Coinsilium Group Limited: ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Announcement provided by
Coinsilium Group Limited · COIN27/06/2025 12:00
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Coinsilium Group Limited (COIN)
COINSILIUM GROUP LIMITED ("Coinsilium" or the "Company")
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
COINSILIUM GROUP LIMITED STATEMENT OF THE BOARD OF DIRECTORS
Coinsilium Group Limited (“Coinsilium”, the “Group” or the “Company”), the Aquis quoted digital asset venture builder, investor and adviser, is pleased to announce its Final Results for the year ended 31 December 2024.
Financial Summary
The Directors present their report, together with the Group Financial Statements and Auditor’s Report, for the year ended 31 December 2024. The comparative period is the year ended 31 December 2023.
Review of the Year
Market Overview and Industry Developments – 2024 The year 2024 marked a strong resurgence in the digital asset markets, led by Bitcoin as the dominant force and primary driver of renewed investor confidence. Bitcoin’s price nearly doubled over the year, reaching a peak of approximately The broader cryptocurrency market followed Bitcoin’s lead, with total market capitalisation nearly doubling to reach Institutional interest in Bitcoin accelerated significantly, with major asset managers, including BlackRock, expanding exposure through Bitcoin ETFs and related investment products. Bitcoin’s maturing profile as a macro asset class was further evidenced by its increasing inclusion in diversified portfolios and treasury strategies. Regulatory developments were equally noteworthy. In the Venture capital investment into the crypto and blockchain sector totalled
Bitcoin Market – 2024 in Review Bitcoin remained the primary driver of the digital asset market throughout 2024, delivering a standout performance and reaffirming its position as the foundational asset in the cryptocurrency ecosystem. Bitcoin opened the year at Key Performance Drivers1. Spot Bitcoin ETF Approvals 2. Bitcoin Halving Event 3. Pro-Bitcoin 4. Institutional Adoption and Maturation Conclusion For Coinsilium, these developments laid the groundwork for the opportunity to broaden its strategic scope in a manner aligned with its digital asset heritage. In early 2025, the Company launched Forza ( At the core of Forza!’s formation lies a growing — though not yet widely appreciated recognition of the fundamental distinction between Bitcoin and other cryptocurrencies. As market awareness of this difference continues to build, a key part of Forza!’s mission will be to support and promote greater education and understanding around this point. This strategic shift in focus marks the beginning of a new chapter for Coinsilium — one that we expand upon in the Outlook section that follows. Operations, Investments and Financing In 2024, Coinsilium maintained its operational focus across its investment and advisory activities, with several engagements reflecting the Company’s established position within the Web3 and digital asset sector. Strategic Advisory Activities During the year, Coinsilium entered several engagements with early-stage projects, reflecting the Company’s longstanding expertise in token model design and go-to-market strategy. Notably, the Company entered into an agreement with Stabolut Limited, a decentralised, crypto-collateralised stablecoin venture backed by Bitcoin and Ethereum. Coinsilium’s role focused on supporting the development of Stabolut’s stablecoin and governance token strategy, as well as broader ecosystem planning. The project aims to deliver a decentralised alternative to fiat-backed stablecoins through a delta-neutral derivatives mechanism and is supported by partners including Dextools and Yellow Capital. A further agreement was signed with TAND3M, a decentralised token launchpad built on the TON blockchain and developed in partnership with Web3 tools provider Liteflow. Coinsilium provided advisory support across tokenomics, partnership development, and strategic positioning. In addition, the Company entered into an advisory agreement with LC Lite (later rebranded as Nexade), a project focused on integrating decentralised technologies into the global invoice finance market. Nexade concluded its token sale in December 2024, raising a total of As stated when these agreements were announced to the market, the agreement terms often include a success payment, which is usually a fixed fee denominated in cryptocurrencies payable upon the successful completion of a project’s Token Generating Event (“TGE”). No revenues were recognised in the fiscal year of 2024 in relation to these agreements and the first fees in relation to these agreements are expected to be paid in the second half of 2025. Advisory Agreement post year In March 2025, Coinsilium announced a strategic advisory agreement with Context Protocol, a Layer 1 blockchain designed to power the AI economy by enabling verified AI Domains for trusted data exchange between AI agents, humans, and organizations. Coinsilium provides Context Protocol with comprehensive strategic guidance and support in the areas of tokenomics, partnerships, and market positioning. Investment Activity In July 2024, Coinsilium executed a SAFT agreement with the Otomato Web3 Automation Protocol, a project aiming to simplify complex DeFi trading strategies via a user-friendly automation layer. Under the agreement, Coinsilium secured Yellow Network Investment During 2024, Yellow Network — a Layer-3 decentralised clearing protocol for cross-chain crypto trading — made significant progress in advancing toward operational deployment. Coinsilium holds an early-stage investment in Yellow via a Yellow’s technical roadmap continued to advance steadily throughout the year, with the team maintaining strong executional discipline as it works toward the launch of its live network infrastructure. The project’s core innovation lies in its trustless clearing system, which leverages state channel technology to enable real-time, cross-chain trading without custodians or intermediaries — a major step forward for decentralised market infrastructure. In September 2024, Yellow announced the successful closing of a Coinsilium is particularly encouraged by Yellow’s ability to maintain momentum through a sustained period of network development and infrastructure buildout. In a market often characterised by short-termism, the team’s continued focus on delivery and long-term execution is both impressive and reassuring. While further updates will be provided in the Outlook section of this report, it is worth noting that Yellow’s trajectory and potential for adoption in both DeFi and regulated financial markets support our expectation of meaningful long-term value creation from this investment. These activities were consistent with Coinsilium’s pre-2025 model of engaging with early stage decentralised ventures through a blend of advisory support and aligned investment. Financing On 8 March 2024, the Company completed a placing of 18.9 million new ordinary shares at Director participation in the subscription was as follows:
The financing provided the necessary operating runway during the year and facilitated the Company’s engagement with several Web3 projects, prior to the more significant structural and strategic developments that would unfold in early 2025.
The Company ended the period with the value of tradable crypto tokens of
Director Share Purchases in 2024
During the period, the following trades were transacted on the market by directors:
Eddy Travia
Malcolm Palle
Director share purchases post period
Malcolm Palle
Eddy Travia
Total Director share purchases during period and post period:
Eddy Travia: 4,750,000 shares Malcolm Palle: 3,075,000 shares
Appointment of Joint Broker:
On 3 December 2024 the company announced the appointment of Oberon Capital as its Joint Corporate Broker.
