Bitcoin as a strategic core asset.

Nakiki SE holds Bitcoin on its balance sheet and aims to increase Bitcoin per share over the long term.

The extraordinary general meeting confirmed this course on 20 April 2026 with 100 % of votes cast and anchored it in the articles of association.

Acquisition

Bitcoin is acquired in the market; proceeds from capital measures and the bond are earmarked for this purpose.

Holding

Bitcoin is a core asset, not a trading position. A long horizon is part of the strategy.

Build-up

The steering metric is Bitcoin per share.

Metrics

Key figures

5,787,703

Shares · As of 30/04/2025

Source: announcement of 30/04/2025

—

Bitcoin per share (basic)

Methodology — no values are currently published.

Source: Ad-hoc release of 7 July 2025: strategic realignment towards a Bitcoin treasury strategy · As of: 07/07/2025

—

mNAV

Methodology — no values are currently published.

Source: Ad-hoc release of 7 July 2025: strategic realignment towards a Bitcoin treasury strategy · As of: 07/07/2025

Calculation basis

Bitcoin per share (basic) = Bitcoin holdings × 100,000,000 sats ÷ shares outstanding

Bitcoin per share (diluted) = Bitcoin holdings × 100,000,000 sats ÷ (shares + convertible instruments + options)

mNAV = Market capitalisation ÷ (Bitcoin holdings × Bitcoin price)

mNAV can be above or below 1. Below 1, the effect of capital measures on Bitcoin per share reverses.

The company publishes Bitcoin holdings exclusively via capital-market announcements. This page shows figures only with an as-of date and a source.

Capital allocation with a long horizon.

Funding the strategy

Capital measures

The extraordinary general meeting of 20 April 2026 approved capital measures enabling the acquisition of Bitcoin and of participations in companies in the crypto market.

Bond 2026/2031

ISIN DE000A460N46, coupon 9.875 % p.a., target volume of up to EUR 8 million, net proceeds earmarked for the acquisition of Bitcoin. The issue was closed early on 12 January 2026; the bond trades in the Open Market (Quotation Board) of the Frankfurt Stock Exchange.

To the bond

Chronicle

The strategy, as announced

10/06/2026NAKIKI SE prüft strategische Beteiligung an der ecrop GmbH zur Erweiterung ihrer Bitcoin-Treasury-Strategie um digitale Kapitalmarktinfrastruktur 21/04/2026NAKIKI SE Hauptversammlung stimmt zu 100 % zu: Wichtige strategische Weichen für Bitcoin-Zukunft gestellt 09/01/2026Nakiki SE schließt Anleiheemission am Montag vorzeitig: 9,875-%-Bitcoin-Bond wird ab sofort an der Börse Frankfurt gehandelt 15/12/2025Zeichnungsfrist für ersten deutschen Bitcoin-Bond startet jetzt 03/12/2025Nakiki SE beschließt Erhöhung des Grundkapitals durch Sacheinlage: Einstieg deutscher und internationaler Investoren zur Unterstützung der Bitcoin-Treasury-Strategie 04/09/2025NAKIKI SE with Bitcoin bond: details at virtual roundtable on 8 September 2025

View all announcements

Risks

The value of Bitcoin is subject to significant fluctuation. The company's net assets, financial position and results of operations depend materially on the Bitcoin price. Metrics such as Bitcoin per share or a valuation multiple to net asset value (mNAV) can rise and fall; an mNAV below 1 reverses the described effect of capital measures. The past development of other companies allows no inference about Nakiki SE.

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.

Precedents set by other companies demonstrate the existence of the model, not its transferability to Nakiki SE.