Original-Research: Cryptology Asset Group PLC - von GBC AG

Einstufung von GBC AG zu Cryptology Asset Group PLC

Unternehmen: Cryptology Asset Group PLC
ISIN: MT0001770107

Anlass der Studie: Managementinterview
Empfehlung: BUY
Kursziel: 18.35 EUR
Kursziel auf Sicht von: 31/12/2022
Letzte Ratingänderung:
Analyst: Felix Haugg, Julien Desrosiers

Cryptology is a leading European holding company for crypto assets and
blockchain companies.

Cryptology Asset Group is a publicly traded investment company focused on
crypto-assets and blockchain-based business models. For this purpose,
Cryptology has a broad network of experts, including Christian Angermayer
and Mike Novogratz, two of the most prominent faces in crypto, who are also
among the founders and largest shareholders in the company. In the long
term, the company aims to become Europe's leading holding company of the
world's most successful crypto and blockchain companies. We spoke with the
company's CEO Patrick Lowry about the outlook for crypto assets and the
development of Cryptology Asset Group.

GBC AG: Mr. Lowry, to start off, please give us a brief review of
Cryptology Asset Group's developments in 2021.

Patrick Lowry: I stepped in as the newly appointed Cryptology CEO in March
2021 with a vision to build the gateway for investors to enter the crypto
asset class, leveraging Cryptology's infrastructure and balance sheet. I
believe we have successfully created this gateway through Cryptology's
publicly traded shares. Our shareholders participate directly in the
development of the crypto ecosystem through our investments in exclusive
blockchain companies such as B1 and Bullish as well as through the exciting
developments of Northern Data, Iconic Funds and more crypto-native
companies. We made multiple new investments into the likes of Chintai and
even had exits, such as the NYDIG acquisition of our portfolio company,
Bottlepay. We also announced we will be deploying $100 million into crypto
funds as well, partnering with emerging managers to expand our dealflow and
realize what I personally expect to be substantial financial returns.
Looking back, I believe we were successfully able to realize my vision as
through Cryptology shares, investors gain access to the crypto investment
ecosystem in truly unprecedented ways.

GBC AG: Your last investment was in VLaunch. Can you explain the reasons
for this investment and tell us what you expect from the investment?

Patrick Lowry: This year, Cryptology started to embrace more native crypto
investments and began to deploy capital into the DeFi ecosystem. VLaunch is
one of the most exciting projects in crypto today with easily the fastest
growing community. The angle they are taking, leveraging a community of
influencers in a DAO-esque model for a new token launch platform is
revolutionary. We view this as a highly strategic investment as we plan to
leverage the token launchpad to invest in the most innovative tokenized
platforms coming through the launchpad

GBC AG: Probably the most exciting project in Cryptology's portfolio at the
moment is the Bullish platform. Recently, the Financial Services Commission
(GFSC) of Gibraltar granted a license for the distributed ledger
technology. What does this mean for Bullish and what are the next steps to
become the world's largest crypto exchange?

Patrick Lowry: I am excited for many of our portfolio companies,
particularly Northern Data now that their tumultuous 2021 is behind it and
the firm can move forward. But yes, all the focus of capital markets is
zero'd in on B1's Bullish, and rightfully so. The IPO via SPAC seems to be
imminent now that the platform itself is live. Bullish spent much of 2021
in a private Beta, and even permitted institutions to join in early
December. While in Beta, Bullish realized well over $100 million daily
trading volume on Bitcoin rather quickly, equating roughly 15-20% of the
daily Bitcoin trading volume of Coinbase. In Mid-Dec., Bullish was rolled
out to over 40 countries for all crypto investors. Bullish has a big year
ahead of it in 2022, and I am. Bullish. on the platform!

GBC AG: The year 2021 was an extremely successful year for
cryptocurrencies, despite the Corona pandemic. In your view, have
cryptocurrencies made the leap into the mainstream?

Patrick Lowry: Crypto wasn't just successful despite the COVID pandemic.
Crypto largely thrived because of the COVID pandemic, or more accurately
said, our government's and central bank's irresponsible actions to combat
the economic fallout of the COVID pandemic. The crypto community has been
promoting Bitcoin as a 'digital store of value' for years, and in an era of
infinitely printed fiat currency (USD/EUR), people finally understood the
message and Bitcoin's value. Coupling this with the 2020 Bitcoin halving
event, 2021 was literally a perfect storm of adoption for Bitcoin. From
there, investors started diving down the rabbit hole and discovered ETH,
EOS and other crypto assets that have their own unique value drivers. We
are still in the first inning of adoption though, and I expect many, many
big things in the coming months and years.

GBC AG: In which areas do you think there will be no way around
cryptocurrencies in the foreseeable future?

Patrick Lowry: Crypto and the blockchain will touch literally every
industrial, financial and general business vertical in the world. No
industry will be safe, and everyone will inevitably adopt crypto/blockchain
in their business model. Adoption is inevitable.

GBC AG: The issue of sustainability/ESG is becoming increasingly important
for investors. How do you take this into account and implement individual
measures in your company and in your investments?

Patrick Lowry: Cryptology is an investment holding company with a very
small team. With little to no formal operations, I would expect our carbon
footprint to be basically non-existent. With that said, we work hand-in-
hand with our portfolio companies and discuss their own ESG initiatives.
For instance, Iconic Funds' Physically Backed Bitcoin ETP recently
announced it had begun carbon offsetting for all the Bitcoin in the ETP
through the purchase and holding of carbon credits. Northern Data is also
working to be completely carbon neutral by 2030 for its mining and HPC
operations. I believe our portfolio is working hard to be ESG-compliant
industry leaders.

Moving away from the 'E' of ESG though, there is still Social and
Governance implications of ESG compliance. What excites me the most is the
profound impact crypto will have on both elements. Crypto enables wealth
generation in a way that is unprecedented, which will have nothing but a
highly positive impact on society as individuals take control of their own
assets. Further, the governance structures being developed by DAO's and
quadratic voting systems, leveraging decentralized governance protocols
through cryptographic technology, are revolutionizing governance and
finally empowering organizations in a borderless, transparent and
individualistic manner. In my view, crypto will soon be seen as far and
away the most ESG compliant industry in the world.

GBC AG: Finally, can you give us an assessment of how you think
cryptocurrencies will develop in 2022? And what will be the main focus for
Cryptology in the coming year?

Patrick Lowry: Crypto is just getting warmed up. I expect 2022 to be a
massively exciting year for Cryptology, our portfolio companies and our
shareholders. We will continue to deliver on our vision of being the
gateway for investors seeking exposure to the crypto ecosystem through our
listed shares as well as continue to invest in and partner with the best
and brightest entrepreneurs and investors in the crypto ecosystem.

GBC AG: Patrick Lowry, thank you very much for the interview.

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Date (time) of completion of English version: 22/12/2021 (03.56 pm)
Date (time) of first distribution of English version: 27/12/2021 (11:00 am)

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