Ace Digital (ACED) H2 2025 earnings summary

Executive summary

• Listed on Euronext Growth Oslo in September 2025, becoming the first directly listed Bitcoin company on the exchange.

• Raised NOK 77.2 million in equity across two rounds, repaid all outstanding debt, and converted a portion to equity.

• Transitioned from a private to a public company, establishing governance, advisory structures, and institutional infrastructure.

• Core strategy centers on active Bitcoin treasury management, venture investments, and advisory services.

Financial highlights

• 2025 revenues reached NOK 63.8 million, up from NOK 47.1 million in 2024, with 92% from Bitcoin derivatives and 7% from Bitcoin sales.

• Operating loss of NOK 31.4 million in 2025, compared to NOK 2.9 million operating income in 2024.

• Net loss for 2025 was NOK 23.8 million, versus a net profit of NOK 26,789 in 2024.

• Cash and cash equivalents increased to NOK 27.6 million at year-end 2025, up from NOK 5.3 million.

• Total assets grew to NOK 51.6 million from NOK 11.6 million year-over-year.

Outlook and guidance

• Plans to strengthen the organization, develop new products and services, and focus on long-term value per share.

• Expects continued maturation of the Bitcoin market, with further institutional integration and regulatory development in 2026.

• Positioned to leverage increasing adoption and improved infrastructure in the digital asset ecosystem.