ANNUAL REPORT
for
Virtune AB (Publ)
Org. no. 559175-2067
for the financial year January 1, 2024 - December 31, 2024
Table of contents Page
Directors' report including corporate governance report 2
Income statement 8
Balance sheet 9
Statement of changes in equity 10
Cash flow statement 11
Notes to the financial statements 12
Certification by the Board of Directors 33
Virtune AB (Publ)
Org. no. 559175-2067
2
Directors' report including corporate governance report
General information on activities
Virtune AB (Publ) is a regulated Swedish crypto asset manager and issuer of exchange-traded products (ETPs) on regulated
European exchanges. The company has its registered office in Stockholm.
Turnover and profit for the financial year
The company's net sales for 2024 amounted to SEK 18,868 thousand (SEK 591 thousand), where the company's commercial
operations began in May 2023 with the listing of the company's first ETPs.
The company is closing the year with a total AUM of SEK 2,576 million (SEK 209 million) (the total assets under management
in all ETPs) and growth has mainly been generated during the last quarter of the year, of which growth is now expected to
accelerate further in 2025 due to intensified market efforts. The company has a total of 13 ETPs admitted to trading at the
beginning of 2025 and the total number of investors for the ETPs as of the end of December 2024 amounted to 101,747
(8,603).
The company operates in a market with strong underlying growth where the market has previously been primarily associated
with capital inflows from retail investors via online brokers and banks. With increased adoption of crypto assets as an asset
class and increased regulation of the market, we are experiencing growing interest from institutional investors seeking to
integrate crypto assets in their portfolios. As a result, the inflows of institutional capital to our products is expected to grow in
the coming years in line with the growing adoption of crypto assets as an asset class by the traditional financial market.
EBITDA for the last financial year amounted to SEK -9,808 million (SEK -13,081 million), although the company showed positive
EBITDA and net profit in the last quarter of the year. The company prioritizes continued growth and expansion of our product
portfolio and distribution verticals in both existing and new geographical markets over short-term results.
The company has shown exponential growth over the past year where investments in educational efforts towards the market,
adequate partners, regulatory compliance and a robust product structure have positioned Virtune as a leading digital asset
manager in the Nordic market.
Virtune's investments will also enable international expansion based on our Nordic operations, where we primarily need to
make market-related investments in the new markets we enter in the future. Thus, Virtune has laid the foundation commercially
and regulatory to be able to scale up the business on a broad front.
Financial instruments
The issuer is a company whose sole purpose is to issue exchange-traded products (ETPs) and to manage the underlying crypto assets
that serve as the collateral for the ETPs. Virtune ETPs track the price performance of the relevant underlying crypto assets (e.g. Bitcoin or
Ethereum) minus a management fee. The issuer does not engage in any other business activity and is not a licensed financial advisor.
The issuer's ETPs have no fixed maturity and no scheduled maturity date. The ETPs are not capital protected and are non-
interest bearing. The Issuer's ETPs shall always provide a 1:1 exposure to the performance of the underlying crypto assets
minus a management fee, and the price of each ETP is secured by the Issuer holding at least 100% of the corresponding
underlying crypto assets with the Issuer's custodian. The ETPs are also affected by the change in exchange rate between USD
and SEK or EUR.
Initial public offering of financial instruments
The issuer's 13 ETPs are Virtune Arbitrum ETP, Virtune Avalanche ETP, Virtune Bitcoin ETP, Virtune Chainlink ETP, Virtune
Crypto Altcoin Index ETP, Virtune Crypto Top 10 Index ETP SEK, Virtune Crypto Top 10 Index ETP EUR, Virtune Polygon
ETP, Virtune Staked Ethereum ETP, Virtune Staked Polkadot ETP, Virtune Staked Solana ETP, Virtune XRP ETP and Virtune
Staked Cardano ETP. All ETPs are governed by Swedish law and are listed for trading on Nasdaq Stockholm.
Parts of the Company's ETPs are cross-listed on Boerse Stuttgart, Euronext Amsterdam and Euronext Paris. The issuer's
home market for the products is Nasdaq Stockholm, from which the company cross-lists its ETPs to other relevant regulated
markets or multilateral trading facilities in Europe.
The issuer is regulated by the Act (2017:630) on Measures against Money Laundering and Terrorist Financing and the Act
(1996:1006) on Currency Exchange and Other Financial Activities. The Issuer has been registered as a financial institute
with the Swedish Financial Supervisory Authority since November 22, 2022.
The issuer's base prospectus under which the ETPs are issued was renewed by the Swedish Financial Supervisory Authority on
April 5, 2024, and is valid for 12 months until the base prospectus needs to be renewed again. The Base Prospectus is
passported to all EU Member States and Norway, which allows the issuer to list its ETPs on regulated markets within EU and
Norway.
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Development of the company's activities, results and position
Financial overview*
2024-01-01
2023-01-01
2022-01-01
2021-01-01
2020-01-01
2024-12-31
2023-12-31
2022-12-31
2021-12-31
2020-12-31
Multi-year overview
12 months
12 months
12 months
12 months
12 months
Net turnover (TSEK)
18 868
591
0
0
0
Earnings before interest, taxes, depreciation and
amortization (EBITDA) (TSEK)
-9 808
-13 081
-2 728
0
-16
Profit after depreciation (EBIT) (TSEK)
-10 273
-13 384
-2 728
0
-16
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
Balance sheet total (TSEK)
1 967 171
197 031
2 982
118
118
Equity ratio (%)
1%
4%
46%
89%
90%
AUM (TSEK)
2 576 242
209 155
0
0
0
Number of investors
101 747
8 603
0
0
0
Number of outstanding financial instruments
172 152 144
4 326 919
0
0
0
*) For definitions of key figures, see supplementary
information.
Financial position and liquidity
Cash flow from operating activities is negative and amounted to MSEK -21.2 (MSEK -13.3) and this is in line with expectations
where the company needed to invest in net cash generating initiatives to continue to build up our AUM. This will provide the
company with long term and recurring revenues and cash flows. The company's revenues generate crypto assets in the first
stage, which have the potential to reach long-term positive value development. As a result, cash flow is burdened by retained
crypto assets of MSEK 11.4, which from a cash flow perspective is capital tied up and not included in the company's cash and
cash equivalents. Investments made in expanding our investor base together with our platform have created a profitable
foundation where we can use these funds to grow in new distribution channels in existing as well as new geographic markets
with a focus on establishing the company as the leading crypto asset manager in the Nordic region.
Cash flow from investing activities amounted to MSEK 0 (MSEK -1.3), previous investments relate to the development and
building of Virtune's proprietary platform for reporting, review and control of our ETP ecosystem. The company has chosen
after the start of commercialization to include the further development of the company in its running costs rather than
continuing to capitalize these costs.
Cash flow from financing activities amounted to MSEK 17 (MSEK 20.8), which mainly relates to the proceeds from
the issues that took place in the spring of 2024 and the issue of exchanging convertible bonds for shares.
The total cash flow for the year is negative and amounted to MSEK - 4.2 (MSEK 6.2), where the company's increased capital
tied up in own crypto assets of 11.4 MSEK (in line with acquisition values) creates this negative cash flow. If these parts had
been considered as cash and cash equivalents, the company's cash flow for the year would have been positive.
As of December 31, 2024, Virtune has available cash of MSEK 3.6 (MSEK 7.9) and if the company's own crypto assets at a fair
value of MSEK 15.2 had been included in this, the company’s assets would be MSEK 18.8.
Personnel
At the end of the year, the company had 7 (4) employees.
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Significant events during the financial year
● In January 2024, the company issued a convertible loan, and the company received proceeds of SEK 10
million. The convertible bond is subordinated to all of the company's other liabilities.
