Arcane Crypto releases first company report – the share rallies 20 percent

Arcane Crypto releases first company report – the share rallies 20 percent.

Torbjørn Bull Jenssen, CEO at Arcane Crypto. Image source: Arcane Crypto webcast / Trijo News

Christian Ploog

christian.ploog@trijo.co

On Friday, Arcane Crypto published its first company report.

Arcane Crypto has been a hot topic in both the crypto and stock market world over the past month. The Norwegian crypto company entered the First North stock exchange in Stockholm in January, and since then the company’s shares have both skyrocketed and plummeted.

On Friday, Arcane Crypto, which both invests in and develops various types of crypto projects, published its first company report.

In connection with the publication of the report, the company’s CEO Torbjørn Bull Jenssen also gave a live video presentation where he presented the company’s strategy, various portfolio companies and the revenue for the last year.

“Since our inception in 2018, we have spent time building our portfolio, taken these companies from ideas to life, to now be ready for the scale-up phase. The scale-up is now ahead of us, we have not scaled yet. And this is of course reflected in our numbers from last year, where we had a revenue of 2 million kronor. But that was only coming from Arcane Research and Arcane Assets”, Torbjørn Bull Jenssen said during the presentation.

ADVERTISEMENT

Criticism from financial experts

In connection with Arcane Crypto’s share price surge recently, the company was criticized by some financial experts claiming that the company was overvalued and that the stock constitutes a bubble.

Arcane Crypto ended last year with a cash treasury of around SEK 18 million. Recently, the company raised almost SEK 50 million in new capital funds, money it now plans to use for growth in 2021.

Revenue flows in 2021

The current year is also the year in which Arcane Crypto expects revenue streams from the portfolio companies Teslacoil, Kaupang Krypto, Trijo and Alphaplate to start coming in.

At the same time, Torbjørn Bull Jenssen emphasized that the company will prioritize growth over profit in the upcoming period as well.

“More importantly when looking at these numbers is not to look at the level, but rather look at the position we have taken, and the growth that we can drive going forward when we now are scaling up”, the CEO said.

Believe in payments as the future of bitcoin

Torbjørn Bull Jenssen also talked about the crypto industry in general and, among other things, about how institutional interest in bitcoin around the world has increased.

“The main focus around bitcoin today is on the narrative as digital gold, as a hedge against inflation. We truly believe that the next frontier will be as a payment instrument”, said Torbjørn Bull Jenssen.

During the presentation, Arcane Crypto’s share price rose by almost 20 percent, but fell back somewhat afterwards.

Follow Trijo News on FacebookTwitter and Instagram.

Testa Trijos kryptobörs - helt utan avgifter!

Related articles

Keep up with the latest news