3U Holding AB

Core business architecture: Traditional business: Information Technology and Communication (ITC): Provides data center hosting, cloud ERP/CRM solutions, and IT security services, with clients including small and medium-sized enterprises in Europe. Renewable Energy: Operating wind and solar power generation projects, with an annual electricity generation of approximately 120 GWh, accounting for 0.3% of the German renewable energy market. Health and Air Conditioning Technology (SHAC): Selling smart home devices through online channels, with online revenue accounting for 65% by 2025. Cryptocurrency Strategy: Bitcoin Reserve: Starting in 2024, Bitcoin will be included in the short-term financial strategy, with holdings increasing to 331 BTC by July 2025, totaling an investment of over 23.9 million euros (average cost of approximately 72,200 euros / BTC). Compliance Layout: Exploring institutional-level digital asset custody qualifications through the subsidiary Systemic Trust (not disclosed separately in the financial report), but large-scale custody operations have not yet been initiated.

Sources of Profit in Cryptocurrency: Asset appreciation income: The price fluctuations of Bitcoin directly affect the value of reserves. In May 2025, when Bitcoin surpassed $160,000, the value of its 331 holdings appreciated by approximately 19 million euros. Liquidity management: Supplement operating cash flow by selling a portion of Bitcoin (such as reducing 20 coins in Q2 2025) to alleviate the pressure of traditional business losses (net loss of 657,000 euros in Q1 2025). Traditional business profitability: IT service subscription fee: Cloud ERP/CRM solutions charge a monthly fee based on the number of users (average 299 euros/user), accounting for 40% of the ITC department's revenue. Energy Sales: Renewable energy electricity locks in prices through long-term agreements (PPA), with power generation revenue accounting for 28% of total revenue in Q2 2025.

Building Anti-Cycle Capability: Bitcoin reserves provide potential gains during periods of sluggish traditional business. In Q1 2025, unrealized gains from cryptocurrencies accounted for - 23% of net profit, partially offsetting the sales decline in the SHAC division. Strategic Value Enhancement: As one of the first publicly listed companies in Europe to hold Bitcoin, its holding behavior is seen as a demonstration of the "digital gold" reserve strategy, attracting the attention of investors in the technology sector and driving the stock price up 18% in July 2025. Compliance Exploration: Applying for a custody license from BaFin in Germany through Systemic Trust to provide a qualification basis for future expansion into institutional clients (such as pension funds), currently in the compliance review stage.

Bitcoin ( BTC ): Market signal transmission: Increase to 331 coins in July 2025 (accounting for 0.0016% of the circulating supply), releasing long-term confidence to the market and indirectly supporting investor sentiment. Computing power impact: Although not directly involved in mining, its reserve strategy may indirectly influence the market's valuation model for "publicly traded companies holding Bitcoin," prompting similar companies to follow suit. Other cryptocurrencies: Currently, it has not ventured into alternative coins such as ETH and SOL. The management stated in the earnings call in June 2025, "Focusing on Bitcoin as the core reserve asset, we are not considering high-risk coins for the time being."