Bitcoin investments without buying Bitcoin directly
If you want to take part in Bitcoin's development without buying and storing Bitcoin yourself, there are several options. This overview compares them in four categories with the key figures: ETFs and exchange-traded products, stocks with Bitcoin exposure, preferred shares with Bitcoin exposure, and Bitcoin treasury companies and direct stakes.
Table of Contents
ETFs and exchange-traded products (ETPs)
Exchange-traded products track the Bitcoin price without investors having to buy or store Bitcoin themselves. With physically backed products, the issuer holds the Bitcoin in custody and the cost comes through the annual fee (TER). In Europe most products are structured as ETNs or ETPs, which carries issuer risk. US spot ETFs are often not tradable for retail investors in the EU.
iShares Bitcoin Trust ETF (IBIT)
- Listing
- Nasdaq (USA): IBIT, US spot ETF
- Company
- BlackRock, Inc. (iShares), New York, USA
- Market entry
- ETF began trading on 11 January 2024
- Company value / size
- Assets under management (AuM): USD 63.71bn (as of 18 Sep 2026)
- Shares
- 1.38bn shares (as of 18 Sep 2026)
- Fees (TER)
- 0.25% p.a. (TER)
- Return / performance
- Minus 29.92% over 12 months (in USD, as of 18 Sep 2026)
Physically backed US spot Bitcoin ETF: the fund holds Bitcoin and aims to track the Bitcoin price minus the fee. It is one of the largest Bitcoin ETFs by assets. For retail investors in the EU, trading is often not possible because no key information document (KID) is available.
- Very large fund size and high liquidity
- Low fee of 0.25% p.a.
- Well-known issuer (BlackRock) and regulated US structure
- No self-custody, no handling of private keys required
- Often not tradable for retail investors in the EU (US security without KID)
- Investors do not own any Bitcoin and have no access to the coins
- Currency risk USD versus euro
- Full Bitcoin price volatility (minus 29.92% over 12 months)
21Shares Bitcoin ETP (ABTC)
- Listing
- Xetra, SIX, Euronext (ABTC), ISIN CH0454664001
- Company
- 21Shares AG, Zurich, Switzerland
- Founded
- 2018
- Market entry
- Began trading on 26 February 2019
- Founding team
- Hany Rashwan and Ophelia Snyder
- Company value / size
- Assets under management (AuM): EUR 545m (as of Sep 2026)
- Fees (TER)
- 1.49% p.a. (TER)
- Return / performance
- Minus 30.17% over 12 months, plus 1,759.20% since launch (in USD, as of Sep 2026)
Physically backed Bitcoin ETP (ETN) domiciled in Switzerland. The price follows the Bitcoin price, and the underlying Bitcoin is held in cold storage. The product is accumulating, with no distributions. Tradable via Xetra and other European exchanges in a normal securities account.
- Tradable via Xetra and many European exchanges in a normal account
- Physically backed, Bitcoin in cold storage
- On the market since 2019, one of the oldest European Bitcoin ETPs
- No self-custody required
- At 1.49% p.a. considerably more expensive than other Bitcoin ETPs (e.g. WisdomTree at 0.15%)
- ETN structure: issuer risk despite physical backing
- Investors do not own Bitcoin themselves
- Full Bitcoin price volatility
WisdomTree Physical Bitcoin (Xetra: WBIT)
- Listing
- Xetra: WBIT, London, Euronext, SIX, ISIN GB00BJYDH287
- Company
- WisdomTree (issuer domiciled in Jersey)
- Market entry
- Began trading on 28 November 2019
- Company value / size
- Assets under management (AuM): EUR 1.29bn (as of Sep 2026)
- Fees (TER)
- 0.15% p.a. (fee waiver until 31 Dec 2026, then 0.25% p.a.)
- Return / performance
- Minus 29.22% over 12 months, plus 852.54% since launch (in USD, as of Sep 2026)
Physically backed Bitcoin ETP (ETN) that tracks the Bitcoin price. According to the issuer, the product is backed by actual Bitcoin holdings. Tradable via Xetra and other European exchanges in a normal securities account.
- Very low fee (0.15% p.a. until 31 Dec 2026)
- Large fund size of around EUR 1.29bn
- Trading via Xetra and many European exchanges
- Physically backed, no self-custody required
- Fee rises to 0.25% p.a. from 1 Jan 2027
- ETN structure: issuer risk
- Investors do not own Bitcoin themselves
- Full Bitcoin price volatility
Stocks with Bitcoin exposure
Listed companies whose business is closely tied to Bitcoin. Investors buy shares in the company, not in Bitcoin. Besides the Bitcoin price, management, costs, debt and market sentiment influence the share price.
