Safello published its interim report for the first quarter of 2025 on Friday, showing stable revenue but pressured profitability. This reflects a quarter marked by a more turbulent and declining crypto market.
The first quarter covers the period from January to March and, as such, does not capture the upswing in Bitcoin and crypto markets seen in May.
Net turnover for the quarter amounted to SEK 194.1 million, compared to SEK 193.1 million in the same period last year. This was despite significant price declines in Bitcoin and Ethereum during the quarter. However, gross profit decreased by 37% to SEK 8.8 million. The main reasons were lower prices for crypto assets, which reduced revenues-including a negative SEK 2.3 million impact from the revaluation of inventory.
Operating profit before depreciation and amortization (EBITDA) amounted to a loss of SEK -3.7 million, reflecting increased costs related to product development and regulatory compliance (notably preparations for MiCA and DORA). The company reported a net result of SEK -5.4 million, compared to a profit in the previous year.
The number of orders fell by 9% to 47,601, and active customers dropped 16.5% to 23,663. Despite this, the average order value for both purchases and sales increased, indicating that remaining customers are trading in larger volumes.
Safello ended the quarter with SEK 22.9 million in cash, plus 10.4 BTC and 113.4 ETH in liquid crypto holdings. The book value of long-term crypto assets was SEK 6.2 million, with a market value of SEK 10.5 million, reflecting an unrealized gain despite a SEK -1.0 million impairment on Ethereum holdings.
“During a quarter marked by market uncertainty and declining crypto prices, we have continued to deliver on our strategic milestones and laid the foundation for future growth. With the launch of our new orderbook, submission of our MiCA application, and the establishment of a new revenue-generating business area relating to ETP’s, we are taking steps toward our vision of becoming the next-generation crypto bank,” said Emelie Moritz, CEO of Safello.
Moritz told that Safello is even doing preparations for yet another new business area during Q2.
While Safello’s Q1 numbers reflect the pressure of a challenging market, the company continues to invest in regulatory readiness and product innovation, aiming to position itself for growth as the crypto sector matures.
Safello published its interim report for the first quarter of 2025 on Friday, showing stable revenue but pressured profitability. This reflects a quarter marked by a more turbulent and declining crypto market.
The first quarter covers the period from January to March and, as such, does not capture the upswing in Bitcoin and crypto markets seen in May.
Net turnover for the quarter amounted to SEK 194.1 million, compared to SEK 193.1 million in the same period last year. This was despite significant price declines in Bitcoin and Ethereum during the quarter. However, gross profit decreased by 37% to SEK 8.8 million. The main reasons were lower prices for crypto assets, which reduced revenues-including a negative SEK 2.3 million impact from the revaluation of inventory.
Operating profit before depreciation and amortization (EBITDA) amounted to a loss of SEK -3.7 million, reflecting increased costs related to product development and regulatory compliance (notably preparations for MiCA and DORA). The company reported a net result of SEK -5.4 million, compared to a profit in the previous year.
The number of orders fell by 9% to 47,601, and active customers dropped 16.5% to 23,663. Despite this, the average order value for both purchases and sales increased, indicating that remaining customers are trading in larger volumes.
Safello ended the quarter with SEK 22.9 million in cash, plus 10.4 BTC and 113.4 ETH in liquid crypto holdings. The book value of long-term crypto assets was SEK 6.2 million, with a market value of SEK 10.5 million, reflecting an unrealized gain despite a SEK -1.0 million impairment on Ethereum holdings.
“During a quarter marked by market uncertainty and declining crypto prices, we have continued to deliver on our strategic milestones and laid the foundation for future growth. With the launch of our new orderbook, submission of our MiCA application, and the establishment of a new revenue-generating business area relating to ETP’s, we are taking steps toward our vision of becoming the next-generation crypto bank,” said Emelie Moritz, CEO of Safello.
Moritz told that Safello is even doing preparations for yet another new business area during Q2.
While Safello’s Q1 numbers reflect the pressure of a challenging market, the company continues to invest in regulatory readiness and product innovation, aiming to position itself for growth as the crypto sector matures.