Post Year End Financing
On 15 May 2025 Coinsilium announced it had raised
Together, these successful funding initiatives reflect strong market support for Coinsilium’s new strategic direction and provide a solid financial foundation for the Company to execute its Bitcoin-focused treasury strategy through Forza! On 29 May 2025, Coinsilium announced the successful completion of a broker led placing, raising gross proceeds of The net proceeds of the Placings and WRAP retail offers will be deployed to further the development of Forza to fund further investments and general working capital. On 16 June, Coinsilium announced the opening of a retail offer via the Winterflood Retail Access Platform to raise approximately The net proceeds of the Placings and WRAP retail offers will be deployed to further the development of Forza to fund further investments and general working capital. Financial Review Total comprehensive income, including fair value gains and losses on financial assets and digital assets, reported a loss for the period of As at 31 December 2024, cash and cash equivalents amounted to Outlook and Post-Period Events As Coinsilium looks ahead, the Company reaffirms the continuity of its core business activities while entering a significant new phase of strategic emphasis. The nature of the business — as an investor and advisor in the digital asset sector — remains fundamentally unchanged. However, recent developments in the market have led the Board to sharpen its strategic focus on Bitcoin and the operational advancement of its wholly owned subsidiary, Forza!, as a dedicated Bitcoin treasury entity for the Company. This evolution in positioning does not represent a departure from the Company’s founding objectives, but rather an enhancement of its value proposition in response to a clear and growing opportunity. With increasing interest and attention on Companies with professionally managed Bitcoin treasury models, particularly from institutional stakeholders, the Company recognises the importance of aligning its forward-facing strategy accordingly. Forza! is thus being developed as a complementary, high-conviction initiative under the Coinsilium umbrella — reinforcing, rather than replacing, the Company’s broader capabilities in the digital asset space. This approach ensures that the Company continues to operate within a familiar and compliant framework, with particular regard to the regulatory expectations applicable in the This directional refinement, which has accelerated materially in the post-year-end period, reflects both macro market dynamics and internal positioning, with the Board identifying a timely and distinctive opportunity to align the Company with the fast-growing Bitcoin treasury model now gaining significant traction globally. Strategic Realignment: Forza! launched as Coinsilium's Bitcoin Treasury Arm Over the course of 2024 and into early 2025, market developments — including the legitimisation of spot Bitcoin ETFs, rising institutional allocations, and growing interest in Bitcoin as a reserve asset — have created a window of opportunity for companies with the operational readiness and domain expertise to establish a presence in this emerging category. Coinsilium, with its track record of digital asset engagement, market connectivity, and long-standing presence as a blockchain-focused listed company, is uniquely well positioned to seize this moment. Forza! has therefore been launched with a clear mandate: to establish a compelling treasury model for Coinsilium centred on long-term Bitcoin accumulation. The immediate focus is to scale Forza!’s Bitcoin holdings to a level where its treasury position becomes materially significant. While yield generation remains a component of the broader strategy — with potential future applications involving Bitcoin-native optimisation techniques — such approaches will only be considered once critical mass is achieved. At this stage, disciplined accumulation remains the overriding priority. Notably on 21 January 2025, the Company announced the appointed of James Van Straten, Senior Bitcoin Analyst at CoinDesk, as a Strategic Advisor with an emphasis on the establishment and development of Forza! His insights and sector standing reinforce Forza!’s thought leadership credentials and position the venture to engage credibly with both institutional allocators and the broader Bitcoin community. Since its launch, Forza! has attracted significant institutional shareholder interest, underscoring recognition of both the strength of the Forza! proposition and Coinsilium’s long-standing expertise in the digital asset space. At the same time, the Company places high value on its retail shareholder base, many of whom have shown a deep appreciation for the principles underpinning Bitcoin treasury strategies. This level of understanding — particularly around the long-term rationale for professionally managed Bitcoin reserves — has been evident from the outset and continues to underpin strong and informed support for the Company’s strategic direction. Institutional Standards: Custody, Security, and TransparencyAs reported in the Company's strategic update dated 22 May 2025, Coinsilium has begun receiving interest from institutional investors in its Bitcoin treasury strategy. Forza! has been structured from the outset to align with the operational standards institutions expect. All Bitcoin holdings are secured with regulated custodians and benefit from industry-standard protections, including cold storage, multi-signature protocols, comprehensive insurance coverage, and independently audited procedures. These measures form part of a proactive strategy to demonstrate the robustness and credibility required to meet institutional expectations. Capital Deployment and Strategic Focus As a company listed on the Aquis Stock Exchange since 2015, Coinsilium has navigated multiple market cycles with consistency and discipline. The management team has demonstrated a long-term commitment to the digital asset sector, developing a deep understanding of its technologies, opportunities, and regulatory landscape. This foundation—built on early engagement, credible execution, and strategic foresight—continues to differentiate Coinsilium from newer market entrants. To enhance its financial resilience and long-term strategic flexibility, Coinsilium has established Forza!, its wholly owned Importantly, Forza! operates as an integral part of Coinsilium’s corporate structure and does not represent a change in the Company’s core operational focus. Instead, it reinforces the Company's financial foundation, enabling Coinsilium to respond more dynamically to future opportunities across the digital asset sector. Through the strategic deployment of capital via Forza!, Coinsilium aims to deliver enhanced shareholder value—underpinned by deep sector expertise, prudent capital allocation, and a forward-looking execution strategy. Forza! Post-Period Events: Strategic TimelineJanuary 2025: Coinsilium appointed James Van Straten (CoinDesk) and Clement Hecquet (Otomato) as Strategic Advisors to support the evolving Forza! strategy. February 2025: The Company rebranded its Late February 2025: Forza! launch at Bitcoin Horizons event in March 2025: Coinsilium held a strategic Q&A and operational update, preparing stakeholders for Forza!’s formal launch. 27 March 2025: Official launch of Forza! 22 May 2025: Strategic update confirmed initial treasury deployment of 15 Bitcoin, inaugurating Forza!’s Bitcoin accumulation plan. Institutional engagement was also confirmed as a key driver for growth. 29 May 2025: Coinsilum provided an update on its Bitcoin treasury and its wholly owned
Details of the Company’s Bitcoin purchase are as follows:
To date, 5.0021 Bitcoin have been purchased and a further 5 Bitcoin transferred from Coinsilium’s existing reserves, valued at today’s market rate ( Details of Forza!’s Bitcoin Holdings are as follows:
The Company reported that it was is in the process of formulating its Digital Assets Treasury Policy, with a specific emphasis on the treatment and strategic management of its Bitcoin holdings. This policy is currently being developed by Forza! and will be adopted upon finalisation. 6 June 2025 - Coinsilum provided an update on its Bitcoin treasury and its wholly owned Details of the latest Bitcoin acquisition are as follows:
As previously announced on 20 May 2025, the Company made an initial commitment to acquire a minimum of 15 Bitcoin for Forza!’s treasury. This acquisition process remains ongoing, and as of the date of this announcement, Forza!’s total Bitcoin holdings stand at 13.6399 Bitcoin. The remaining Bitcoin under the initial minimum commitment is expected to be completed in the near term. Summary of Forza!’s Bitcoin Holdings to Date:
Total Value of Holdings: Details of the latest Bitcoin acquisition are as follows: Number of Bitcoin Purchased: 5.0416 Average Purchase Price: Total Purchase Amount: As of the date of this announcement, Forza!’s total Bitcoin holdings stand at 18.6815 Bitcoin.
