Bitcoin Suisse will incur losses in 2023
Published: Tuesday, May 14th 2024, 09:50
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Crypto financial services provider Bitcoin Suisse posted a loss of 13 million Swiss francs last year. However, after the "crypto winter", the Zug-based company made a healthy profit again in the first quarter of 2024.
The company also used the last year to streamline its offering and improve the scalability and efficiency of its infrastructure, according to a press release issued by the company on Tuesday.
The loss of 13 million for 2023 was also accompanied by a 40 percent drop in trading volume compared to the previous year. However, Bitcoin Suisse has always had a stable capital base, which it puts at more than CHF 100 million at the end of 2023.
The company is now generating substantial profits again in line with the new records on the crypto market. In the first quarter of 2024 alone, Bitcoin Suisse reported an unaudited net profit of CHF 17.2 million.
Assets under management also rose significantly thanks to the market recovery. According to the information provided, they "recently" exceeded the CHF 5 billion mark.
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