LANGUAGE
Arcario takes advantage of the large interest in the trading platform LN Markets to sell itself down and release about NOK 20 million, which will be used to pay off the company's debt. The sale, which means Arcario's stake goes down from around 13 to around 2%, also yields a book gain of NOK 4.5 million.
Arcario takes advantage of the large interest in the trading platform LN Markets to sell itself down and release about NOK 20 million, which will be used to pay off the company's debt. The sale, which means Arcario's stake goes down from around 13 to around 2%, also yields a book gain of NOK 4.5 million.
“This sale represents an opportunity for Arcario to significantly strengthen the liquidity of our balance sheet. By reducing Arcario's debt, we strengthen our financial position and build a solid platform for the future,” says Torbjørn Bull Jenssen, CEO of Arcario AB, which is listed in Sweden.
In its commentary on the sale, Bull Jenssen also emphasizes that the purchase of the loan platform Vanir Finans AS in January this year ensures a positive operational cash flow for Arcario.. The Vanir deal involved Arcario acquiring Vanir Finance from Klein Group for SEK 25.2 million, plus a directed issue to Klein Group of SEK 7.5 million. At the end of February, Arcario released its figures for the 4th quarter of 2023, which showed that Arcario and its subsidiary K33 tripled turnover compared to 3. Quarter 2023. Following this, closely related to the approval of the American Bitcoin ETFs in the United States, the turnover of all the Norwegian crypto trading platforms has increased sharply.
Formally, Arcario AB sells shares in the company ITOAM SAS, which is behind both LN Markets and DLC Markets. LN Markets is a trading platform for leveraged bitcoin and options trading, built on the Bitcoin Lightning Network. This advanced technology allows instant deposits of collateral from around the world, enabling users to enjoy fast, cost-effective transactions with minimal counterparty risk. Earlier in February, ITOAM received USD 3 million in new financing, which among other things meant that Arcario AB's stake decreased from 16 to 13 percent. It is the interest related to this issue that Arcario is now using to sell itself further down.
“Investor demand for ITOAM is a strong sign of confidence in their forward-looking strategies, which will further consolidate their position as a frontrunner in the bitcoin community,” says Bull Jenssen, who is also pleased that Arcario still retains a smaller stake in ITOTAM and thus in LN Markets.
Arcario takes advantage of the large interest in the trading platform LN Markets to sell itself down and release about NOK 20 million, which will be used to pay off the company's debt. The sale, which means Arcario's stake goes down from around 13 to around 2%, also yields a book gain of NOK 4.5 million.
Arcario takes advantage of the large interest in the trading platform LN Markets to sell itself down and release about NOK 20 million, which will be used to pay off the company's debt. The sale, which means Arcario's stake goes down from around 13 to around 2%, also yields a book gain of NOK 4.5 million.
“This sale represents an opportunity for Arcario to significantly strengthen the liquidity of our balance sheet. By reducing Arcario's debt, we strengthen our financial position and build a solid platform for the future,” says Torbjørn Bull Jenssen, CEO of Arcario AB, which is listed in Sweden.
In its commentary on the sale, Bull Jenssen also emphasizes that the purchase of the loan platform Vanir Finans AS in January this year ensures a positive operational cash flow for Arcario.. The Vanir deal involved Arcario acquiring Vanir Finance from Klein Group for SEK 25.2 million, plus a directed issue to Klein Group of SEK 7.5 million. At the end of February, Arcario released its figures for the 4th quarter of 2023, which showed that Arcario and its subsidiary K33 tripled turnover compared to 3. Quarter 2023. Following this, closely related to the approval of the American Bitcoin ETFs in the United States, the turnover of all the Norwegian crypto trading platforms has increased sharply.
Formally, Arcario AB sells shares in the company ITOAM SAS, which is behind both LN Markets and DLC Markets. LN Markets is a trading platform for leveraged bitcoin and options trading, built on the Bitcoin Lightning Network. This advanced technology allows instant deposits of collateral from around the world, enabling users to enjoy fast, cost-effective transactions with minimal counterparty risk. Earlier in February, ITOAM received USD 3 million in new financing, which among other things meant that Arcario AB's stake decreased from 16 to 13 percent. It is the interest related to this issue that Arcario is now using to sell itself further down.
“Investor demand for ITOAM is a strong sign of confidence in their forward-looking strategies, which will further consolidate their position as a frontrunner in the bitcoin community,” says Bull Jenssen, who is also pleased that Arcario still retains a smaller stake in ITOTAM and thus in LN Markets.