Summary of Forza!’s Bitcoin Holdings to Date:
Total Bitcoin Holdings: 18.6815 Bitcoin Aggregate Average Purchase Price: Total Value of Holdings: 16 June 2025 - Coinsilium provided an update on its Bitcoin treasury activity and that of its wholly owned
Details of the latest Bitcoin acquisition are as follows:
Number of Bitcoin Purchased: 6.5577 Average Purchase Price: Total Purchase Amount: As of the date of this announcement, Forza!’s total Bitcoin holdings stand at 25.2392 Bitcoin.
Summary of Forza!’s Bitcoin Holdings to Date:
Total Bitcoin Holdings: 25.2392 Bitcoin Aggregate Average Purchase Price: Total Value of Holdings:
18 June 2025 - Coinsilium provided an update on its Bitcoin treasury activity and that of its wholly owned
Details of the latest Bitcoin acquisition are as follows:
Number of Bitcoin Purchased: 7.6539 Average Purchase Price: Total Purchase Amount: As of the date of this announcement, Forza!’s total Bitcoin holdings stand at 32.8931 Bitcoin.
Summary of Forza!’s Bitcoin Holdings to Date:
Total Bitcoin Holdings: 32.8931 Bitcoin Aggregate Average Purchase Price: Total Value of Holdings: 20 June 2025 - Coinsilium provided an update on its Bitcoin treasury activity and that of its wholly owned
Details of the latest Bitcoin acquisition are as follows:
Number of Bitcoin Purchased: 10.2146 Average Purchase Price: Total Purchase Amount: As of the date of this announcement, Forza!’s total Bitcoin holdings stand at 43.1077 Bitcoin.
Summary of Forza!’s Bitcoin Holdings to Date:
Total Bitcoin Holdings: 43.1077 Bitcoin Aggregate Average Purchase Price: Total Value of Holdings:
25 June 2025- Coinsilium provided an update on its Bitcoin treasury activity and that of its wholly owned
Details of the latest Bitcoin acquisition are as follows:
As of the date of this announcement, Forza!’s total Bitcoin holdings stand at 58.3157 Bitcoin.
Summary of Forza!’s Bitcoin Holdings to Date:
The developments in the post-period demonstrate rapid and well-coordinated progress, advancing Forza! from concept through active implementation and into the crucial early stages of growth. The Company now enters a scaling phase designed to establish a robust foundation from which Forza! can realise its full potential. The Board recognises the magnitude of the opportunity ahead and is focused on ensuring that the infrastructure and strategic positioning are in place to support accelerated expansion. This is a pivotal moment, and we are committed to maximising the value of what we believe is a uniquely timed and highly scalable proposition. Regulatory Developments and Market Environment In June 2025, the Financial Conduct Authority (FCA) announced its intention to lift the current ban on the sale of cryptoasset exchange-traded notes (ETNs) to retail investors, subject to a formal consultation process. This represents a notable step towards the normalisation of regulated access to digital asset investment products in the For Coinsilium, this development affirms its longstanding view that Bitcoin and other digital assets are increasingly being recognised as legitimate components of modern financial strategies. The FCA’s move signals a maturing regulatory landscape in the
It is important to note, however, that an investment in Coinsilium Group Limited is not an investment in Bitcoin, either directly or by proxy. The Company maintains a diversified portfolio of strategic investments across the digital asset sector, including equity interests in blockchain, fintech, and related technology ventures. Coinsilium’s exposure to Bitcoin—implemented through its wholly owned subsidiary Forza! Gibraltar Limited—forms part of a broader capital allocation and treasury resilience strategy, and is not the sole focus of the business. The Company continues to take a measured, governance-driven approach to capital deployment, aiming to deliver shareholder value through the compliant execution of its Bitcoin treasury strategy and full adherence to applicable regulations. As a participant in the rapidly advancing digital asset economy, Coinsilium recognises the importance of clear and effective regulatory frameworks. We remain hopeful that regulatory clarity will continue to develop in a direction that supports innovation, safeguards market integrity, and aligns with the growing institutionalisation of the sector. Coinsilium is committed to operating at the forefront of this evolution, anticipating the standards that will shape the industry's future. Outlook: Yellow Network Following year-end, on 13 May 2025, Coinsilium provided a strategic update on its investment in Yellow Network, a Layer-3 decentralised clearing infrastructure protocol for cross-chain cryptocurrency trading noting that the launch of the $YELLOW token, anticipated to occur within a 60-day period from mid-May, will mark a major milestone in the project’s lifecycle and represents a potentially significant liquidity event for early investors, including Coinsilium. The forthcoming launch is the culmination of consistent progress made throughout 2024 and signals the transition of Yellow Network from technical development into live operational deployment. Coinsilium anticipates that the successful launch and adoption of Yellow Network could deliver substantial value for shareholders, demonstrating the Company’s ability not only to identify high-potential opportunities at an early stage, but also to execute strategically to secure long-term value for the Company and its shareholders. Further updates on Yellow Network will be provided as the token launch progresses, and the network enters its next phase of adoption and growth. Broker Appointment: Oak Securities In recognition of the need to scale visibility and executional capacity in this next phase, Coinsilium announced the appointment of Oak Securities as its corporate broker on 22 May 2025. Oak Securities brings deep capital markets experience and is already demonstrating its ability to effectively support the Company’s objective of expanding institutional shareholder exposure. The Company is pleased with the progress to date and views this appointment as a key step in strengthening Forza!’s positioning within the institutional investment landscape. The Company ended the period with the value of tradable crypto tokens of The Board remains resolute in its commitment to realising the full value potential of Forza!, the Company’s wholly owned Bitcoin treasury subsidiary, while also continuing to develop the inherent value within its existing portfolio of enterprises and investments. Against the backdrop of accelerating institutional adoption and the rapid global emergence of the Bitcoin treasury model, this is a transformational period for Coinsilium. The Company approaches the remainder of the year with a strong sense of purpose and excitement, while remaining fully attuned to the evolving regulatory landscape. With a clear understanding of current frameworks and a readiness to respond to changes as they arise, the Company is navigating this environment with diligence, ensuring its strategy remains both forward-looking and fully compliant. Finally, the Board extends its sincere thanks to our valued shareholders, partners, and team members for their continued support and belief in our vision. We are entering a truly seminal period for the digital asset industry, and Coinsilium is proud to be at the forefront of this transformation. With strong momentum behind us and a clear path ahead, we look forward to sharing further developments and what we believe will be an exciting cadence of progress updates throughout the remainder of the year and beyond.
