Firi posted NOK 28 million in profit for 2025 – down from a record 2024, but solid in a more normalised market. After Norway and Denmark, Sweden is next, with a new country manager already in place.
– Delivering profit again shows the business model is robust, says CEO and co-founder Thuc Hoang.
A result of NOK 28 million is down from the record year of 2024, when exceptionally strong market conditions lifted profit to NOK 134.9 million. But 2025 was a year of normalisation: Firi invested heavily in people and technology, and still managed to deliver profit – two years in a row. The company is now taking the next Nordic step, with Sweden as its next market.
Firi reported revenue of NOK 228 million for 2025, against a restated figure of NOK 276 million for 2024. Trading volume came in at NOK 9.2 billion, down from NOK 10.5 billion the year before. Operating profit was NOK 25 million, with net profit after tax at NOK 28 million.
The company's cash balance grew by NOK 49 million to NOK 212 million, despite the heavy investment. Client funds, kept separate from the company's own assets, stood at NOK 6.22 billion at year-end.
The comparison with 2024 is not straightforward. Norway's financial regulator, Finanstilsynet, has required Firi to change how it records revenue: previously, the full value of each trade was counted as turnover; now, only commission income is included.
The rationale is that Firi holds crypto for such a short time during a trade that the risk is minimal, and that net reporting gives a more accurate picture of the actual business. This explains the apparent sharp drop in revenue – from NOK 5.76 billion in 2024 to NOK 228 million in 2025.
Firi passed 400,000 customers during 2025, up from 350,000 the year before. Growth is not just in volume but in profile: a growing share of Norwegians outside the traditional crypto demographic are finding their way to the platform.
– For the first time, we are seeing that more people under 40 own crypto than stocks, says Hoang.
This signals a shift in how Norwegians approach crypto – no longer primarily as speculation, but as part of a broader savings and portfolio strategy.
After success in Norway and Denmark, Sweden is next, with a new country manager already in place. In May 2026, Firi received a MiCA licence from Finanstilsynet – the EU's common regulatory framework for digital asset operators – which formally enables the company to operate across the EU.
– There is no shortage of Swedish brands that have succeeded in Norway. Now we hope to become a brand that succeeds with our nearest neighbours. The ambition is for Swedish investors to also be able to choose a local, Nordic platform they can trust, says Hoang.
Sources: Firi
Get unlimited access to news articles and a Nordic community via Kaupr Onchain: https://www.kaupr.io/onchain
You have read what you can read for free. With an account you get unlimited access to all news and articles on kaupr.io — and become part of the network of investors, professionals and builders following onchain finance.