● Virtune AB (Publ) launched Virtune Staked Polkadot ETP and Virtune Arbitrum ETP on Nasdaq Stockholm in
January 2024.
● In February 2024, the company issued shares and received proceeds of 0.9 MSEK.
● Virtune AB (Publ) renewed its EU Base Prospectus for the issuance program of crypto ETPs under EU
regulations and published the Base Prospectus for 2024.
● Virtune AB (Publ) launched Virtune Staked Solana ETP and Virtune Staked Polygon ETP on Nasdaq
Stockholm in April 2024.
● The AGM was held, and a new Board of Directors was elected, with Erik Fischbeck as the new Chairman,
together with Laurent Kssis, Fredrik Djavidi and co-founder Christopher Kock to complete the new board.
● Virtune AB (Publ) launched Virtune Staked Cardano ETP on Nasdaq Stockholm in May 2024.
● Virtune enters into an agreement with another staking supplier, Figment Inc.
● Virtune and Kvarn Capital have formed a strategic partnership to increase the adoption of crypto assets in the
Nordics and beyond.
● Virtune AB (Publ) launched Virtune Avalanche ETP on Nasdaq Stockholm in July 2024.
● Virtune AB (Publ) launched Virtune XRP ETP on Nasdaq Stockholm in July 2024.
● Virtune AB (Publ) expands to the Netherlands through the listing of Virtune Staked Solana ETP on Euronext
Amsterdam.
● Virtune AB (Publ) announces its expansion into France through the listing of Virtune Staked Solana ETP on
Euronext Paris.
● Virtune announces its collaboration with Polkadot to achieve widespread visibility and awareness of Virtune
Staked Polkadot ETP in the Nordics.
● Virtune AB (Publ) launched Virtune Crypto Altcoin Index ETP on Nasdaq Stockholm in November 2024.
● Virtune AB (Publ) announced updated terms for the Virtune Polygon ETP and a change in the underlying
● Virtune AB (Publ) conducted a control balance sheet that was prepared as of September 30, 2024, and which
was reviewed by the company's auditor. It showed that the company's equity, calculated in accordance with
Chapter 25, Section 14 of the Swedish Companies Act, was not less than half of the registered share capital.
● Virtune AB (Publ) held an Extraordinary General Meeting on December 6, where the company decided to
reduce the registered share capital which was transferred to the share premium reserve.
● Virtune AB (Publ) carried out an exchange of convertible bonds for shares via an issue on December 31,
2024.
● Virtune AB (Publ) became an approved issuer on Nasdaq Helsinki in December 2024.
Significant events after the financial year
The following significant events occurred after the financial year until the publication of this report:
● No events occurred until the publication of this report
Information on risks and uncertainties
The issuer is exposed to the risks inherent in our core business and, to a material extent, the following risks:
Risks related to crypto assets
The crypto assets to which the issuer's exchange-traded products provide exposure are publicly available, which means that
further innovation and changes may occur. These changes could potentially negatively impact on the issuer in the future.
Ability to manage growth
If the Company fails to manage future growth effectively, it could adversely affect the Company's operations, financial position
and performance. The Company's management works proactively by ensuring that effective processes are in place to
implement the Company's business plan.
Market risks
The risk of significant declines in the value of the exchange of traded products and therefore the assets under management
as a result of, among other things, changes in prevailing market parameters, in the volatility of such parameters and/or
correlations between them.
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Liquidity risks
Liquidity risk is the risk that the company will not be able to meet its payments due to insufficient liquidity and/or difficulty in
obtaining credit from lenders. The company has a stable financial position based on the latest capital round in 2024. Future
growth will be financed from the company's equity. Based on currently available funds, management and the Board of
Directors believe that the liquidity needs for 2025 are secured.
Dependence on key people
Within the company there are a number of key people who are of great importance to the company's operations. The skills,
experience and commitment of the current staff of Virtune play a crucial role in the future development of the company. Should
one or more key personnel choose to leave the company, it could have a negative impact on the business. There is also a risk
that recruitment of new personnel to these positions may take time and entail increased costs for the company, which may
have negative consequences for the company's operations, financial position and results.
Supplier risk
The company's operations depend on a number of suppliers and the provision of deliveries on favorable terms. A termination
or deterioration of the terms of the Company's supplier agreements, or a delay in delivery, may - in the absence of alternative
suppliers - result in financial losses for the Company, which could adversely affect its operations, financial position and results.
Business risk
Risk arising from external circumstances or events that damage the Company's reputation or otherwise impair its financial
position. Developments in the crypto industry may be particularly relevant and may adversely affect the Company's reputation
and/or operating results.
Operational risk
This risk relates to potential losses that the Company may experience as a result of operational factors such as incorrect or
inadequate procedures, human error, system deficiencies and/or legal risks. If the governance or controls over the Company's
operational activities have been inadequate, this could have a negative impact on the Company's reputation and/or operating
results.
Economic developments
The Company's performance and financial position are partly dependent on factors beyond its control, including general
economic conditions, market conditions for investors and the existence of new competing products and services. There is a risk
that investors in the Company's exchange-traded products will reduce their demand for the Company's products as a result of
general economic and market conditions. This could result in a reduced earning capacity for the Company and thereby
adversely affect the Company's earnings and financial position.
Risks associated with the financial instruments
Significant risks associated with the company's financial instruments:
• ETPs lack capital protection, the possibility of losing all or part of the amount invested.
• The risk of an Extraordinary Event occurring.
• Risks related to the secondary market.
• Currency exposure risks.
• Risks related to limitations on market makers' commitments
• Factors that adversely affect the performance of the underlying crypto asset to which the financial instrument is linked.
Risks associated with the crypto assets to which the financial instruments are correlated
Risks related to the crypto assets serving as the underlying asset for the exchange-traded products
● The market value, from time to time, of a given crypto asset will be affected by expectations regarding the future
use or other applications of such crypto assets, which may cause the crypto asset to be highly volatile.
● Future regulations of a crypto asset may have a negative impact on the performance of such crypto assets and
therefore the exchange-traded product that provides exposure to such crypto asset.
● The risk of fraud occurring, leading to the loss of all or some of the crypto assets in the relevant crypto wallets.
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Corporate governance report
As the issuer's share capital is not listed, the Corporate Governance Code is not applicable to the issuer.
Statutes and general meeting
This is based, inter alia, on the issuer's articles of association (the "Articles of Association") and the Companies Act. Both of
these underpin the issuer's corporate governance framework.
Amending the company's articles of association is a matter to be dealt with by its shareholders from time to time. A qualified
majority of 2/3 of the shareholders' votes present at the general meeting is required to amend the issuer's articles of
association, but some specific amendments referred to in the Companies Act require unanimity.
The General Meeting of Shareholders is the only decision-making forum where the issuer's shareholders can exercise their
influence. The responsibilities of the general meeting are governed by the articles of association and the Companies Act and
include: electing the board of directors, appointing the auditor, approving the financial statements and discharging the board of
directors and the managing director from liability.
The General Assembly for the financial year 2024 will be held during 2025-05-21.
Ownership overview per 2024-12-31
Order Shareholders
Number of shares
Share of shares and votes
1 Gert Nordin
1 229 400
19%
2 AlphaDot Ventures AB
1 116 300
18%
3 Peter Arvidsson
600 000
9%
4 Christopher Kock
600 000
9%
5 Violet AI AB
578 258
9%
6 Sutjagin Capital AB
289 651
5%
7 Blademaster AB
281 641
4%
8 Henry Mischa Forelius
274 300
4%
9 Servisen Venture AB
200 301
3%
10 Charles Reichardt
110 000
2%
Total, 10 largest shareholders
5 279 851
83%
Other shareholders
1 097 109
17%
Total number of shares
6 376 960
100%
The Board of Directors
The board of directors of the issuer (the "Board") is responsible for developing the issuer's long-term strategies, policies, vision
and values. In 2024, the Board consisted of the following members:
- Erik Fischbeck, Chairman of the Board since 2024 Erik was born in 1972 and is a Danish citizen.