Coinbase Global, Inc. (Nasdaq: COIN)
- Listing
- Nasdaq (USA): COIN
- Company
- Coinbase Global, Inc., USA
- Founded
- June 2012, San Francisco
- Market entry
- Stock market listing in April 2021 (direct listing on Nasdaq)
- Founding team
- Brian Armstrong and Fred Ehrsam
- Management
- Brian Armstrong (CEO and co-founder)
- Revenue
- USD 6.04bn over the last 12 months (minus 9.2%, as of 19 Sep 2026)
- Company value / size
- Market cap USD 51.25bn (minus 37.8% over 12 months, as of 19 Sep 2026)
- Shares
- 263.84m shares
- Return / performance
- Price USD 194.25 (18 Sep 2026), 52-week range USD 139.11 to 402.16
Largest crypto exchange in the US, offering trading, custody, staking and services for institutional clients. Coinbase also holds a large share of the Bitcoin backing US spot ETFs. Revenue depends heavily on trading volume and price levels in the crypto market.
- Broad business (exchange, custody, staking, institutional) rather than a pure Bitcoin bet
- Listed with extensive reporting duties to the US securities regulator
- Important role in custody of Bitcoin for ETFs
- Revenue benefits from rising trading volumes
- Revenue strongly dependent on the crypto market cycle (recently minus 9.2%)
- High price volatility: 52-week range of USD 139 to 402
- Security and regulatory risks (see the 2025 data incidents on our Buy Bitcoin page)
- Not a direct Bitcoin investment, the share only follows Bitcoin indirectly
MARA Holdings, Inc. (Nasdaq: MARA)
- Listing
- Nasdaq (USA): MARA
- Company
- MARA Holdings, Inc. (formerly Marathon Digital Holdings), USA
- Founded
- 2010
- Market entry
- Renamed MARA Holdings in August 2024, core business Bitcoin mining
- Management
- Fred Thiel (CEO)
- Revenue
- USD 804.22m over the last 12 months (plus 0.7%, as of 19 Sep 2026)
- Company value / size
- Market cap USD 5.11bn (minus 20.4% over 12 months, as of 19 Sep 2026)
- Shares
- 386.30m shares
- Return / performance
- Price USD 13.24 (18 Sep 2026), 52-week range USD 6.66 to 23.45
Bitcoin miner that operates data centers and is increasingly evolving into an energy and infrastructure provider (including AI compute). In early 2026 the company held about 38,689 Bitcoin after selling 15,133 Bitcoin in March 2026. 54% of the holdings are pledged as collateral for borrowings.
- Direct link to Bitcoin via mining and its own Bitcoin holdings
- Shift to energy and AI infrastructure may broaden revenue sources
- Share tends to react strongly to rising Bitcoin prices
- Revenue over the last 12 months slightly up (plus 0.7%)
- High cost base: net loss of USD 611m in Q2 2026 according to Bitget News
- Capital measures can dilute existing shareholders
- 54% of the Bitcoin holdings pledged as collateral
- Sale of 15,133 Bitcoin in March 2026
- Highly cyclical, halvings and hashrate growth weigh on mining income
Bitcoin Group SE (Xetra: ADE)
- Listing
- Xetra: ADE, ISIN DE000A1TNV91
- Company
- Bitcoin Group SE, Herford, Germany
- Management
- Moritz Eckert (CEO), Anton Langbroek (board member since 24 Apr 2026)
- Revenue
- EUR 10.0m in fiscal 2025 (prior year EUR 9.3m), EBITDA EUR 0.5m, net loss EUR 1.3m
- Company value / size
- Market cap around EUR 140m (as of Sep 2026), net own crypto holdings EUR 293m, equity ratio 71.8% (end of 2025)
- Shares
- around 5.0m shares (as of Sep 2026)
- Return / performance
- Price around EUR 28 (as of Sep 2026), please check current price performance with the exchange
Holding company focused on crypto and blockchain. Its main holding is the Bitcoin marketplace bitcoin.de, alongside Sineus (financial services) and futurum bank. The company also holds its own crypto assets. A relaunch of bitcoin.de as a new trading platform was announced for 2026.
