The Swedish crypto company Safello is now shifting its focus from retail customers to institutional clients. At the same time, the company reports record net turnover for 2025 but a negative full‑year result.
“By leveraging our MiCA authorisation and robust platform, we can offer crypto custody, trading infrastructure, compliance solutions and other services to financial actors, while our retail app continues to support brand building and customer engagement in new markets,” says Emelie Moritz, CEO of Safello.
Safello does not provide any further information on how the company plans to balance this new institutional focus with its existing retail business, where it states that it has more than 423,000 users.
For the whole of 2025, Safello's net sales increased by 5 percent to 807.0 million Swedish kronor, up from 766.9 million in 2024. In the fourth quarter, net sales rose by 31 per cent to NOK 316.5 million, mainly as a result of a higher proportion of sales orders and an increased average order size on the buy side.
Gross profit nevertheless fell by 13 per cent for the year, to NOK 45.3 million, and in the fourth quarter gross profit halved to NOK 10.3 million. The company explains that the decrease in gross profit despite higher revenue was mainly due to the fact that a greater part of the volume came from larger purchase orders handled OTC at lower fee levels, as well as that last year had a gain from the sale of long-term crypto assets that did not recur. For 2025, EBITDA was NOK 7,4 million, operating profit — 15,3 million and annual profit — 15,9 million.
The number of orders over the year fell by 42 percent to 161.2 thousand, against 194.6 thousand in 2024. The total number of active customers ended at 63.1 thousand, down from 79.4 thousand the previous year, while the number of new active customers fell to 16.0 thousand from 23.8 thousand.
At the same time, the average order size increased. In 2025, the average purchase order was NOK 2.7 thousand, an increase of 16 percent, while the average sales order was NOK 17.0 thousand, up 35 percent. In the fourth quarter, the number of orders fell by 42 percent to 35.2 thousand, but the average purchase order increased to 3.1 thousand crowns and the average sales order to 40.9 thousand, an increase of 35 and 229 percent, respectively. The number of active customers in the quarter was 18.2 thousand, of which 3.0 thousand were new.
At the end of the fourth quarter, Safello had a cash balance of NOK 17.3 million. In addition, the company sat on 1.0 BTC and 3,023.0 TAO in liquid crypto assets, with a book value of 6.5 million and a market capitalization of 7.1 million.
Safello states that the change in book value is due in part to a strategic reallocation in which the company sold part of its BTC holdings at a profit and all of its ETH holdings and instead acquired TAO. After the TAO price declined from the time of purchase, Safello has made aggregate write-downs of NOK 5.1 million to reflect its market value as of December 31, 2025, including a write-down of 2.6 million on long-term TAO items in the fourth quarter.
In the fourth quarter, Safello AB received permission from the Swedish Financial Supervisory Authority as a provider of crypto services under the EU Markets in Crypto‑Assets Regulation (MiCA). The company points out that the higher cost base is due in part to work implementing MiCA, DORA and other regulations, and in part investments in product development and more developer resources.
Safello AB announced plans to launch services in Finland during the quarter, and has now opened up Finnish users to buy, sell, transfer and store crypto assets, as well as use the order book store and Safello's swap service. Other initiatives during the quarter include a partnership with Fragbite Group AB as the “Preferred Partner” for bitcoin trading related to Fragbite Group's bitcoin treasury, the sponsorship of Svenska Cupen in Counter‑Strike 2025, cooperation between Safello Labs and Dwellir on Bittensor (TAO) infrastructure and the listing of the physically secured and staked Safello Bittensor Staked TAO ETP (STAO) on the SIX Swiss Exchange.
Safello subsidiary Atoma Studio entered into strategic referral agreements with Yanez Compliance and Global Ledger. Safello also expanded its offering with eight new cryptocurrencies and launched non-custodial staking of TAO on Wu‑Tao. In addition, the company entered into an agreement with Fuels Capital in which Safello acts as the custodian bank for bitcoin used as collateral for loans, based on a revenue-sharing model in which Safello receives a share of the proceeds from bitcoin‑secured loans.