- Fredrik Djavidi, Board member since 2024. Fredrik was born in 1967 and is a Swedish citizen.
- Laurent Kssis, Member of the Board since 2024. Laurent was born in 1968 and is a British citizen.
- Christopher Kock , Board member and CEO since 2022. Christopher was born in 1992 and is a Swedish citizen.
The provisions of the Companies Act and the Company's Articles of Association regarding the duties of the members of the
Board of Directors are complemented by certain working procedures adopted by the Board of Directors, which include
provisions on the division of work between the Board of Directors and the Chief Executive Officer. The working procedures
stipulate that the Board of Directors should meet at least six times a year, which it did in 2024. All Board meetings for the
company were held in Stockholm and Sweden, as were the General Meetings in line with the company's regulations. The
company also has an Audit Committee, which is the only committee that has met, and the committee's charter stipulates that the
committee should meet at least twice a year, which it did in 2024.
Chief Executive Officer
Since 2022, the CEO of the company is Christopher Kock (1992). Christopher directly controls shares amounting to 9 percent
of the total number of shares and votes. Christopher has no significant assignments outside the company.
The CEO is accountable to the Board of Directors and shall manage and develop the company. The CEO is responsible for the
day-to-day management of the company's affairs and shall, within the framework of the Swedish Companies Act and the
business plan, budget and CEO instructions adopted by the Board of Directors, as well as other guidelines and instructions
issued by the Board of Directors, make the decisions required for the development of the business. The CEO shall take the
necessary measures to ensure that the company's accounts are kept in accordance with the law and that the administration is
carried out in a satisfactory manner.
The CEO and the Board of Directors of Virtune have prepared instructions regarding the CEO's duties and reporting
obligations. The instructions for the CEO are adopted annually at the board meeting immediately following each
annual general meeting.
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Org. no. 559175-2067
7
Company management
The CEO has appointed a management team, which is also Virtune's senior management team. In 2024, the management
team consisted of the CEO, COO and CFO.
The management teams work very closely together, with almost daily contact, and the extended management work is
carried out at monthly management meetings. During the year, issues of both operational and strategic nature were
addressed on an ongoing basis.
Internal control and risk management over financial reporting
Under the Swedish Companies Act, the Board of Directors is responsible for internal control. The Board's
responsibility is also regulated in the Annual Accounts Act. The aim of internal control is to create a clear
responsibility structure and an efficient decision-making process.
The Board has established a number of fundamental documents relevant to financial reporting to ensure an effective control
environment. The Board's rules of procedure and instructions for the CEO also ensure a clear division of roles and
responsibilities, aimed at effective management of the risks of the business. The Board has also established a number of basic
guidelines and policies that are relevant to internal control. The basic policy documents are subject to ongoing review. In
addition, a well-functioning control environment requires an adequate organizational structure and continuous review of the
same. Virtune's management reports regularly to the Board based on established procedures.
Furthermore, the management is responsible for the system of internal controls required to manage significant risks in the day-
to-day operations. Managers at different levels within the company have defined authority and responsibility for internal control.
Auditor
Öhrlings PricewaterhouseCoopers AB is the company's auditor firm and Johan Engstam is the Auditor in Charge.
Proposal for the appropriation of the company's profits
The following amounts in SEK are at the disposal of the Annual General Meeting:
Share premium account
38 638 039
Shareholder contributions
4 529 500
Retained earnings
-18 025 562
Result for the year
-11 615 174
Sum
13 526 802
The Board of Directors proposes that the accumulated funds and unrestricted funds be allocated
as follows
To be brought forward into a new account
13 526 802
Sum
13 526 802
Proposal for a resolution on the appropriation of profits
The Board of Directors proposes that the available funds, SEK 13 526 802, be carried forward.
Regarding the company's performance and financial position, reference is made to the following financial reports with accompanying
financial statement notes.
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Org. no. 559175-2067
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Income statement
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
Note
12 months
12 months
Net revenues
3
18 868
591
Activated own-account work
10
-
494
Other operating income
4
5 474
41
24 342
1 126
Direct costs
-8 709
-1 921
Other external costs
6
-19 034
-9 088
Personnel costs
5 & 16
-6 406
-3 198
Operating profit before depreciation (EBITDA)
-9 808
-13 081
Depreciation of intangible and tangible fixed assets
10 & 11
-465
-303
Operating profit (EBIT)
-10 273
-13 384
Result from financial items:
11
Realized gains instruments & Digital assets
26 001
Other interest income and similar income
0
1
Other interest expense and similar income statement items
7
-1 343
-39
Realized losses instruments & Digital assets
-26 001
Profit after financial items
-11 615
-13 423
Profit before tax
-11 615
-13 423
Tax
8
-
-
Result for the year
-11 615
-13 423
Other comprehensive income
Translation differences
-
-
Other comprehensive income for the year
-
-
Total comprehensive income for the year
9
-11 615
-13 423
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Org. no. 559175-2067
9
Balance sheet
TSEK
Note
2024-12-31
2023-12-31
Assets
Fixed assets
Intangible fixed assets
Capitalized expenditure on development and similar work
10
1 481
1 923
Tangible fixed assets
Inventories
11
29
51
Total fixed assets
1 510
1 975
Current assets
Digital assets etc.
12
1 956 036
186 314
Short-term
receivables
Accounts receivable
13
37
24
Other receivables
99
44
Prepaid expenses and accrued income
14
5 856
811
Total short-term receivables
5 992
879
Cash and bank
15
3 633
7 862
Total current assets
1 965 661
195 056
Total assets
1 967 171
197 031
TSEK
Note
2024-12-31
2023-12-31
Equity and liabilities
Equity
Restricted equity
Share capital
8 994
8 573
Unregistered new issue
-8 463
255
Development expenditure fund
1 361
1 803
Unrestricted equity
Share premium account
38 638
12 094
Retained earnings
-18 026
-5 044
Shareholders' contribution received
4 530
4 530
Result for the year
-11 615
-13 423
Total equity
15 419
8 786
Current liabilities
Current liabilities financial instruments
17
1 944 269
185 962
Trade payables
2 270
455
Current tax liabilities
8
26
9
Other liabilities
18
956
99
Accrued expenses and deferred income
19
4 231
1 719
Total current liabilities
1 951 752
188 244
Total equity and liabilities
1 967 171
197 031
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Org. no. 559175-2067
10
Statement of changes in equity
Restricted equity Unrestricted equity
TSEK
Share
capital
developmental
Expenditure
Unregistered
new issue
Share
premium
fund
Retained
earnings
Shareholders'
contributions
received
Result
for the
year
Total
equity
Opening equity 2023-01-01
50
999
-
0
-1 394
4 450
-2 726
1 380
Total comprehensive income for the year
Result for the year
-13 423
-13 423
Other comprehensive income for the year
-
-
Total comprehensive income for the year
-
-
-
-
-
-
-13 423
-13 423
Profit and loss account
-2 726
2 726
-
Shareholder contributions in 2023
80
80
New share issue, warrants
0
0
Provision for development expenditure fund
804
120
-924
-
Fund issue
450
-450
-
Directed issue
8 073
6 736
14 809
Ongoing issue
255
5 687
5 942
Closing equity 2023-12-31
8 573
1 803
255
12 093
-5 044
4 530
-13 423
8 786
Opening equity 2024-01-01
8 573
1 803
255
12 093
-5 044
4 530
-13 423
8 786
Total comprehensive income for the year
Result for the year
-11 615
-11 615
Other comprehensive income for the year
-
-
Total comprehensive income for the year
-
-
-
-
-
-
-11 615
-11 615
Profit and loss account
-13 423
13 423
-
Registration ongoing issue December 2023
255
-255
-
Warrant premium (TO 2024)
358
358
Provision for development expenditure fund
-442
442
-
Private placement February 2024
166
3 706
3 872
Issuance costs in 2024
-1 277
-1 277
Ongoing change reduced share capital
-8 494
8 494
-
Ongoing issue
31
15 265
15 295
Closing equity 2024-12-31
8 994
1 361
-8 463
38 638
-18 026
4 530
-11 615
15 419
2024-12-31
2023-12-31
Contingent shareholder contributions
amount to:
4 080
4 080
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Org. no. 559175-2067
11
Cash flow statement
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
Note
12 months
12 months
2
Current operations
Profit before financial items
-10 273
-13 384
Adjustment for items not included in cash flow
24
465
303
Interest received
-
-
Interest paid
24
-83
-39
Income tax paid
-
-
Cash flow from operating activities
-9 891
-13 121
before changes in working capital
Increase (-)/Decrease (+) in Digital assets
12
-11 768
-352
Increase (-)/Decrease (+) in operating receivables
14
-5 112
-549
Increase (+)/Decrease (-) in trade payables
2 167
-291
Increase (+)/Decrease (-) in operating liabilities
18 & 19
3 387
970
Cash flow from operating activities
-21 217
-13 342
Investment activities
Investments in intangible assets
10
0
-1 211
Investments in tangible fixed assets
11
-
-68
Cash flow from investing activities
0
-1 278
Financing activities
New issues
16 630
20 751
Warrant premium
368
-
Shareholder contributions received
-
80
Cash flow from financing activities
16 988
20 831
Cash flow for the year
-4 229
6 210
Cash and cash equivalents at beginning of year
7 862
1 652
Cash and cash equivalents at year-end
15
3 633
7 862
Virtune AB (Publ)
Org. no. 559175-2067
12
Notes to the financial statements
Note 1 General information
Virtune AB (Publ) is a limited liability company registered in Sweden with its registered office in Stockholm and with
address c/o RKO AB Sybellegatan 47, 114 42 & Stockholm. All amounts are reported in thousands of SEK (TSEK)
unless otherwise stated. Figures in brackets refer to the previous year unless otherwise stated.
