Bitcoin Group SE

ADE.DE

Asset Management - Cryptocurrency · Financial Services

Also trades as: 0RWM.L

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Weak

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Winston Score History

The full picture

Bitcoin Group SE is a German financial services company that focuses on cryptocurrency. It owns and operates Bitcoin.de, which is one of Europe's oldest and largest crypto trading platforms. The company serves retail investors who want to buy and sell Bitcoin and other digital currencies.

The company makes money mainly through transaction fees charged on trades made through its platform. It also holds Bitcoin on its own balance sheet, so its financial results move up and down with the price of Bitcoin. Bitcoin Group SE is a small company, worth around $100 million, and operates primarily in Germany and the broader European market. Its early-mover position in the German crypto space gives it some brand recognition, but it faces growing competition from larger global exchanges like Coinbase and Binance. The biggest risk the company faces is that its earnings are closely tied to crypto market conditions, meaning a prolonged drop in Bitcoin prices could significantly hurt its revenue and asset values.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-72.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

25.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€13M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Bitcoin Group SE is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

27.3%

Modest — 27.3% gross margin

Profit after running costs

Operating Margin

-27.2%

Losing money on operations — -27.2%

Return on the money invested

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+12.0%

Steady sales growth (+12.0% YoY)

Profit growth

EPS YoY

-172.4%

Earnings shrinking (-172.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-13.5%

Burning cash (-13.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.36%

no trend

Small dividend — 0.36% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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