Nakiki SE plans to raise tens of millions of euros to buy Bitcoin, aiming to become Germany’s first pure BTC reserve listed company
Nakiki SE, a German listed company, is evaluating the issuance of tens of millions of euros of corporate bonds to specifically purchase Bitcoin, replicating the micro-strategy model. The market is weighing the risks and potential impacts.
(Preliminary information: Bitcoin Reserve Company: Why spend 2 US dollars to buy 1 US dollar of BTC? )
(Background supplement: Taiwan’s first Bitcoin Reserve Company is born! Will Dafeng Broadband/Dafeng Telecom become a Taiwanese micro-strategy?)
Nakiki SE, a listed company in Frankfurt, Germany, announced on the 27th that it is evaluating the issuance of tens of millions of euros of corporate bonds, and the funds raised will be mainly invested in Bitcoin. According to the official press release, the company has entered the "preliminary market exploration" stage and will first learn about pricing and interest rates from professional investors.
Copying Strategy's path, timing and risk coexist
Nakiki SE has publicly stated that its goal is to become the first listed company in Germany with Bitcoin as its core reserve asset. The strategy is similar to Strategy's "debt-to-coin" model in the United States. The company also launched a U.S. expansion plan and hired consultant Andreas Heine in order to expand its influence in the expected friendly U.S. regulatory environment.
If the bond is successfully issued, Nakiki’s stock price will be more closely linked to the trend of Bitcoin, providing investors with an alternative way to access crypto assets. However, in order to compensate for the high volatility of Bitcoin, investors may demand higher coupons; once the price drops, the company will face asset impairment and fixed interest pressure at the same time.
For shareholders, the lines are beginning to blur as to whether Nakiki is still a financial technology company, or a Bitcoin ETF in disguise. In the coming weeks, professional investors' responses to bond conditions will become the most direct vote of confidence and will also provide a key reference for European companies to follow suit.
Nakiki Company Profile
Establishment and Early Business
NakikiSE was originally named windeln.deSE and was established in 2010 In 2017, it was an e-commerce platform focusing on infant and child products, selling diapers, children's clothing, baby food, furniture and other products. In the past, its largest market even expanded to China.
Operational difficulties and restructuring
The 2019 financial report shows that the company's revenue was approximately 82.3 million euros, but EBIT showed −13.8 million euros, and it has fallen into a loss. In 2022, it filed for bankruptcy protection and faced significant transformation pressure.
Bankruptcy, rebirth and transformation starting point
After being taken over by the investor team in 2023, through debt negotiation and capital restructuring, it successfully got rid of debt constraints, achieved a "clean" restart, and retained its listing status. In 2024, the name will be changed to NakikiSE, and LegalFinanceSE will be officially absorbed, and the company will begin to focus on the "Process Financing (Prozessfinanzierung)" business
