Swiss AML and CFT regulations, we have made progress towards applying for a FINMA license in Switzerland. This should allow us to successfully expand, scale, and make Bitcoin Suisse even more attractive for institutional partnerships on a secure basis." - Dirk Klee, Bitcoin Suisse CEO
After the explosive growth of the crypto markets in 2021, the Zug-based crypto broker also experienced significant turbulence in the following year. For Bitcoin Suisse, the low trading volumes and high correlation with market prices led to a sharp decline in revenue. This underscores the importance of the strategic realignment with a focus on recurring income and a stronger diversification of service offerings.
Changes in the board of directors of Bitcoin Suisse
Furthermore, Bitcoin Suisse welcomed Philipp Rösler and Marco Menotti as new members of the board of directors. Both bring an impressive track record and a combination of extensive banking expertise and years of international experience. Roger Studer did not stand for re-election at the general meeting but will remain a shareholder. The board of directors of Bitcoin Suisse AG is now composed as follows:
- Luzius Meisser, Chairman of the Board
- Urs Bigger, Deputy Chairman of the Board
- Gabriela Hauser-Spühler, Board Member
- Giles Keating, Board Member
- Marco Menotti, Board Member
- Dr. Philipp Rösler, Board Member