The Board of Directors approved the annual report for publication on March 28, 2025.
Note 2 Summary of significant accounting policies
Compliance with standards and legislation
The company has applied RFR 2 Accounting for Legal Entities and the Annual Accounts Act. The application of RFR
2 means that the company applies all IFRS standards and statements adopted by the EU in the annual report as far
as possible within the framework of the Annual Accounts Act, the Pension Obligations Vesting Act and with regard to
the relationship between accounting and taxation.
New IFRS standards not yet applied
No new or amended standards and policies approved by the IASB on or after January 1, 2024 are expected to have
a material impact on the company's financial statements.
Valuation principles applied in the preparation of the financial statements
Assets and liabilities are recognized at historical cost.
Significant accounting policies applied
The accounting policies set out below have been applied consistently to all periods presented in the financial
statements, with the exceptions detailed below.
Classification etc.
Fixed assets primarily consist of amounts expected to be recovered or paid after more than twelve months from
the balance sheet date, while current assets mainly comprise amounts expected to be recovered or paid within
twelve months from the balance sheet date. Long-term liabilities primarily consist of amounts for which the
company, at the end of the reporting period, has an unconditional right to choose to defer payment beyond
twelve months after the end of the reporting period. If the company does not have such a right at the end of the
reporting period—or if the liability is held for trading or expected to be settled within the normal operating cycle—
the liability amount is reported as a current liability.
Virtune AB (Publ)
Org. no. 559175-2067
13
Revenue
The company has two main revenue streams: Management fees and staking reward revenues.
Management fees
The Company earns revenue by issuing and listing ETPs with underlying crypto assets as collateral. Management fees
are calculated on each ETP at the applicable predetermined management fee rate and are accrued on a daily basis
over the period the ETP is outstanding at the market price of the underlying crypto asset. The management fee income
is first determined in the quantity of crypto assets, which is then translated into USD values using today's reference
price, which is then revalued to SEK using the transaction date rate. Based on the assets under management for each
ETP, the management fee is calculated daily as accrued income and the accrued income is extracted on a monthly
basis in the following month from the ETP's assets and transferred in the form of crypto assets to the company.
The management fees charged include all expenses related to the ETP, including trading fees, custody and
custody fees, etc.
Staking reward revenue
The Company participates in decentralized finance and blockchains that apply proof-of-stake as a consensus
mechanism by confirming and validating transactions, thereby contributing to the operations and security of the relevant
blockchain. Based on this work, the company receives rewards in the form of crypto assets. The company is rewarded
for its contribution to the network with crypto assets that constitute so-called staking rewards. Staking rewards are
received in crypto assets and these are revalued USD values using today's reference price, which is then revalued to
SEK using the transaction day rate. Revenue is generated when the staking rewards reach the company's asset account
and are distributed between the product and the issuer in accordance with the final terms of the respective ETP. Earned
staking rewards are made available to the company on a monthly basis in the transfer to the company's crypto asset
accounts and through extractions from the ETPs' underlying crypto assets.
Leased assets
All leases are accounted for as operating leases.
Operating leases
Lease payments under operating leases, including increased initial rentals but excluding charges for services such as
insurance and maintenance, are recognized as an expense on a straight-line basis over the lease term.
Financial income and expenses
The company's financial income and expenses include:
– interest income,
– interest costs,
– foreign exchange gains/losses on financial assets and financial liabilities, Interest income or interest expense is recognized using the
effective interest method.
Taxes
Income taxes consist of current tax and deferred tax. Income taxes are recognized in profit or loss except when the
underlying transaction is recognized in other comprehensive income or in equity, in which case the related tax effect
is recognized in other comprehensive income or in equity.
Current tax is the tax payable or receivable in respect of the current year, using tax rates enacted or substantively
enacted at the balance sheet date. Current tax also includes adjustments to current tax relating to previous periods.
Virtune AB (Publ)
Org. no. 559175-2067
14
Financial instruments
Financial assets and liabilities are accounted for using the historical cost convention.
Accounting policies for current liabilities financial instruments
The Company's ETPs are physically backed, which means that the value of the instruments always corresponds to at
least a 1:1 ratio to the underlying crypto assets. The Company's outstanding instruments are valued as a current
liability and in line with the valuation of these crypto assets at the balance sheet date. The liabilities amount to the total
number of ETPs the issuer has outstanding and the cost of its underlying crypto assets. If the company receives a
creation or redemption order from authorized participants in the program, the liability side increases or decreases by
the same amount as the underlying crypto assets increase or decrease. A creation or redemption order can be
executed by the authorized participant sending over the corresponding value of the ETPs in the underlying crypto
assets or via cash transfer where the issuer procures or sells the relevant amount of underlying crypto assets. The risk
that the value of the crypto assets serving as the underlying collateral for the ETPs falls below their acquisition cost is
borne by the investors in the company's ETPs. Any realized gains or losses from the sale of these instruments accrue
to the investors of the ETP. The company reports realized gains and losses on a gross basis in its income statement,
under financial items, in relation to the sold crypto assets and ETPs. However, the effect of these gains or losses is
neutralized, as the asset and liability values related to ETP development are correlated.
Recognition and derecognition
A financial asset or financial liability is recognized in the balance sheet when the entity becomes a party to the
contractual provisions of the instrument. A financial asset is derecognized when the contractual right
to the cash flows from the asset has ceased or has been settled. The same applies when the risks and rewards
of ownership are substantially transferred to another party and the entity no longer has control over the
financial asset. A financial liability is derecognized when the contractual obligation is discharged or cancelled.