Eddy Travia Chief Executive Officer 26 June 2025
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Investee Companies Update Indorse Throughout 2024, in addition to its Web3 projects, such as the development of a smart contract-powered advertising platform in collaboration with AADS (one of the largest and longest established Crypto/Bitcoin advertising networks), Indorse has pursued its collaboration with Indorse also started the development of AI tools and resources to complement its suite of software development training programs. Management’s assessment of the fair value of this investment has reflected the strategic re-alignment of the company in the year away from legacy projects towards the above opportunities, resulting in a reversal of previously assessed fair value increases to hold the investment at original cost at the year end. The Company will further assess the fair value of the investment at future reporting dates.
Carrying Value in GBP as at 31 December 2024:
Coindash Limited (formerly Blox Staking)
As of December 31, 2024, Coindash Limited’s main product, the SSV Network, has experienced significant growth in its staking metrics: • ETH Staked on SSV Network: Approximately 817,664 ETH • Total Value Locked (TVL) on SSV Network: Over • SSV Network validators: 25,552 • SSV Network operators: 630
These figures represent a substantial increase for the SSV Network from the April 2024 statistics (mentioned in Coinsilium Group’s interim accounts), which reported 600,000 ETH staked, 1,833 validators, and 391 operators. The growth underscores the rising adoption of Distributed Validator Technology (DVT) within the Ethereum ecosystem.
Notably, by the end of 2024, the SSV Network was securing approximately 4.7% of all staked ETH on Ethereum, highlighting its expanding role in the staking infrastructure.
This expansion is further supported by the network's transition to a permissionless model, allowing any operator or validator to join, and the introduction of SSV 2.0, which enables validators to secure off-chain services known as "based applications."
The value of the Company’s stake in Coindash Limited has been re-assessed to reflect the team’s success in supporting advanced blockchain projects and the value of Coindash’s digital assets treasury holdings.
Carrying Value in GBP as at 31 December 2024:
Elevate Health Elevate Health has evolved into a 'DeSci' (Decentralised Science) project, specifically a platform designed to decentralise and reward its members for the collection and access to data, research, and treatment in preventative healthcare with a focus on sleep quality as a core tenet of a healthy lifestyle. Coinsilium Group’s interest has in the year been novated from an equity investment into a right to future tokens and hence the cost of the investment has been reclassified in the year into “other current assets” to reflect this commercial arrangement. Carrying Value in GBP as of 31 December 2024: Nil (2023: Arcadian Youth Pte Ltd (formerly known as “StartupToken”) Arcadian Youth has pivoted towards developing a Web3 Real World Asset ("RWA") tokenization platform, focusing on the real estate market in
Carrying Value at 31 Dec 2024:
Greengage Global Holding Ltd Greengage and Coinbase Collaboration: Greengage announced its collaboration with Coinbase to issue tokenised private credit. Greengage will originate SME debt utilising Coinbase’s innovative Diamond protocol, a smart contract-powered platform designed to bring greater efficiency and transparency to the private credit market. By leveraging Coinbase’s state-of-the-art blockchain technology, Greengage aims to enhance SMEs' ability to secure capital, empowering them to operate and scale their businesses more effectively. This collaboration underscores the growing potential for blockchain-driven solutions to transform traditional financial markets. By joining Hub71’s “Digital Assets” stream, Greengage will benefit from its focus on unleashing the disruptive potential of Web3 and digital assets while operating within the regulated environment of Abu Dhabi Global Market (ADGM). This acceptance not only enhances Greengage’s corporate and regulatory profile but also significantly increases its access to capital by attracting top-tier venture capital funds and investors. Hub71 further supports Greengage’s setup and growth with a generous incentives programme of up to AED 750,000, reinforcing its ability to scale effectively within the evolving digital finance landscape. Investment terms: In 2021, Coinsilium purchased 15,000 A Shares in the capital of Greengage for Coinsilium also subscribed for Consilium's total shareholdings in Greengage: 27,133 A shares and 8,370 warrants.
Carrying Value in GBP as at 31 December 2024:
Silta Finance
In February 2024, the Asian Development Bank (ADB), The Silta AI stack is a sophisticated assessment and reporting platform that transforms complex analytical tasks. The system can process thousands of documents simultaneously, evaluating them against comprehensive predetermined criteria and questions. Its advanced capabilities include cross-referencing findings against a precedents database while enriching the analysis with web-based intelligence. The platform then synthesises this information into detailed, customised reports tailored to specific client requirements. While initially deployed for infrastructure finance due diligence, the technology's versatility enables its application across multiple sectors, including mergers and acquisitions, real estate evaluation, research analysis, supply chain assessments, and venture capital investment screening. In its first revenue year, 2024, Silta Finance is tracking to achieve approximately
Carrying Value in GBP as at 31 December 2024:
Otomato
The Otomato Web3 Agent Protocol (‘Otomato’) is a protocol that empowers users to create autonomous agents that seamlessly manage both on-chain and off-chain tasks with no coding required.
The Otomato platform is designed to streamline Web3 interactions through advanced automation and seamless integration. Offering a comprehensive suite of functionalities—including DeFi management, yield optimisation, portfolio tracking, NFT sniping, gaming automations, real-time notifications, and workflow integrations—Otomato enhances efficiency and accessibility across industries such as gaming, entertainment, and finance.
Otomato’s Expanding Use Cases
Otomato has identified over 1,500 real-world applications for its Web3 automation platform, demonstrating its versatility across various sectors. Some key use cases include:
DeFAi (DeFi + AI) Agents – Automating portfolio rebalancing based on real-time yield fluctuations in crypto assets. Social Agents – Enabling on-chain actions triggered by social media posts on X, creating dynamic and responsive engagement mechanisms. Cross-Chain Arbitrage – Executing trades across Ethereum-compatible blockchains, capitalizing on market inefficiencies in real-time. These use cases highlight Otomato’s role in enhancing automation, efficiency, and profitability across Web3 ecosystems.
Post-period update
Otomato Enters First Deployment Phase
In February 2025, Otomato officially commenced the first phase of the launch of the Otomato.xyz platform, the flagship application of its Web3 agent protocol, open to whitelisted users. This milestone marked a significant step forward in Otomato’s roadmap, ensuring the platform's readiness ahead of its full public launch.
As part of its pre-launch strategy, Otomato secured strategic partnerships with multiple Layer 2 blockchains and Decentralised Finance (DeFi) platforms, strengthening its ecosystem. A key collaboration with Ironclad Finance, a lending platform on MODE Network, an Ethereum Layer 2 blockchain with more that 367k users, enables Otomato users to monitor lending markets for optimal yield opportunities and execute automated actions based on stablecoin performance.
The Otomato team captured the spotlight by securing first place in the competitive Proof of Pitch competition at NFT Paris, one of Europe’s leading crypto conferences, held on February 13 and14, 2025.
In April 2025, Otomato announced a partnership with Somnia Network, a fast EVM (Ethereum Virtual Machine) Layer 1 blockchain.
