Since 2018, Arcane Crypto has built a portfolio of diverse early-stage businesses active in the emerging cryptocurrency sector. As a result, it now represents an appealing option on digital assets adoption among banks and financial investors, which has recently gained significant traction. Its recent listing on the Nasdaq First North exchange following a reverse takeover provides it with an additional funding route to pursue its 'buy and build' strategy.

Due to Arcane Crypto's early development stage, we refrain from valuing the group. However, as a broad reference point, we discuss the valuations of comparable mature businesses. We also note that the subscription price for the new shares negotiated with investors in the directed issue completed in January 2021 was SEK0.50 per share. At the same time, the subscription price as part of the Kaupang (March 2021) and Trijo (April 2021; deal completion in progress) deals stood at c SEK0.11 and c SEK0.27 per share, respectively.

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.