Valuation of financial assets
Financial assets are initially measured at cost, including any transaction costs directly attributable to the acquisition
of the asset. Subsequent to initial recognition, current financial assets are measured at the lower of cost and net
realizable value at the balance sheet date.
Trade and other receivables that are current assets are valued individually at the amount expected to be received.
After initial recognition, financial fixed assets are measured at cost less any impairment losses and plus any
revaluations.
Interest-bearing financial assets are measured at amortized cost using the effective interest method.
For the purposes of valuation at the lower of cost or market and impairment testing, the Company's financial
instruments held for risk diversification are considered to be part of a portfolio of securities and are therefore
measured as one item.
Valuation of financial liabilities
Financial liabilities are measured at amortized cost. Expenditure directly attributable to the raising of a loan
adjusts the cost of the loan and is accrued using the effective interest method.
Intangible fixed assets
Intangible assets comprise development costs and patents and are stated at cost less accumulated amortization and
any impairment losses. Research expenditure is expensed immediately, while expenditure on development projects is
capitalized as intangible assets to the extent that it meets the criteria for capitalization in the balance sheet.
Expenditure that does not meet such criteria is expensed as incurred. The amount capitalized during the year is
transferred between unrestricted and restricted capital and is designated as the development expenditure fund. The
criteria to be met are as follows:
* It is technically possible to complete the asset so that it can be used or sold.
* The entity intends to complete the asset and to use or sell it
* The entity has the ability to use or sell the asset.
* It is probable that the asset will generate future economic benefits.
* There are sufficient resources to complete the asset and to use or sell it.
* The development expenditure can be reliably measured.
Depreciation is mainly on a straight-line basis over the estimated useful life. The following amortization period
applies to the Company's intangible assets:
Number of years
Capitalized expenditure for development work 5 years
Virtune AB (Publ)
Org. no. 559175-2067
15
Removal from the balance sheet:
Intangible fixed assets are removed when the asset is retired or disposed of. When intangible assets are disposed of, the
capital gain or loss is determined as the difference between the sale price and/or when no future benefits are expected
from the use of the asset, the asset is scrapped or disposed of at its carrying amount and recognized in the income
statement.
The assessment of the need for impairment of intangible and tangible fixed assets is made on each balance sheet date to
determine whether there are any indications that the value of an asset is lower than its carrying amount. If there is such an
indication, the asset's recoverable amount is calculated. If the recoverable amount is less than the carrying amount, an
impairment loss is recognized as an expense. An internally generated intangible asset that is not yet available for use or
sale at the balance sheet date is always tested for impairment. The recoverable amount of an asset or a cash-generating
unit is the higher of its fair value less costs to sell and its value in use.
Tangible fixed assets
Assets owned
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
Cost includes the purchase price and expenditure directly attributable to the asset to bring it to the location and
condition necessary for it to be capable of operating in the manner intended. The accounting policy for
impairment losses is set out below.
The carrying amount of an item of property, plant and equipment is derecognized on disposal or retirement or when
no future economic benefits are expected from its use or disposal/disposal. The gain or loss arising on the disposal
or retirement of an asset is the difference between the sale price and the carrying amount of the asset minus direct
selling costs. Gains and losses are recognized as other operating income/expenses.
Depreciation principles
Depreciation is calculated using the straight-line method over the estimated useful life of the asset.
Estimated useful lives:
- Machinery, equipment and installations 5 years
Impairment of fixed assets
If there is an indication of impairment, the asset's recoverable amount is calculated (see below).
If it is not possible to determine substantially independent cash flows for an individual asset, and its fair value minus
costs to sell cannot be used, the assets are grouped for impairment testing at the lowest level at which substantially
independent cash flows can be identified - a so-called cash-generating unit.
An impairment loss is recognized when the carrying amount of an asset or cash-generating unit (group of units)
exceeds its recoverable amount. An impairment loss is recognized as an expense in profit or loss.
When an impairment loss is identified for a cash-generating unit (group of units), the amount of the
impairment loss is allocated on a pro rata basis to the assets included in the unit (group of units).
The recoverable amount is the higher of fair value minus costs to sell and value in use. In calculating value in
use, future cash flows are discounted using a discount rate that reflects the risk-free interest rate and the risk
associated with the specific asset.
Reversal of impairment
An impairment loss is reversed if there is both an indication that the impairment loss no longer exists and there
has been a change in the assumptions used to calculate the recoverable amount.
A reversal is made only to the extent that the carrying amount of the asset after reversal does not exceed the
carrying amount that would have been recognized, minus depreciation where applicable, if no impairment loss
had been recognized.
Virtune AB (Publ)
Org. no. 559175-2067
16
Accounting policies for digital assets in relation to the company's ETPs
The Company is an issuer of exchange-traded products (ETPs) that are 100% physically backed by one or several
crypto assets. The crypto assets are valued by the Company as an Inventory Asset and the asset is recognized at the
lower of cost or market. The lowest value principle shall be the lower of either market value or cost. The cost is
calculated using the current reference value of the underlying crypto assets transferred in the context of a creation order.
The direct costs and acquisition values are set in USD values via today's reference price which is revalued to SEK using
the transaction date exchange rate. The liabilities are linked to the holders of the issued ETPs and are valued as a
current liability in line with the valuation of the crypto assets at the balance sheet date. The risk that the value of the
crypto assets serving as the underlying for the ETPs falls below their cost lies with the investor in the Company's ETPs
and any capital gains or losses on sales of the crypto assets accrue to the investors in the ETPs. The Company
recognizes realized gains and losses through gross accounting in the Company's income statement and under financial
items in relation to crypto assets and ETPs sold, however, the effect neutralizes these gains or losses as the asset and
liability side value of the ETP development is correlated.
The Company, at the start of each new month, withdraws the previous month's accrued management and staking
reward income which is transferred to Virtune's own crypto assets in their segregated custody wallets.
Accounting policies for Virtune's own digital assets
At each new month, the Company charges the previous month's accrued management fees and the issuer's share of
staking rewards in the underlying crypto asset in relation to the Company's ETPs. Thus, the Company manages its
own crypto assets and these crypto assets are valued by the Company as an Inventory Asset and the asset is
recorded at the lower of cost or net realizable value. The acquisition value is calculated using the reference value in
USD at the date of withdrawal and then in SEK using the current transaction rate.
The net realizable value is the market value of the asset. The company thus takes into account the risk of
obsolescence and, in the event of obsolescence, the company's direct costs are charged with a write-down of the
company's assets. When the company's own crypto assets are converted into fiat currency, the company realizes a
gain or loss that is recognized in the company's other income or direct costs in the company's income statement.
Short-term remuneration:
Short-term employee benefits in the form of salaries, bonuses and paid annual leave are employee benefits that fall
due within 12 months of the balance sheet date in the year in which the employee earned the benefit. Short-term
employee benefits are measured at the undiscounted amount that the entity expects to pay as a result of the unused
entitlement.
Defined contribution pension plans
Defined contribution plans are those plans where the company's obligation is limited to the contributions it has
undertaken to pay. In such cases, the amount of the employee's pension depends on the contributions paid by the
enterprise to the plan or to an insurance company and the return on investment generated by the contributions.
Consequently, it is the employee who bears the actuarial risk (that the benefit will be lower than expected)
and investment risk (that the invested assets will be insufficient to provide the expected benefits). The company's
obligations in respect of contributions to defined contribution plans are recognized as an expense in profit or loss as
they are earned by employees in respect of services rendered to the company during a period.
All pension plans in the company are defined contribution plans.