- German company listed on Xetra, tradable in euros
- High equity ratio of 71.8% and own crypto holdings of EUR 293m
- Established brand in the German Bitcoin market (bitcoin.de)
- Holding portfolio of bitcoin.de, Sineus and futurum bank, more diversified than simply holding crypto
- 2025 net loss of EUR 1.3m, EBITDA fell from EUR 1.8m to EUR 0.5m
- Earnings depend heavily on crypto prices and investment in the new platform
- Small market capitalization, often resulting in lower trading liquidity
- Management change in 2026 (Anton Langbroek succeeds Michael Nowak)
Preferred shares with Bitcoin exposure
Preferred shares of Bitcoin treasury companies pay a fixed or variable dividend and rank ahead of common shares for distributions and in liquidation. They are not a direct Bitcoin purchase: the Bitcoin exposure is indirect via the issuer, which holds large Bitcoin reserves and must pay the dividends from reserves, capital raising or the sale of Bitcoin. Price and dividend safety therefore depend on Bitcoin, interest rates and the issuer's ability to pay. With cumulative series, missed dividends must be paid later, with non-cumulative ones they need not be. Metaplanet's preferred shares (MARS, Mercury) are not listed here because the planned exchange listing was delayed according to CoinDesk (13 May 2026).
Strategy STRC (Variable Rate Series A Perpetual Stretch Preferred)
- Listing
- Nasdaq (USA): STRC, in USD
- Company
- Strategy Inc., Tysons Corner, Virginia, USA (issuer)
- Founded
- Issuer founded in 1989
- Market entry
- Initial offering on 29 Jul 2025: 28,011,111 shares at USD 90, gross proceeds about USD 2.521bn
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- Issuer Strategy: USD 498.35m over the last 12 months (as of 18 Sep 2026)
- Company value / size
- Over USD 10bn nominal outstanding (mid 2026, according to press reports), Strategy's largest preferred series
- Shares
- Number varies through ongoing issuance and buybacks, stated amount USD 100 per share. Repurchase of 1,810,885 shares for USD 176.3m from 31 Aug to 7 Sep 2026
- Dividend
- 12.00% p.a. on USD 100 stated amount (variable, effective from 16 Aug 2026), paid semi-monthly in cash, rate adjusted monthly
- Return / performance
- Price USD 98.51 (18 Sep 2026), dividend yield 12.18%, 52-week range USD 71.25 to 100.42
Perpetual preferred share of Strategy with a variable dividend. The rate is adjusted monthly so that the price stays as close as possible to the USD 100 stated amount. The dividend ranks ahead of common shares and, according to Strategy, is covered among other things by a USD reserve (as of 7 Sep 2026: USD 5.10bn). Bitcoin exposure exists only indirectly via the issuer's ability to pay.
- High ongoing dividend of 12.00% p.a. (as of 16 Aug 2026), paid semi-monthly in cash
- Variable rate aims for a price close to the USD 100 stated amount
- Ranks ahead of Strategy common shares for dividends and in liquidation
- Strategy recently bought back its own STRC shares (1,810,885 shares worth USD 176.3m)
- No conversion right and no participation in Bitcoin price gains, only the dividend and the price of the preferred share
- Dividend depends on Strategy's ability to pay, according to CoinDesk (5 May 2026) the company considered selling Bitcoin to pay dividends
- Price fluctuates (52-week range USD 71.25 to 100.42), ranks behind debt
- The variable rate can also fall again
- Traded on Nasdaq in USD: currency risk, broker access and withholding tax to be checked
Strategy STRK (8.00% Series A Perpetual Strike Preferred)
- Listing
- Nasdaq (USA): STRK, in USD
- Company
- Strategy Inc., Tysons Corner, Virginia, USA (issuer)
- Founded
- Issuer founded in 1989
- Market entry
- Initial offering in January 2025
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- Issuer Strategy: USD 498.35m over the last 12 months (as of 18 Sep 2026)
- Company value / size
- USD 1,402.1m nominal outstanding (as of 15 Sep 2026)
- Shares
- around 14.0m shares (stated amount USD 100 per share)
- Dividend
- 8.00% p.a. (USD 2.00 per quarter), cumulative, paid quarterly in cash
- Return / performance
- Price USD 75.42 (18 Sep 2026), dividend yield 10.61%, 52-week range USD 49.80 to 100.25
Perpetual, cumulative preferred share of Strategy with a fixed 8.00% dividend. According to The Block, the only Strategy preferred series convertible into common shares (please check the conversion ratio in the offering terms). It combines a dividend with the chance to participate, via conversion, in the Strategy share price and thereby indirectly in Bitcoin.
