Bitcoin Suisse ends 2023 with a loss: by the end of December, the oldest and largest Swiss crypto broker reported a net loss of 13 million Swiss francs. In a statement on Tuesday, the fintech pointed to an environment where trading volume with digital tokens and coins had decreased by 40 percent compared to the previous year.

This led to strict cost-cutting measures and layoffs at the company, as reported by finews.com. Nevertheless, Bitcoin Suisse was able to build a capital base of over 100 million Swiss francs and attract new customer funds last year, according to the same source.

Beyond the 5-Billion-Franc Mark

Combined with existing client assets, these formed the driving force for a remarkable recovery, which has been driven by the rebound of the crypto markets over the past six months. The assets under custody at the Zug-based broker recently climbed above the 5-billion-franc mark, with 2 billion francs allocated to the staking sector. In this area, the Swiss count themselves among the leading providers in Europe.

As a result, according to Bitcoin Suisse, the operating result doubled compared to the historical average, and the (still unaudited) net profit climbed to 17.2 million francs. The leadership team, including Chairman Luzius Meisser and the new CEO Andrej Majcen, is likely to feel validated in their decision to fully rely on market recovery and thus move away from seeking a Swiss banking license.

Former CEO Departed

However, this strategic pivot led to the departure of former CEO Dirk Klee in January.

According to the announcement, the Swiss crypto pioneers are now focusing further on growth, based on their existing expertise in the crypto-native landscape and their integration within the crypto ecosystem. «We are strategically well-positioned to invest in relevant areas and seize new business opportunities,» commented CEO Majcen regarding the result.

However, this also exemplifies what Bitcoin Suisse still remains despite turning to less volatile revenue sources: a plaything of the crypto markets.