Compensation in the event of dismissal:
Termination benefits are provided when a company decides to terminate an employment before the normal
termination date of the employment or when an employee accepts an offer for voluntary severance in exchange for
such benefits. If the compensation does not provide the company with any future economic benefit, a liability and an
expense are recognized when the company has a legal or informal obligation to provide such compensation. The
compensation is valued at the best estimate of the amount that would be required to settle the obligation at the
balance sheet date.
Cash flow statement
The cash flow statement is prepared using the indirect method. The reported cash flow only includes transactions that
have resulted in cash receipts or payments. In addition to cash and cash equivalents, the company classifies as cash
and cash equivalents available balances with banks and other credit institutions and short-term liquid investments that
are listed on a marketplace and have a maturity of less than three months from the date of acquisition. Restricted cash is
not classified as cash and cash equivalents.
Contingent liabilities (contingencies)
Contingent liabilities are disclosed when there is a possible obligation that arises from past events and whose
existence will be confirmed only by one or more uncertain future events beyond the control of the entity or
when there is an obligation that is not recognized as a liability or provision because it is not probable that an
outflow of resources will be required or cannot be measured with sufficient reliability.
Virtune AB (Publ)
Org. no. 559175-2067
17
Note 3 Revenue
No income other than income from management fees and staking reward income is recognized in the Net turnover line of
the Profit and Loss Account. The Company presents a breakdown by type of revenue in the following table.
Type of revenue
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Revenue by type of income
Management fees
14 145
501
Staking reward revenue
4 723
90
18 868
591
Revenue by geographical breakdown*
Sweden
18 868
591
18 868
591
* ) Income from external investors has been attributed to individual countries according
to the country of the exchange managed assets are localized.
Revenue by business segment
Revenue linked to the management area
18 868
591
18 868
591
Note 4 Other operating income
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Marketing grant from the Polkadots fund
5 347
-
Re-invoicing of administrative costs
101
41
Other
26
-
5 474
41
Note 5 Employees, personnel costs and remuneration of senior executives
Employee benefits costs
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Salaries and annual leave etc.
4 887
2 320
Pension costs, defined contribution plans (see also note 14)
130
91
Social security contributions
1 340
751
6 358
3 161
Average number of employees
2024-01-01
2023-01-01
2024-12-31
2023-12-31
12 months
12 months
Average number of employees
7
6
Total
7
6
Virtune AB (Publ)
Org. no. 559175-2067
18
Gender balance in senior management
2024-12-31
2023-12-31
Percentage of
women
Percentage of women
The Board of Directors
0%
0%
Other senior executives
0%
0%
Virtune AB (Publ)
Org. no. 559175-2067
19
Salaries and other remuneration distributed between senior executives and other employees and social security
costs
2024
Senior
manageme
nt positions
harbor porpoise Others
TSEK (3 persons) employees total
Salaries and other remuneration
1 444
3 443
4 887
(of which bonuses and similar)
(-) (-)
(-)
Total
1 444 3 443
4 887
(of which bonuses and similar)
(-) (-)
(-)
Social costs
454 887
1 340
(of which pension cost)
(-) (-)
-
2023
Leading
positional
harbor porpoise Others
TSEK
(3 persons) employees
Total
Salaries and other remuneration
1 100 1 220
2 320
(of which bonuses and similar) (-) (-) (-)
Total number 1 100 1 220 2 320
(of which bonuses and similar) (-) (-) (-)
Social costs 346 405 751
(of which pension cost) - - -
Virtune AB (Publ)
Org. no. 559175-2067
20
Note 5 Employees, personnel costs and remuneration of senior executives, cont.
Salaries and other remuneration of senior executives
2024-01-01 until 2024-12-31
TSEK
Gross salary
Pension
cost
Total
Managing Director/ Member of the Board (Christopher Kock)
819
-
819
Chairman of the Board (Erik Fischbeck) *
-
-
-
Member of the Board (Laurent Kssis) *
Member of the Board (Fredrik Djavidi) *
-
-
-
Other members of the management team (2 persons)
625
625
Total
1 444
-
1 444
2023-01-01 until 2023-12-31
TSEK
Basic salary
Pension
cost
Total
Managing Director/ Member of the Board (Christopher Kock)
560
- 560
Chairman of the Board (John Dalling) *
-
- -
Member of the Board (Gert Nordin) *
-
- -
Other members of the management team (2 persons)
540
- 540
Total
1 100
- 1 100
* ) No directors' remuneration have been paid and/or expensed in these years. However, remuneration will be paid in 2025.
Virtune AB (Publ)
Org. no. 559175-2067
21
Note 6 Fees and reimbursement of expenses to auditors
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Öhrlings PricewaterhouseCoopers AB
Audit engagement
420
476
Other audit activities
57
-
Other assignments
125
765
Audit engagement means the statutory audit of the annual accounts and accounting records and of the
the management by the Chief Executive Officer, and audits and other reviews carried out in accordance with agreements or contracts.
Other audit activities in addition to the audit assignment include, among other things, costs relating to audit opinions.
This includes other tasks that are incumbent on the company's auditor, as well as advice or other assistance arising from observations
made during such an audit or the performance of such other tasks.
Note 7 Financial expenses
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Financial expenses
Interest costs
-
-39
Interest expense convertible
-1 343
-
Other
-
-
Net financial items recognized in the income statement
-1 343
-39
Note 8 Taxes
Deferred tax
The company has an accumulated tax loss carry-forward of SEK 29,102 thousand (SEK 16,467 thousand). The underlying
value of the deferred tax attributable to these losses amounts to SEK 5,995 thousand (SEK 3,392 thousand). In the
financial statements for 2024 and 2023, the company has chosen not to recognize the value of these loss carry-forwards in
the balance sheet as the Board of Directors does not believe that it will be able to utilize the deductions in the near future.
Virtune AB (Publ)
Org. no. 559175-2067
22
Note 9 Earnings per share
Earnings per share
Earnings per share
The company carried out two share issues in 2024 where the company carried out a directed
issue of 1,109,000 shares in February and the conversion of a convertible loan into shares
in December of 367,660 shares. In addition to this, the company also carried out a 100:1
split and this was decided at the AGM. The company has the following open warrant
programs and in these the following applies:
1. The estimated fair value on the grant date for warrants granted in 2022 was SEK 0.12
per warrant. A total of 400,000 warrants were issued and allotted, of which one
warrant entitled to one share. 50,000 warrants have been bought back during 2023.
The fair value at the grant date is calculated using the Black-Scholes valuation
model. The model has calculated the option price at SEK 0.12 per option according
to the following parameters:
A) Strike price: 14 kr.
B) Valuation date: November 24, 2022.
C) Subscription period: Subscription of shares may take place for the holder’s
warrants from January 1, 2026, until January 31, 2026.
C) Expected volatility of the company's share price: 35%.
D) Expected dividend yield: 0%.
E) Risk-free rate: 2.26%.
The expected volatility of the share price is based on comparable listed companies as
Virtune's share is not listed.
2. The estimated fair value on the grant date for warrants granted in 2024 was SEK 1.13 per
warrant. A total of 316,000 warrants were issued and granted, of which one warrant entitled
to one share. The fair value on the grant date is calculated using the Black-Scholes
valuation model. The model has calculated the option price at SEK 1.13 per option
according to the following parameters:
F) Strike price: 87.30 kr.
G) Valuation date: May 17, 2024.
H) Subscription period: Subscription of shares may take place for the holder's warrants
I) Expected volatility of the company's share price: 35%.
J) Expected dividend yield: 0%.
K) Risk-free rate: 2.61%.