Mint Blocks to operate the Propex application In February 2025, Arcadian Youth Pte Ltd’s director and main shareholder, registered a new entity in the
Coinsilium’s Strategic Investment in Otomato
Coinsilium holds a strategic investment in the Otomato Web3 Automation Protocol, reinforcing its commitment to the growth and development of the platform. As announced on 3 July 2024, this investment was made through a
In addition to its investment, Coinsilium has the rights to earn 7.5% of all revenues generated by the Otomato.xyz platform up to the Token Listing Event (“TGE”). These revenues will primarily be derived from affiliate fees on automated actions executed through integrated protocols, as well as transaction fees for interactions initiated via the platform.
Coinsilium’s Ongoing Collaboration with Otomato
Coinsilium maintains an active strategic collaboration with Otomato, which aims to leverage its advanced automation technologies to enhance efficiencies across blockchain and digital asset management. As announced 2 January 2025, this partnership includes the integration of Otomato’s automation capabilities to optimise Coinsilium's digital asset treasury holdings.
Additionally, as announced on 21 January 2025 Otomato’s co-founder, Clement Hecquet, now serves as Strategic Advisor to Coinsilium, contributing to the refinement and execution of the Company’s cryptocurrency treasury strategy.
Going Concern
In considering the Group’s ability to continue in operation for the foreseeable future, the Directors have considered the forecast operating cash-flows up to the end of 30 June 2026, along with the expectations of additional cash investments into digital token projects which remain entirely in the Company’s control.
As at the reporting date, the Company had
As the Directors have continued to maintain a high level of control over operating expenditures throughout the period, which it feels remains appropriate given the current size of the business, operating cashflows to 30 June 2026, along with expectations of additional digital asset token investments, are projected to be substantially met from existing cash resources (including post period end cash raised via the private placement and retail offering) without the need for significant reliance on realisation of readily convertible digital asset tokens in the Company portfolio, which remains available for any additional investment deemed advantageous over this period, or any further additional funding activity.
As a consequence, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Principal Risks and Uncertainties
The management of the business and the execution of the Group’s strategy are subject to a number of risks. The key business risks affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the adverse effects on the Group.
Investments are generally made in early stage companies and carry a risk of losing value. Early stage companies have a high risk of failure and the Group seeks to limit these risks by a thorough assessment of the management teams, the technology and the opportunities in the companies’ target markets. Throughout our investment holding period we monitor a company’s progress and stay in regular communication with the company’s management teams.
Cyber Risk
The Company holds digital assets via software and hardware which may prove to be vulnerable to data security breaches in the future. Data security breach incidents may compromise the confidentiality, integrity or availability of data such that the data is vulnerable to access or acquisition by unauthorised persons. These data security breaches may result in the unrecoverable loss of digital assets. The Group’s hardware devices and remote servers holding the Group’s data may be breached and result in the loss of valuable data.
Cryptocurrency Price Volatility
Revenues for NFT and TGE related Advisory Services and bonuses payable in relation to equity investments are normally denominated in cryptocurrency or tokens from the issuing entity. These ‘digital assets’ can be subject to high levels of volatility and it may not always be possible for the Group to trade out or effectively hedge its position. The Group will always seek to manage the price volatility risk and actively monitors its portfolio of digital assets.
Cryptocurrency exchange rates have exhibited strong volatility. Many factors outside of the control of the Group can affect the market price of cryptocurrencies, including, but not limited to, national and international economic, financial, regulatory, political, terrorist, military, and other events, adverse or positive news events and publicity,
and generally extreme, uncertain, and volatile market conditions. Extreme changes in price may occur at any time, resulting in a potential loss of value of our entire portfolio of cryptocurrencies, complete or partial loss of purchasing power, and difficulty or a complete inability to sell or exchange our digital currency.
Financial Risk Management
The Group’s operations expose it to a variety of financial risks that include the effect of changes in foreign currency exchange rates, credit risk and liquidity risk. The Group has a risk management programme in place that seeks to limit the adverse effects on the financial performance of the Group. The Group does not use derivative financial instruments to manage foreign exchange risk and, as such, no hedge accounting is applied. The main financial risk for the Group is any significant changes in foreign exchange rate risk as the Group holds cash assets in various currencies other than British Pounds and holds equity stakes in companies in various currencies as well. The main currencies to which the Group is exposed are the Euro and US dollar. Details of the Group’s financial risk management policies are set out in Note 3 to the Financial Statements.
Provision of information to Auditors
So far as each of the Directors is aware at the time this report is approved:
Auditor
The auditor, PKF Littlejohn LLP have indicated their willingness to continue in office as auditor, and a resolution that they be re-appointed will be proposed at the Annual General Meeting.
This report was approved by the Board on 26 June 2025 and signed on its behalf:
Eddy Travia Chief Executive Officer
“Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”
COINSILIUM GROUP LIMITED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
COINSILIUM GROUP LIMITED STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The Financial Statements were approved and authorised for issue by the Board of Directors on 26 June 2025 and were signed on its behalf by:
Eddy Travia Chief Executive Officer
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COINSILIUM GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
COINSILIUM GROUP LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
Within proceeds from the issue of ordinary shares is an amount of
COINSILIUM GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ACCOUNTING POLICIES
1 General Information
Coinsilium Group Limited (“the Group” or “the Company”) is a limited liability company domiciled in the British Virgin Islands and is quoted on the Aquis Growth Market. The Company was incorporated on 25 September 2014. Coinsilium is a focused Web3 Investor, Advisor and Venture Builder operationally based in Gibraltar. As an innovator with proven technological and commercial expertise and development capabilities in the Web3 arena, Coinsilium provides revenue-generating strategic advisory services and teams up with leading tech experts to build Web3 ventures. Through its subsidiary Nifty Labs, a Web3 and NFT technology development centre in Gibraltar in partnership with blockchain tech experts Indorse, the Group enables major Web2 players to successfully transition into the Web3 space. 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated Financial Statements are set out below. These policies have been consistently applied unless otherwise stated. 2.1 Basis of preparation of Financial Statements
The Group and Company Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”). The Financial Statements have been prepared on the historical cost basis, except for the measurement to fair value of certain financial assets and financial instruments as described in the accounting policies below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s Accounting Policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated Financial Statements are disclosed in Note 4. On 25 September 2014, Coinsilium Group Limited was incorporated to act as the holding company for the Group. On incorporation, 1 share was issued at £Nil par value.
2.2 New IFRS standards and interpretations
New standards, interpretations and amendments adopted without an impact on the Group’s consolidated financial statements effective from 1 January 2024 • Classification of Liabilities as Current or Non-current (Amendments to IAS 1) • Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) • Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) • Non-current Liabilities with Covenants (Amendments to IAS 1)
New and revised standards and interpretations not applied Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group and the Company. These standards are not expected to have a material impact on the Group and the Company in the current or future reporting periods and on foreseeable future transactions.
