Swiss crypto financial services provider, Bitcoin Suisse completes its first financing round of $ 48 million (CHF 45 million). The completed Series A financing round now has Bitcoin Suisse’s 2019 pro forma equity totaling around $108 million.
The financing round includes 16.4% of shares of BTCS Holding AG, consisting of 6.4% treasury shares and 10% newly issued shares.
The authorized capital for the fully subscribed 10% capital increase was created at the extraordinary general assembly on June 30, 2020. Based on terms of the financing deal, Bitcoin Suisse is now valued at approximately $326 million.
In a statement, Niklas Nikolajsen, Chairman and Founder of Bitcoin Suisse, states:
The Series A fundraising we have concluded today is a milestone in the history of Bitcoin Suisse. The strength of our business model, experience, and the attractiveness of our strategy and business plan have now been validated by the market and by the investors.
Nikolajsen also expresses gratitude for the “team which executed this transaction in a very challenging economic environment.”
Also weighing is Dr. Arthur Vayloyan, Chief Executive Officer of Bitcoin Suisse. He says the success of the capital raising “confirms our position as a leader.”
He adds that this success provides Bitcoin Suisse with the necessary capital base, resources, and strength to “continue pioneering the digital asset sector.”
In the meantime, Bitcoin Suisse reveals that Roger Studer, former Head of Investment Banking at Vontobel, joins the Board of Directors. He is also the lead investor in the Series A financing.
Giles Keating, who previously served as Global Chief Economist for Investment Banking and Private Banking at Credit Suisse, also becomes a member of the Board of Directors.
Founded in 2013, Bitcoin Suisse says it had assets worth one billion dollars in custody in 2019. During the same period revenues of about $ 22.5 million were generated.
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