Basic and diluted earnings per share 2024 2023
Profit/loss attributable to the
company's shareholders,
TSEK
Weighted number before
dilution, number
-11 615
6 030 697
-13 423
56 210
Weighted number after dilution, number
6 640 197
60 044
Earnings per share before dilution, SEK
-1,93
-238,80
Earnings per share after dilution, SEK
-1,93
-238,80
23
Virtune AB (Publ)
Org. no. 559175-2067
Note 10 Intangible assets
Accumulated cost of acquisition
Opening balance January 1, 2023
999
Acquisitions for the year
1 211
Closing balance 31 December 2023
2 210
Opening balance January 1, 2024
Acquisitions for the year
2 210
-
Closing balance 31 December 2024
2 210
Accumulated depreciation and impairment
losses
Opening balance January 1, 2023
Depreciation for the year
-
-287
Closing balance 31 December 2023
-287
Opening balance January 1, 2024
-287
Depreciation for the year
-442
Closing balance 31 December 2024
-729
Closing carrying amount at December 31, 2023
1 923
Closing carrying amount at December 31, 2024
1 481
Note 11 Tangible assets
TSEK
Inventories Total
Cost of acquisition
Opening balance January 1, 2023
-
-
Acquisitions for the year
68
68
Sales/transfers
-
-
Closing balance 31 December 2023
68
68
Opening balance January 1, 2024
68
68
Acquisitions for the year
-
-
Closing balance 31 December 2024
68
68
Depreciation and amortization
Opening balance January 1, 2023
-
-
Depreciation for the year
-16
-16
Sales/transfers
-
-
Closing balance 31 December 2023
-16
-16
Opening balance January 1, 2024
-16
-16
Depreciation for the year
-23
-23
Closing balance 31 December 2024
-39
-39
Closing carrying amount at December 31, 2023
51
51
Closing carrying amount at December 31, 2024
29
29
24
Virtune AB (Publ)
Org. no. 559175–2067
Note 12 Digital
assets
2024-12-31
2023-12-31
Number of Coins Number of TSEK Number of Coins Number of
TSEK
Ethereum
12 299
370 675
3 526
71 930
Bitcoin
684
351 648
211
80 694
Chainlink
851 397
189 566
190 139
29 495
Polkadot
623 591
45 264
23 931
1 394
Bitcoin Cash
0
0
-
1
Litecoin
24 266
26 221
1 590
1 205
The Stellar network
3
0
620 346
754
Uniswap
186 918
26 215
10 743
601
Axie Infinity Shards
0
-
-
-
Arbitration
8 299 854
66 401
21 886
231
Solana
116 974
201 627
-
-
XRP
31 620 624
527 970
-
-
Polygon
5 345 081
26 607
-
-
Avalanche
152 296
55 847
-
-
Cardano
8 482 222
67 959
-
-
Filecoin
0
0
-
-
Other
2 806
37
-
9
55 719 014 1 956 036 872 373 186 314
Included under direct costs for the company is the unrealized loss in regard to the company's own crypto assets of SEK 111 thousand
(SEK 0 thousand).
Recorded value in the company’s balance sheet
1 956 036
186 314
Of which carrying amounts of crypto assets that are the company's own
11 768
352
Of which carrying amounts of crypto assets linked to the instruments
1 944 269
185 962
Fair value of digital assets*
2 576 242
209 155
* ) Fair value has been derived using reference prices per crypto asset and per last balance sheet date. Fair value is derived using
IFRS hierarchy 2. The Company uses the same reference prices as set out in the Company's base prospectus for the Company's
instruments to calculate the market values of the underlying crypto assets.
Accumulated acquisition values
Opening balance January 1, 2023
Rebalancing and reward effect
TSEK
-
6 608
Net inflows via creation and redemption orders
179 707
Closing balance 31 December 2023
186 314
Opening balance January 1, 2024
186 314
Rebalancing and reward effect
6 608
Net inflows via creation and redemption orders
1 763 114
Closing balance 31 December 2024
1 956 036
25
Note 13 Accounts receivable
TSEK
2024-12-31
2023-12-31
Accounts receivable
Minus: loss on provisions
37
-
24
-
Net Accounts receivable
37
24
As of December 31, 2024, trade receivables in good standing amounted
to SEK 37 thousand (SEK 24 thousand) for the company.
As of December 31, 2024, overdue accounts receivable amounted to SEK 8 thousand (24 thousand) and taking into account the
company's history where the company has never historically reported bad debts, the company has not recognized any provision
loss during these years.
Note 14 Prepaid expenses and accrued income
TSEK
2024-12-31
2023-12-31
Accrued management and reward income
4 400
240
Prepaid office costs
281
281
Prepaid expenses ETP program
730
-
Other
444
290
5 855
811
Note 15 Cash and cash equivalents
TSEK
2024-12-31
2023-12-31
The following sub-components are included in cash and cash equivalents:
Cash and bank balances
3 633
7 862
Total according to the statement of financial position and statement of cash flows
3 633
7 862
Virtune AB (Publ)
Org. no. 559175-2067
26
Virtune AB (Publ)
Org. no. 559175-2067
Note 16 Pensions
Defined contribution pension plans
The company has only defined contribution pension plans.
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Cost of defined contribution plans
130
37
Note 17 Current liabilities financial instruments
TSEK
2024-12-31
2023-12-31
Virtune Crypto Top 10 Index ETP EUR
13 000
4 570
Virtune Crypto Top 10 Index ETP SEK
119 338
25 846
Virtune Bitcoin ETP
293 738
68 507
Virtune Chainlink ETP
162 072
28 110
Virtune Staked Ethereum ETP
319 094
58 930
Virtune Arbitrum ETP
65 822
-
Virtune Avalanche ETP
28 929
-
Virtune Crypto Altcoin Index ETP
179 338
-
Virtune Polygon ETP
26 607
-
Virtune Staked Polkadot ETP,
43 394
-
Virtune Staked Solana ETP
167 248
-
Virtune XRP ETP
487 524
-
Virtune Staked Cardano ETP
38 164
-
1 944 269
185 962
The fair value of these financial instrument’s amounts to:
2 576 242
209 415
Accumulated acquisition values
Opening balance January 1, 2023
-
Net inflows via creation and redemption orders
Rebalancing and reward effect
Withdrawal of investment income and share of reward income
186 286
268
-591
Closing balance 31 December 2023
185 962
Opening balance January 1, 2024
185 962
Net inflows via creation and redemption orders
Rebalancing and reward effect
Withdrawal of investment income and share of reward income
1 956 529
6 608
-18 868
Closing balance 31 December 2024
1 944 269
27
Virtune AB (Publ)
Org. no. 559175-2067
Note 18 Other liabilities
TSEK
2024-12-31
2023-12-31
Staff taxes
81
40
Social costs
116
59
Value added tax
285
-
Unused marketing grant polkadot campaign
475
-
956
99
Note 19 Accrued charges and deferred income
TSEK
2024-12-31
2023-12-31
Accrued vacation pay including social security
727
388
Accrued wages and salaries
612
260
Accrued expenses related to ETP program
1 898
720
Other
994
351
4 231
1 718
28
Virtune AB (Publ)
Org. no. 559175–2067
Note 20 Financial risks and risk management
Financial risk factors
Through its activities, the Company is exposed to various financial risks such as market risk (currency
risk and interest rate risk), credit risk, cash flow and liquidity risk. The Company's overall approach
focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on
its financial performance.
Risk management is handled centrally by the company's management, with the CEO being responsible.
The CEO approves the risk management measures that are implemented. During the year, the
company established a risk management procedure and structured its work on risk management.
Credit risk
Credit risk arises from cash and cash equivalents, derivative financial instruments, and balances with banks
and financial institutions, as well as credit exposures to customers, including outstanding receivables and
contracted transactions. The use of credit limits is monitored regularly and management does not expect
any losses due to non-payment by counterparties. For each new customer, the credit risk is analyzed
before standard terms of payment and delivery are offered.
Cash flow and liquidity risks
The Company's management closely monitors rolling forecasts of the Company's liquidity reserve to ensure
that the Company has sufficient cash to meet the needs of its ongoing operations.