- Cumulative dividend: missed payments remain owed
- Conversion right into common shares offers upside if the Strategy share price rises
- Ranks ahead of common shares for dividends and in liquidation
- Price below stated amount, giving a dividend yield of 10.61% on the price
- Price well below the USD 100 stated amount (USD 75.42), which points to a risk discount
- At 8.00%, a lower coupon than STRF, STRD and STRC
- Dividend depends on Strategy's ability to pay
- High price volatility (52-week range USD 49.80 to 100.25)
- Traded on Nasdaq in USD: currency risk, broker access and withholding tax to be checked
Strategy STRF (10.00% Series A Perpetual Strife Preferred)
- Listing
- Nasdaq (USA): STRF, in USD
- Company
- Strategy Inc., Tysons Corner, Virginia, USA (issuer)
- Founded
- Issuer founded in 1989
- Market entry
- Initial offering in 2025
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- Issuer Strategy: USD 498.35m over the last 12 months (as of 18 Sep 2026)
- Company value / size
- USD 1,284.0m nominal outstanding (as of 15 Sep 2026)
- Shares
- around 12.8m shares (stated amount USD 100 per share)
- Dividend
- 10.00% p.a. (USD 2.50 per quarter), cumulative, paid quarterly in cash
- Return / performance
- Price USD 104.00 (18 Sep 2026), dividend yield 9.62%, 52-week range USD 82.50 to 117.05
Perpetual, cumulative preferred share of Strategy with a fixed 10.00% dividend on the USD 100 stated amount. It is not convertible into common shares and therefore mainly offers ongoing income rather than upside.
- High fixed coupon of 10.00%
- Cumulative dividend: missed payments remain owed
- Price close to stated amount, less volatile than STRK and STRD (52-week range USD 82.50 to 117.05)
- Ranks ahead of common shares for dividends and in liquidation
- Price above stated amount (USD 104.00): the dividend yield of 9.62% is below the coupon
- No conversion and no participation in gains of Strategy or Bitcoin
- Dividend depends on Strategy's ability to pay
- Traded on Nasdaq in USD: currency risk, broker access and withholding tax to be checked
Strategy STRD (10.00% Series A Perpetual Stride Preferred)
- Listing
- Nasdaq (USA): STRD, in USD
- Company
- Strategy Inc., Tysons Corner, Virginia, USA (issuer)
- Founded
- Issuer founded in 1989
- Market entry
- Initial offering in 2025
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- Issuer Strategy: USD 498.35m over the last 12 months (as of 18 Sep 2026)
- Dividend
- 10.00% p.a. (USD 2.50 per quarter), non-cumulative, paid quarterly in cash
- Return / performance
- Price USD 74.19 (18 Sep 2026), dividend yield 13.48%, 52-week range USD 49.00 to 84.88
Perpetual preferred share of Strategy with a fixed 10.00% dividend. Unlike STRK, STRF and STRE, the dividend is not cumulative: missed payments need not be made up later. This is reflected in a much lower price and a higher dividend yield.
- High dividend yield of 13.48% on the price
- Price far below stated amount (USD 74.19) offers theoretical recovery potential towards USD 100
- Ranks ahead of common shares for dividends and in liquidation
- Non-cumulative: missed dividends need not be paid later
- According to the offering terms usually ranks below the other series, hence higher risk
- High price volatility (52-week range USD 49.00 to 84.88)
- Traded on Nasdaq in USD: currency risk, broker access and withholding tax to be checked
Strategy STRE (10.00% Series A Perpetual Stream Preferred, in euros)
- Listing
- Nasdaq Global Select Market (USA): STRE, in EUR
- Company
- Strategy Inc., Tysons Corner, Virginia, USA (issuer)
- Founded
- Issuer founded in 1989
- Market entry
- Initial offering in November 2025 (priced on 6 Nov 2025: 7,750,000 shares at EUR 80, gross proceeds about EUR 620m)
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- Issuer Strategy: USD 498.35m over the last 12 months (as of 18 Sep 2026)
- Company value / size
- About EUR 775m nominal at initial offering (7.75m shares at EUR 100 stated amount), later increases possible
- Shares
- 7.75m shares at initial offering
- Dividend
- 10.00% p.a. on EUR 100 stated amount (EUR 2.50 per quarter), cumulative, paid quarterly in cash
- Return / performance
- Please check current price data with your broker. Issue price EUR 80, which at EUR 10 dividend per year corresponded to an initial yield of 12.5%
Strategy's first preferred share in euros. Stated amount and dividend are denominated in EUR, so investors in the euro area bear no USD currency risk on price and dividend. The fixed 10.00% dividend is cumulative.
