Original-Research: Advanced Blockchain AG – from GBC AG
15.10.2025 / 10:00 CET/CEST
Dissemination of a Research, transmitted by EQS News – a service of EQS Group.
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Classification of GBC AG to Advanced Blockchain AG
Company Name:Advanced Blockchain AGISIN:DE000A0M93V6 Reason for the research:Research Report (Anno)Recommendation:BuyTarget price:3.79 EURLast rating change:Analyst:Matthias Greiffenberger, Cosmin Filker
From realignment to scaling
Die Advanced Blockchain AG (ABAG) underwent a profound transformation in fiscal year 2024. The process centered on a complete management overhaul, the resolution of irregularities at the subsidiary Incredulous Labs Ltd., and the introduction of strict governance and control mechanisms. While the parent company’s operational and financial performance in 2024 was shaped by significant one-off expenses, the cleanup measures and portfolio progress show that ABAG is now in a stronger position for sustainable growth. This ongoing restructuring is essential to securing the company’s future. Independent audits uncovered deficiencies dating back to before the current management took over, while also confirming that today’s structures rest on an independent and stable foundation. The resulting costs are unavoidable and should be seen as an investment in stability, asset protection, and transparency.
The parent company Advanced Blockchain AG generated revenues of €226k (previous year: €105k), more than doubling year-over-year, but it remains heavily dependent on income from its subsidiary Incredulous Labs Ltd., with overall revenue levels still modest. High legal, auditing, and consulting expenses combined with extraordinary write-downs led to a net loss of €-1.78m (previous year: €-0.88m). Despite this loss, ABAG reports a solid equity base of €8.88m (December 31, 2023: €9.56m), corresponding to an equity ratio of 68.8% (December 31, 2024: 69.7%). The balance sheet was strengthened by the resolution of tax liabilities from previous years and by stabilizing liquidity. The auditor’s qualified opinion relates solely to uncertainties around receivables from Incredulous Labs.
The Cypriot subsidiary Incredulous Labs remains the core of the portfolio. In 2024 it achieved revenues of USD 229k and a net profit of USD 1.25m, while at the same time recording substantial impairments on projects. Forensic audits confirmed cases of asset misappropriation. As a result, the auditor issued a disclaimer of opinion for both 2023 and 2024. The new management has since implemented a modern control system with multi-signature wallets and institutional custody solutions, while also initiating legal steps to recover lost assets.
Blockchain and cryptocurrency markets experienced a historic upswing in 2024: Bitcoin and Ethereum reached new multi-year highs, and overall market capitalization surpassed USD 3.5 trillion. ABAG’s portfolio benefited, particularly from the successful token launch of peaq, which briefly achieved unicorn status. However, the decline of the PEAQ token in the first half of 2025 highlighted the high volatility and dependence on a few key assets. As of June 30, 2025, the value of the 15 largest holdings was reported at around USD 15m, down from USD 56m at the end of 2024. In response, management adopted an active diversification strategy with a focus on more liquid assets.
Based on the top 15 portfolio positions, after deducting holding costs and factoring in a 30% latent upside, the NAV stands at €15.36m or €3.79 per share. Taking this upside potential into account, we confirm our Buy rating.
You can download the research here: 20251015_Anno_ABAG_EN
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung
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Completion: 18.09.2025 (16:30 Uhr)
Initial publication: 19.09.2025 (10:30 Uhr)
Update with adjusted number of shares: 15.10.2025 10:00
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