Virtune AB (Publ)
Org. no. 559175-2067
29
Note 20 Financial risks and risk management, cont.
Maturity structure of financial liabilities - undiscounted cash flows
2024-12-31
Nominal amount
TSEK
Currency
original currency
Total
Less than 1
year
1-2 years
> 3 years
Trade payables
SEK
2 270
2 270
2 270
-
-
Short-term liabilities financial instruments
SEK
1 944 269
1 944 269
1 944 269
-
-
Tax debt
SEK
26
26
26
-
-
Other liabilities
SEK
956
956
956
-
-
Total
1 947 522
1 947 522
1 947 522
-
-
2023-12-31
Nominal amount
TSEK
Currency
original currency
In total
Less than 1
year
1-2 years
> 3 years
Trade payables
SEK
455
455
455
-
-
Short-term liabilities financial instruments
SEK
185 962
185 962
185 962
-
-
Tax debt
SEK
9
9
9
-
-
Other liabilities
SEK
99
99
99
-
-
Total
186 526
186 526
186 526
-
-
Virtune AB (Publ)
Org. no. 559175-2067
30
Note 21 Pledged assets, contingent liabilities and contingent assets
TSEK
2024-12-31
2023-12-31
Contingent liabilities/guarantees
None
None
Collateral pledged
Digital assets pledged for the instruments
1 944 269
185 962
Total
1 944 269
185 962
Note 22 Allocation of company profits
Proposal for the appropriation of the company's profits
To be entered in the balance sheet
13 526 802
Total
13 526 802
Note 23 Related party transactions
Relationships with related parties
The company is approximately 9% owned by Violet AI AB, which is the company's landlord. The agreement between the parties is
written on commercial terms and the company has paid rental costs of SEK 1,125 thousand including VAT during the year.
Furthermore, Virtune has also re-invoiced 20 KSEK to Violet AI AB during the year.
Virtune AB has an outstanding debt to Violet AI AB of SEK 281 thousand (SEK 0 thousand) as of December 31, 2024.
Laurent Kssis, who is part of the Board of Directors, has during the year invoiced KSEK 1 670 for his advisory services which
have a variable component linked to AUM. Virtune AB has an outstanding debt to Laurent Kssis of SEK 0 (0) thousand as of
2024-12-31.
2024-01-01
2023-01-01
Purchases of goods and services
2024-12-31
2023-12-31
TSEK
12 months
12 months
Office rent invoiced by Violet AI AB
1 125
1 286
Advisory services provided by Laurent Kssis
1 670
-
For information on the remuneration of each key management personnel, see note 5.
Note 24 Specifications to the cash flow statement
Cash and cash equivalents
TSEK
2024-12-31
2023-12-31
The following sub-components are included in cash and cash equivalents:
Cash and bank balances
3 633
7 862
Total according to the balance sheet and cash flow statement
3 633
7 862
Interest paid
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Interest paid
83
39
Virtune AB (Publ)
Org. no. 559175-2067
31
Transactions not involving payments
2024-01-01
2023-01-01
2024-12-31
2023-12-31
TSEK
12 months
12 months
Depreciation of intangible and tangible fixed assets
465
303
Total
465
303
Virtune AB (Publ)
Org. no. 559175-2067
32
Note 25 Events after the balance sheet date
The following significant events occurred after the financial year up to the publication of this report:
● No events occurred until the publication of this report
Note 26 Definitions of key figures
Key figures Definition of key figures
Net sales growth Net revenues current year / Net revenues previous period
EBITDA margin Operating profit before depreciation / Net revenues
Equity ratio Adjusted equity / total assets
AUM Total assets under management in the company's financial instruments.
33
Virtune AB (Publ)
Org. no. 559175-2067
Certification by the Board of Directors
The annual report has, as stated above, been approved for issuance by the board of directors and the
CEO upon this signing. The company’s income statement and balance sheet will be subject to approval at
the annual general meeting on May 21, 2025.
Stockholm on the date shown in our electronic signature.
Christopher Kock Erik Fischbeck
Chief Executive Officer Chairman of the
Member of the Board Board
Fredrik Djavidi Laurent Kssis
Member of the Board Member of the Board
Our audit report was issued on the date indicated in our electronic signature.
Öhrlings PricewaterhouseCoopers AB
Johan Engstam
Authorized Public Accountant
Auditor's report
To the general meeting of the shareholders of Virtune AB (Publ), corporate identity number 559175-2067
Report on the annual accounts
Opinions
We have audited the annual accounts of Virtune AB (Publ) (publ) for the year 2024 except for the corporate
governance statement on pages 6-7.
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and
present fairly, in all material respects, the financial position of the Virtune AB (Publ)s as of 31 December 2024
and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts
Act. Our opinions do not cover the corporate governance statement on pages 6-7. The statutory administration
report is consistent with the other parts of the annual accounts.
We therefore recommend that the general meeting of shareholders adopts the income statement and balance
sheet for the Virtune AB (Publ).
Basis for Opinions
We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted
auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities section. We are independent of the Virtune AB (Publ) in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinions.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts
and that they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is necessary to enable
the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the annual accounts, the Board of Directors and the Managing Director are responsible for the
assessment of the company's ability to continue as a going concern. It disclose, as applicable, matters related
to going concern and using the going concern basis of accounting. The going concern basis of accounting is
however not applied if the Board of Directors and the Managing Director intends to liquidate the company,
cease operations or has no realistic alternative to doing any of this.
Auditor's responsibility
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these annual accounts.
A further description of our responsibility for the audit of the annual accounts is available on
Revisorsinspektionen’s website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the
auditor's report.
Report on other legal and regulatory requirements
Opinions
In addition to our audit of the annual accounts, we have also audited the administration of the Board of
Directors and the Managing Director of Virtune AB (Publ) for year 2024 and the proposed appropriations of the
company’s profit or loss.
We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the
proposal in the statutory administration report and that the members of the Board of Directors and the
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Managing Director be discharged from liability for the financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are
independent of the Virtune AB (Publ) in accordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinions.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the
proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the
requirements which the company's type of operations, size and risks place on the size of the company's equity,
consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and the management of the company’s
affairs. This includes among other things continuous assessment of the company's financial situation and
ensuring that the company's organization is designed so that the accounting, management of assets and the
company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall
manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among
other matters take measures that are necessary to fulfill the company’s accounting in accordance with law and
handle the management of assets in a reassuring manner.
Auditor's responsibility
Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability,
is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board
of Directors or the Managing Director in any material respect:
has undertaken any action or been guilty of any omission which can give rise to liability to the company,
or
in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the
Articles of Association.
Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby
our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance
with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that
can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are
not in accordance with the Companies Act.
A further description of our responsibility for the audit of the administration is available on
Revisorsinspektionen's website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the
auditor's report.
The auditor's examination of the corporate governance statement
It is the Board of Directors who is responsible for that the corporate governance statement on pages 6-7 has
been prepared in accordance with the Annual Accounts Act.
Our examination of the corporate governance statement is conducted in accordance with FAR’s auditing
standard RevR 16 The auditor’s examination of the corporate governance statement. This means that our
examination of the corporate governance statement is different and substantially less in scope than an audit
conducted in accordance with International Standards on Auditing and generally accepted auditing standards in
Sweden. We believe that the examination has provided us with sufficient basis for our opinions.
A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the
second paragraph points 2-6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the
same law are consistent with the other parts of the annual accounts and consolidated accounts and are in
accordance with the Annual Accounts Act.
2 of 3
Stockholm the date indicated by our electronic signature
Öhrlings PricewaterhouseCoopers AB
Johan Engstam
Authorized Public Accountant
This is a translation of the Swedish language original. In the event of any differences between this translation
and the Swedish language original, the latter shall prevail.
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