- Denominated in euros: no USD currency risk on price and dividend
- Cumulative dividend: missed payments remain owed
- Fixed dividend of 10.00% on the EUR 100 stated amount
- Initial yield at issue: 12.5% (EUR 10 dividend at EUR 80 issue price)
- Smaller issue size (about EUR 775m), so likely lower trading liquidity than STRC
- Dividend depends on Strategy's ability to pay
- No conversion and no participation in Bitcoin price gains
- Traded on the US exchange Nasdaq: broker access and withholding tax to be checked
Strive SATA (Variable Rate Series A Perpetual Preferred)
- Listing
- Nasdaq (USA): SATA, in USD
- Company
- Strive, Inc., Dallas, Texas, USA (issuer, Nasdaq: ASST)
- Founded
- Issuer founded in 2022
- Founding team
- Vivek Ramaswamy and Anson Frericks (Strive Asset Management)
- Company value / size
- About USD 827m nominal (8,270,815 shares at USD 100 stated amount, as of 21 Aug 2026)
- Shares
- 8,270,815 shares (as of 21 Aug 2026, up 441,313 shares from the previous week)
- Dividend
- Variable rate, raised step by step from 12.25% to 13.00% in spring 2026 (as of 15 Apr 2026), paid per business day in cash since 16 Jun 2026
- Return / performance
- Price USD 100.01 (18 Sep 2026), dividend yield according to stockanalysis.com 11.29%, 52-week range USD 79.01 to 101.35
Perpetual preferred share of asset manager and Bitcoin treasury company Strive with a variable dividend. According to its own filing, Strive held 21,356 Bitcoin on 21 Aug 2026. According to the company, an interest reserve covers more than 18 months of SATA dividends (12 months in cash, 6 months in STRC shares).
- High ongoing dividend (rate up to 13.00% in spring 2026), price close to the USD 100 stated amount
- Interest reserve covering more than 18 months of dividends according to the company
- Ranks ahead of Strive common shares for dividends and in liquidation
- Growing Bitcoin holdings of the issuer (21,356 Bitcoin on 21 Aug 2026)
- Much smaller and younger issuer than Strategy, higher issuer risk
- Variable rate can fall, the current dividend yield (11.29%) is below the spring peak
- Reserve runs out after about 18 months, after which the dividend depends on the issuer's earnings and capital access
- No conversion right and no participation in Bitcoin price gains
- Traded on Nasdaq in USD: currency risk, broker access and withholding tax to be checked
Bitcoin treasury companies and direct stakes
Companies that hold Bitcoin on their balance sheet on a large scale (treasury strategy) or operate Bitcoin mining infrastructure. Besides listed companies there are unlisted stake offerings. These are usually hard to trade, offer little public transparency and carry elevated risk up to total loss.
Strategy Inc. (formerly MicroStrategy, Nasdaq: MSTR)
- Listing
- Nasdaq (USA): MSTR
- Company
- Strategy Inc., Tysons Corner, Virginia, USA
- Founded
- 1989
- Market entry
- First Bitcoin purchase on 11 August 2020 (21,454 Bitcoin for about USD 250m)
- Founding team
- Michael Saylor, Sanju Bansal and Thomas Spahr
- Management
- Phong Le (CEO), Michael Saylor (Executive Chairman)
- Revenue
- USD 498.35m over the last 12 months (plus 7.8%, as of 18 Sep 2026), mainly from the software business
- Company value / size
- Market cap USD 59.14bn (minus 36.7% over 12 months, as of 18 Sep 2026), USD reserve of USD 5.10bn (as of 7 Sep 2026)
- Shares
- 384.23m shares
- Return / performance
- Price USD 153.92 (18 Sep 2026), 52-week range USD 81.81 to 365.21
Provider of business intelligence software (Strategy ONE) and the largest listed Bitcoin holder: 845,050 Bitcoin (as of 7 Sep 2026) at an average purchase price of about USD 75,412 and total cost of about USD 63.73bn. Purchases are financed through share issuance, convertible notes and preferred stock (see the preferred shares category).