2.3 Basis of Consolidation
The Group Financial Statements consolidate the financial statements of Coinsilium Group Limited and the financial statements of all of its subsidiary undertakings made up to 31 December 2024. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its control over the entity. Where an entity does not have returns, the Group’s power over the investee is assessed as to whether control is held. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances, and income and expenses on transactions between Group companies are eliminated. Profits and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Investments in subsidiaries are stated at cost less provision for impairment. 2.4 Going Concern
As described in the Results and Dividends section of this Directors’ Report, the Group has reported an operating loss for the year.
In considering the Group’s ability to continue in operation for the foreseeable future, the Directors have considered the forecast operating cash-flows up to the end of 30 June 2026, along with the expectations of additional cash investments into digital token projects which remain entirely in the Company’s control.
As at the reporting date, the Company had
As the Directors have continued to maintain a high level of control over operating expenditures throughout the period, which it feels remains appropriate given the current size of the business, operating cashflows to 30 June 2026, along with expectations of additional digital asset token investments, are projected to be substantially met from existing cash resources (including post period end cash raised via the private placement and retail offering) without the need for significant reliance on realisation of readily convertible digital asset tokens in the Company portfolio, which remains available for any additional investment deemed advantageous over this period, or any further additional funding activity.
As a consequence, the Directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2.5 Business Combinations
The acquisition of subsidiaries in a business combination is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
2.6 Foreign Currencies
The functional currency of the Group and Company is UK Pound Sterling (£) and all values are rounded to the nearest Pound. This is on the basis that the Group is based in the United Kingdom, its overheads are generally incurred in sterling, its funds are generally held mainly in sterling bank accounts, and its investors have invested in sterling-based instruments. The Group financial statements are presented in UK Pound Sterling, which is the Group’s presentational currency.
Transactions in foreign currencies are translated at the exchange rate ruling at the date of each transaction. Foreign currency monetary assets and liabilities are retranslated using the exchange rates at the reporting date. Gains and losses arising from changes in exchange rates after the date of the transaction are recognised in profit or loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated at the exchange rate at the date of the original transaction.
2.7 Intangible Assets
Trademark intangible assets have been recorded at cost, being their estimated fair value at the time of acquisition. They are amortised over their estimated useful economic lives, if the useful economic lives can be determined. If useful economic lives cannot be reliably determined then trademark intangibles are held at cost and subject to annual impairment review.
Customer contracts, such as the acquisition of a book of advisory clients from a third party, that do not qualify as a business combination under IFRS 3 give rise to the recognition of a goodwill intangible asset. The asset is recognised at cost and subject to annual impairment reviews, with any impairment recognised in profit and loss for the period. Once the asset gives rise to identifiable revenues, the cost (less impairment to date) of the asset is amortised over the period of the anticipated revenue streams, pro rata with the realisation of revenue as a proportion of total anticipated revenue to arise from the asset. 2.8 Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all property, plant and equipment to write off the cost less estimated residual value of each asset over its expected useful economic life on a straight-line basis at the following annual rates: Office equipment - 33.33% straight line over the life of the asset
Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use.
2.9 Financial Assets
From 1 January 2018 the Group and Company classifies its financial assets in the following measurement categories:
The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. The Group’s and Company’s financial assets at amortised cost include trade and other receivables and cash and cash equivalents. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset’s lifetime ECL at each reporting date.
The Group and Company classifies the following financial assets at fair value through profit or loss:
The Group and Company measures all equity investments at fair value through profit or loss.
2.9 Financial Assets (continued)
Unquoted investments are valued by the Directors using primary valuation techniques such as recent transactions, last price or net asset value.
Where the fair value of an equity investment cannot be estimated reliably, such as investments in unquoted companies, fair value is based on cost less any impairment charges. In this case impairment charges are recognised in profit or loss. The Group assesses at each period end date whether there is any objective evidence that a financial asset or group of financial assets classified as available-for-sale has been impaired.
Loans and Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial recognition, these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and other receivables fall into this category of financial instruments. In relation to the Company, loans to and from subsidiaries are also recognised within this category of financial instruments.
Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default on payment.
Other financial assets are also classified within the loans and receivables category.
Impairment of Financial Assets
The Group and Company assesses at the end of each reporting period whether there is objective evidence that a financial asset is impaired. For equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and recognised in profit or loss. Impairment losses recognised in profit or loss on equity instruments are not reversed through profit or loss.
For loans and receivables, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s effective interest rate.
Impairment testing of available-for sale financial assets is described in Note 4.
2.10 Other Current Assets
Crypto Tokens
Other current assets – Crypto Tokens are digital assets, including tokens and cryptocurrency, which do not qualify for recognition as cash and cash equivalents or financial assets, and have an active market which provides pricing information on an ongoing basis. Other current assets are initially measured at fair value. Subsequently, digital assets are measured at fair value. Gains and losses on measurement are recognised directly in profit or loss. Where a digital asset is disposed of, the cumulative gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Digital assets are included in current assets as management intends to dispose of them within 12 months of the end of the reporting period.
Rights to Future Tokens
Projects and entities looking to launch a blockchain network or product make use of agreements such as a ‘Simple Agreement for Future Tokens’ (‘SAFT’) to attract early-stage investors and lock in funding from interested parties. A SAFT is an early-stage investment, where the investor provides upfront funding to a project in exchange for an entitlement to receive a variable number of digital assets or tokens in the future upon a successful launch of the respective project. The number of digital assets or tokens is usually detailed in the agreement but can vary,
impacting the determination of the accounting treatment. Factors to consider include (but are not limited to) the characteristics and features that the digital asset or tokens will have, and the rights to which the future holders will be entitled.
The Rights to Future Tokens in the Group consist of such agreements for future tokens and are accounted for at cost less impairment. When such rights crystalise and result in the receipt of the tokens in question, these assets will be recognised as Crypto Tokens and measured at fair value.
2.11 Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and current and deposit balances at banks with maturities of three months or less from inception.
2.12 Current and Deferred Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the group or parent company financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method.
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be recognised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax is calculated at the tax rates and laws that are expected to apply in the period when the liability is settled, or the asset is recognised based on tax laws and rates that have been enacted at the reporting date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.
2.13 Financial liabilities
Financial liabilities are recognised when the Group and Company becomes party to the contractual provisions of the instrument and are initially measured at fair value. They are de-recognised when extinguished, discharged, cancelled or expired.
The Group’s and Company’s financial liabilities comprise trade and other payables.
Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method, less settlement payments.
2.14 Equity
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
The share capital account represents the amount subscribed for shares at nominal value. Since the Company’s shares have a £Nil par value, no amounts are credited to share capital and all amounts received on the initial issuing of shares are credited to the share premium.
Other reserves represent the accumulated fair value adjustments on other current assets that are not permanently impaired.
Share option reserve represents the fair values of share options and warrants granted.
Retained earnings/(deficit) include all results as disclosed in the statement of comprehensive income.
