The next era of capital begins with a reserve.

Nakiki SE holds Bitcoin as its strategic core asset and, since 29 September 2026, a minority stake of 9.749% in ecrop GmbH. Both with a long horizon.

RESERVE · BITCOIN

LISTING · FRANKFURT, GENERAL STANDARD

INFRASTRUCTURE · STAKE 9.749% · SINCE 29.09.2026

RESERVE · BITCOIN

LISTING · FRANKFURT, GENERAL STANDARD

INFRASTRUCTURE · STAKE 9.749% · SINCE 29.09.2026

Why we exist

Capital should move with less friction and more certainty.

Capital markets have grown over decades, are strictly regulated and often split into separate systems. Much of the work still runs through manual hand-overs and long reconciliation chains. Our answer begins on our own balance sheet: Nakiki SE holds Bitcoin as a core asset, funds the build-up through the capital market and publishes every key figure with an as-of date and a source. Since 29 September 2026, it has also held 9.749% of ecrop GmbH, a software company for digital securities.

Vision

A capital market that works at the speed of trust.

Capital markets decide which ventures get funded. We want capital to move there more safely and more transparently, with a longer horizon. Capital-market infrastructure is, for us, a picture of the future, not a report on the present. The reserve is the part that is already on the balance sheet today.

Mission

A foundation that capital can trust.

Four layers that make up Nakiki SE. All four exist today.

01
Reserve
Reserve — Bitcoin is a core asset, not a trading position. The steering metric is Bitcoin per share; the horizon is long.
02
Capital market
Capital market — Nakiki SE is listed in the General Standard of the Frankfurt Stock Exchange. Proceeds from capital measures and the 2026/2031 bond are earmarked for the acquisition of Bitcoin.
03
Transparency
Transparency — Key figures appear only with an as-of date and a source. The company publishes Bitcoin holdings exclusively via capital-market announcements.
04
Structure
Since 29 September 2026, Nakiki SE has held 9.749% of ecrop GmbH, a software company for digital securities. Bitcoin remains the core asset.

Sources: Ad hoc disclosure of 29 September 2026: NAKIKI SE acquires 9.749% of ecrop GmbH; Corporate news of 10 June 2026: evaluation of a strategic participation in ecrop GmbH · As of: 29/09/2026 For the stake in ecrop GmbH, only the ad hoc disclosure of 29 September 2026 is authoritative. The shares passed to Nakiki SE upon notarisation.

Starting point and outlook

From a fragmented market to connected infrastructure.

TODAY

OUTLOOK

Fragmented systems

Connected market infrastructure

Manual reconciliation

Interoperable systems

Batch-based processes

Programmable capital flows

High operational friction

Greater market integrity

A picture of the market's future. It makes no statement about services of Nakiki SE or ecrop GmbH and none about regulatory authorisations.

How we work

Designed for trust. Built to last.

01
Bitcoin as a core asset, not a trading position.
02
Capital markets as a discipline.
03
Transparency with an as-of date and a source.
04
Regulated and listed, not at the market's edge.
05
Extension, not a change of strategy.
06
Thinking in decades, not in cycles.

Designed to endure.

The next era

The next market infrastructure will not be inherited. It will be built.

Tomorrow's capital markets will not come from new products alone. They will come from the infrastructure on which products are built and earn trust. Nakiki SE holds today what carries this ambition: the reserve. Since 29 September 2026, it has also held 9.749% of ecrop GmbH. Both companies intend to establish in the coming months where cooperation makes sense.

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Disclaimer

For the stake in ecrop GmbH, only the ad hoc disclosure of 29 September 2026 is authoritative. The shares passed to Nakiki SE upon notarisation.

This website contains forward-looking statements based on the Management Board's current assumptions and assessments. Such statements do not constitute any forecast, commitment or guarantee; actual developments may differ materially. There is no obligation to update.

The contents of this website do not constitute an offer or solicitation to acquire securities, nor investment advice.

Timeline

From windeln.de to Nakiki SE.

Formerly windeln.de: founded 2010, listed 2015. Restructured after the 2024 insolvency and renamed Nakiki SE, a Bitcoin treasury company since 2025.

2010
Founded as windeln.de
2015
IPO — then as windeln.de
22.01.2024
Implementation of the insolvency plan (windeln.de SE)
21.03.2024
Contribution of Legal Finance SE, renaming
09.04.2024
Resumption of stock-exchange trading
22.05.2024
Andreas Wegerich becomes Chairman of the Management Board
11.12.2024
Partial management buy-out by the CEO
28.04.2025
Capital increase completed