2.15 Share Based Payments
The Group makes payments to third parties through share-based schemes, under which the entity receives services from third party suppliers as consideration for equity instruments (shares, options and warrants) of the Group. The Group may also issue warrants to share subscribers as part of a share placing. The fair value of the equity-settled share based payments is recognised as an expense in the income statement or charged to equity depending on the nature of the service provided or instrument issued. The total amount to be expensed or charged in the case of options is determined by reference to the fair value of options granted:
In the case of shares and warrants, the amount charged to the share premium account is determined by reference to the fair value of the services received.
2.16 Revenue
Revenue comprises the fair value of the consideration received or receivable for consultancy and advisory services provided, excluding VAT and relevant sales taxes.
Revenue is recognised for services when the Group has satisfied its contractual performance obligation in respect of the services. The amount recognised for the services performed is the consideration that the Group is entitled to for performing the services provided. Consultancy and advisory services are recognised over time whereas success fees on completion of a Token Generation Event are recognised at a point in time.
The majority of contracts for services and success fees are for a fixed number of tokens and cryptocurrency, which equates to the fair value of services provided. Revenue is recorded at the token or cryptocurrency rate as quoted on the date the performance obligation is fulfilled.
2.17 Leases
Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
3. Financial Risk Management
3.1 Financial Risk Factors
The Group’s activities expose it to a variety of financial risks being market risk (including interest rate risk, and currency risk), credit risk, and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.
Market Risk
At 31 December 2024, management maintained the majority of the Group’s cash assets in sterling bank accounts to minimise foreign currency risk. The Company will continue to hold any significant cash assets in sterling.
In respect of investments, management believes that the foreign currency risk is a far lower risk than the market risk and do not currently actively look to manage foreign currency risk arising from investments.
The Directors will continue to assess the effect of movements in exchange rates on the Group’s financial operations and initiate suitable risk management measures where necessary.
Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. As the Group has no borrowings, it is not exposed to interest rate risk on financial liabilities. The Group’s interest rate risk arises from its cash held on short-term deposit, and from the provision of convertible loans, which are not significant.
The Group is exposed to equity securities price risk because of investments held and classified in the Statement of Financial Position as financial assets through profit or loss. To manage its price risk arising from investments in equity securities, the Group could diversify its portfolio. However, given the size of the Group’s operations, the costs of managing exposure to securities price risk exceed any potential benefits. In addition, the Group is exposed to high levels of price volatility in cryptocurrency and tokens. The Group currently seeks to manage price volatility risk by actively monitoring its portfolio of digital assets. The Directors will revisit the appropriateness of these policies should the Group’s operations change in size or nature. The Group has no exposure to commodity price risk.
Credit Risk
Credit risk is the risk of loss associated with counterparty’s inability to fulfil its payment obligations. The Group’s credit risk is attributable to cash and cash equivalents and trade and other receivables. The credit risk on cash is limited because the Group invests its cash in deposits with well-capitalised financial institutions with strong credit ratings. The Group’s exposure to credit risk is reduced as it deals with less new clients and more established clients.
Liquidity Risk
The Group’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at 31 December 2024 the Group had unrestricted cash of
3.2 Fair Value Estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · In the principal market for the asset or liability; or · In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
· Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities · Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable · Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy, as explained above.
The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2024 and 2023:
3.2 Fair Value Estimation (continued)
Movements in financial assets at fair value through profit or loss are disclosed in Note 9 to the Financial Statements.
All financial assets are in unlisted securities, and many are in companies which are pre-revenues.
Movements in other current assets for the year ended 31 December 2024 are disclosed in Note 14 to the Financial Statements. A level 2 hierarchy has been attributed to tokens as the traded exchanges are directly derived from the active market for Ether and Bitcoin exchanges.
There were no transfers between levels during the year.
The Group recognises the fair value of financial assets at fair value through profit or loss at the cost of investment unless:
3.3 Capital Risk Management
The Group's objectives when managing capital are to safeguard the entity's ability to continue as a going concern, so that it can continue to develop and support its interests in cryptocurrency and blockchain technology products and services and provide returns for shareholders and benefits for stakeholders.
The Group actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the number of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets.
3.3 Capital Risk Management (continued)
The Group considers its capital to include share capital and share premium. Net cash comprises cash and cash equivalents only as there is no debt held.
4. Critical Accounting Estimates and Judgements
The preparation of the Group and Company Financial Statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, at the date of the financial information and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant items subject to such estimates and assumptions include, but are not limited to:
On acquisition, investments are valued at cost as this is deemed to be the fair value. Subsequent to this, management uses valuation techniques and other relevant information to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible, but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date.
The Group has assessed its investments in Coindash and Greengage of
Estimating fair value for share based payment transactions requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant of share options and warrants. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life, volatility and dividend yield and making assumptions about them.
Critical judgements in applying the Group’s accounting policies include, but are not limited to:
(i) Assessment of Control and Significant Influence
Where the proportion of equity held in an investment is near or above 20%, the Directors consider carefully whether the Group has significant influence over the entity. The Directors consider the percentage of equity held, representation on the Board and the extent to which they are actually involved with management of the entity and their ability to change the percentage of equity held/ influence management in the future. Where management believes that the Group exerts significant influence over an investment, the investment will be considered an associate investment and equity accounted in the Financial Statements.
In the case of many of the investments acquired from Seedcoin Limited, Coinsilium Group Limited has agreed not to exercise its rights as a shareholder to influence the operation of the investees’ businesses for the first twelve months after it acquired an interest in the investment. These agreements override any potential rights to exert significant influence or control these businesses, either as shareholder or through the appointment of Directors. Accordingly, the Directors have concluded these investments should be classified as financial assets at fair value through profit or loss as the Group has agreed and is legally bound not to exert any significant influence or control over these investments.
Following the lapse of the 12-month period over which the Group is legally bound not to appoint a director to the Board, or to influence strategic or operational policy over the investee, the Group may henceforth be required to reclassify some or all of these investments as either associates or subsidiaries as may be the case considering the situation at the time.
(ii) Impairment of Financial Assets
Financial assets at fair value through profit or loss have a carrying value of
The Group follows the guidance of IFRS 9 to determine when a financial asset is impaired. This determination requires significant judgement. In making this judgement, the Group evaluates, among other factors, the duration and extent to which the fair value of an investment is less than its cost, and the financial health of, and short-term business outlook for, the investee, including factors such as industry and sector performance, changes in technology and operational, financing cash flow and proposed fundraising.
5. Segmental Reporting The Directors have determined that the Group operates three distinct business segments over multiple geographical areas and that these three segments form the basis of Group performance monitoring; Investing activities, Advisory activities and Corporate activity.
The Group generated revenue of
5. Segmental Reporting (continued)
6. Expenses by Nature
7. Intangible Assets
Customer contracts comprises the cost of the acquisition of the unincorporated “Tokenomi” advisory business in the prior year, for which the Group paid
Trademarks comprise two trademarks purchased for TerraStream and Tokenomix.
8. Property, Plant and Equipment
8. Property, Plant and Equipment (continued)
9. Financial assets at fair value through profit or loss
The Group classifies equity investments for which the Group has not elected to recognise fair value gains and losses through other comprehensive income as financial assets at fair value through profit or loss (FVPL).
At 31 December 2024, the Group and Company owns unlisted shares in:
9. Financial assets at fair value through profit or loss (continued)
Financial assets at fair value through profit or loss are denominated in the following currencies:
10. Investments in Subsidiary Undertakings
Investments in Group undertakings are stated at cost, which is the fair value of the consideration paid.
10. Investments in Subsidiary Undertakings (continued)
Details of Subsidiary Undertakings
The registered office address of Coinsilium Limited is Salisbury House, London Wall, London, England, EC2M 5PS.
The registered office address of Seedcoin Limited is Portland House, Glacis Road, Gibraltar.
The registered office address of Nifty Labs Limited is Portland House, Glacis Road, Gibraltar.
The registered office address of Coinsilium Gibraltar Limited is Portland House, Glacis Road, Gibraltar.
1 During the year Nifty Labs Limited changed its name to Forza! Limited as part of a strategic shift towards a new business model of becoming a bitcoin treasury fund.
11. Trade and Other Receivables
The fair value of all trade and other receivables is the same as their carrying values stated above. Trade receivables at the reporting date were less than 30 days old and have been recovered in full post year end.
The carrying amounts of the Group and Company’s trade and other receivables are denominated in the following currencies:
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security.
12. Cash and Cash Equivalents
13. Other Current Assets
13. Other Current Assets (continued)
Other current assets are digital assets, including crypto stamps and the rights to future tokens, which do not qualify for recognition as cash and cash equivalents or financial assets, and which have an active market which provides pricing information on an ongoing basis.
Breakdown of Other current assets:
14. Trade and Other Payables
15. Financial Instruments
16. Share Capital and Premium
Issued share capital
17. Other Reserves
18. Share Options and Warrants
Movements in the number of share options and warrants outstanding and their related weighted average exercise prices are as follows:
Warrants granted in the year include 18,900,000 granted to investors as part of their participation in equity capital raises in the year. As a consequence, the warrants are deemed to fall within the transaction value accounted for as capital fundraising activity and have had no fair value ascribed to the warrants themselves on grant. 3,956,000 warrants granted in the year to service providers who have been settled in equity have been fair valued using the Black Scholes model, giving rise to a share based payment charge in the current year of
Share options outstanding and exercisable at the end of the year have the following expiry dates and exercise prices:
COINSILIUM GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. Share Options and Warrants (continued)
19. Employees
The Group had no full time employees and four Directors in the period. Details of Directors’ remuneration are disclosed in Note 20.
20. Directors’ Remuneration
All Directors are considered to be key management personnel.
The above amounts are stated net of employers’ national insurance contributions totalling
The above amounts are stated net of employers’ national insurance contributions totalling
No pension benefits are provided for any Director.
21. Auditors Remuneration
During the year, the Group obtained the following services from the auditor:
22. Finance Income / Costs & Investment Income
23. Taxation
No charge to taxation arises due to the tax rate of 0% in BVI and the losses incurred in the UK.
The Company has UK tax losses of approximately
24. Earnings per Share
Group The calculation of basic earnings per share of
In accordance with IAS 33, diluted earnings per share are not disclosed as the Group is loss making and the effects of options and warrants in issue is therefore antidilutive.
25. Commitments
The Group leases office premises under the short-term operating lease agreement. The future aggregate minimum lease payments under the short-term operating lease are as follows:
26. Related Party Transactions
Loan from Coinsilium Group Limited to Seedcoin Limited As at 31 December 2024 there were amounts receivable outstanding from Seedcoin Limited of
Loan from Coinsilium Group Limited to Coinsilium Limited As at 31 December 2024 there were amounts receivable of
Loan from Coinsilium Group Limited to Nifty Labs Limited As at 31 December 2024 there were amounts receivable of
Loan from Coinsilium Group Limited to Coinsilium Gibraltar Ltd As at 31 December 2024 there were amounts receivable of
Transactions with Indorse During the year, management fees totalling
All intra-group transactions are eliminated on consolidation.
As at 31 December 2024, the Group held
27. Ultimate Controlling Party
The Directors believe there to be no ultimate controlling party.
28. Events after the Reporting Date
Since the end of the reporting period:
On 2 January 2025 Coinsilium announced it has entered into a strategic collaboration agreement with investment portfolio company Otomato Inc (“Otomato”), a pioneering Web3 technology platform specialising in autonomous agent-based solutions. The Collaboration aims to leverage Otomato’s cutting edge technologies to maximise the return potential of Coinsilium's existing and future digital asset treasury holdings. The Otomato Collaboration will run for an initial term of twelve months and will leverage Otomato’s cutting edge Web3 technologies to design, implement, and refine trading strategies aimed at maximising the return potential of Coinsilium's existing and future digital asset treasury holdings. This strategic Collaboration highlights a proactive and disciplined approach to optimising Coinsilium’s digital asset treasury holdings through relatively low-risk, high-yield automated trading strategies. Rather than passively holding digital assets and waiting for trading opportunities to materialise, Coinsilium will leverage Otomato’s advanced technology to actively deploy its holdings. This approach aims to maximise returns by ensuring the Company’s digital assets are working harder to grow the value of the Company’s treasury and generate sustainable returns.
As per the Agreement, the Collaboration will focus on three primary areas:
On 21 January 2025 Coinsilium announced the appointment of James Van Straten and Clement Hecquet as strategic advisors to the Company. Their expertise will play a pivotal role in shaping and enhancing Coinsilium’s cryptocurrency treasury strategy, ensuring the Company maximises the potential of its crypto-treasury holdings and capitalises on emerging trends and opportunities in this dynamic market phase. This initiative underscores Coinsilium’s proactive approach to refining its treasury management processes, focusing on strategic planning that aligns with broader industry trends. The advisors will work with the Coinsilium’s directors to formulate and implement strategies that optimise the value of the Company’s cryptocurrency assets and unlock new revenue-generation opportunities.
On 5 March 2025 Coinsilium announced it has entered into a Strategic Advisory Services agreement with Context Protocol, a Layer 1 blockchain designed to power the AI economy by enabling verified AI Domains for trusted data exchange between AI agents, humans, and organizations. Under the terms of the advisory agreement, Coinsilium will provide Context Protocol with comprehensive strategic guidance and support in the areas of tokenomics, partnerships, and market positioning.
On 15 May 2025 Coinsilium announced it had raised
On 29 May 2025 the Company announced that it had undertaken a further oversubscribed institutional placing for
On 18 June 2025 the Company announced that it had undertaken a further oversubscribed WRAP retail offer for
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| ISIN: | VGG225641015 |
| Category Code: | MSCM |
| TIDM: | COIN |
| Sequence No.: | 394240 |
| EQS News ID: | 2161838 |
| End of Announcement | EQS News Service |
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