- Largest listed Bitcoin holding with 845,050 Bitcoin
- Clear, long-standing Bitcoin strategy since 2020
- Additional software business with about USD 498m in revenue
- USD reserve of USD 5.10bn to cover dividends and interest (as of 7 Sep 2026)
- High price volatility: 52-week range of USD 81.81 to 365.21
- Debt financing and preferred stock weigh on the balance sheet and can create pressure when prices fall
- Share value depends strongly on the Bitcoin price, average purchase price about USD 75,412
- Investors do not own Bitcoin, and the share can trade at a premium or discount to the company's Bitcoin value
Metaplanet Inc. (Tokyo: 3350)
- Listing
- Tokyo Stock Exchange: 3350
- Company
- Metaplanet Inc., Tokyo, Japan (formerly Red Planet Japan, hotel operator)
- Market entry
- Bitcoin strategy since 22 April 2024 (first purchase: 97.85 Bitcoin for JPY 1bn)
- Management
- Simon Gerovich (President and CEO)
- Revenue
- JPY 4.94bn in H1 2026 (plus 134%), operating profit JPY 3.33bn (as of 14 Aug 2026)
- Company value / size
- Market cap JPY 311.35bn, about USD 1.98bn (as of Sep 2026)
- Shares
- around 1.3bn shares
- Return / performance
- Price JPY 243 (about USD 1.55), Bitcoin holdings with a 9.2% unrealized loss versus cost basis (CoinGecko, as of Sep 2026)
Japanese Bitcoin treasury company with 43,000 Bitcoin (as of 2 Jul 2026) and an average purchase price of about USD 88,622. Metaplanet states its own targets as 100,000 Bitcoin by the end of 2026 and 210,000 Bitcoin by 2027. Income comes among other things from Bitcoin-related earnings and options business.
- Large listed Bitcoin holding of 43,000 Bitcoin
- Growing income: revenue in H1 2026 up 134%
- Access to Bitcoin exposure via the Tokyo Stock Exchange
- Clear growth targets for the Bitcoin holdings
- Public criticism of management in 2026 (including stock rights, MMXX Ventures)
- Bitcoin holdings currently below cost basis (minus 9.2%)
- Traded on a foreign exchange: yen currency risk and limited access at some German brokers
- Growth via capital measures can dilute existing shareholders
GM Data Centers AG (Green Mining)
- Listing
- Not listed, participation via Swiss shares
- Company
- GM Data Centers AG, Zug, Switzerland
- Founded
- Entered in the commercial register on 22 Feb 2022 (initially as GMT DAO AG, GM Data Centers AG since 15 Feb 2023)
- Market entry
- First site GM1 in Paraguay in 2023, site GM3 (6 MW, hydropower, Villarrica) operating since December 2024
- Founding team
- Sascha Grumbach and Valentine Pleser
- Management
- Sascha Grumbach (chair of the board, CEO), Valentine Pleser (board member), Jode Wardell (CTO)
- Revenue
- Not published. According to the company, about 14.5 Bitcoin projected output in 2025 at site GM3
- Company value / size
- Not published. Share capital CHF 195,185 (as of 3 Dec 2024)
- Shares
- 19,518,515 registered shares at CHF 0.01 nominal value each (according to registry data)
- Return / performance
- No standardized return published. According to the company, GM3 has been profitable since Q1 2025 and a total of 4.5 Bitcoin was distributed to investors in 2025. A third-party report cited around 15% p.a. investor return (as of Oct 2025), not independently verified.
Develops and operates Bitcoin mining infrastructure based on renewable energy (initially hydropower in Paraguay) and plans expansion into data centers. Investors can participate in individual sites via Swiss shares (co-mining), for example through GM3 Technologies AG. According to the company, shareholders participate in Bitcoin production, not in a promise of returns. More than 300 investors, details on terms only in the data room.
- Participation in Bitcoin production via Swiss shares
- 100% hydropower in Paraguay, focus on renewable energy
- Site GM3 profitable since Q1 2025 according to the company
- Swiss legal form with commercial register entry
- Not listed: barely tradable, exit options not publicly described
- Terms and figures only in the data room, low public transparency
- Total loss risk: returns depend on Bitcoin price, power price and hashrate
- Location risks (Paraguay, further expansion to Ethiopia planned)
- Return figures come from the company itself and are not independently verified
terahash.energy GmbH (terahash)
- Listing
- Not listed, participation or managed mining by agreement
- Company
- terahash.energy GmbH, Augsburg, Germany
- Founded
- 21 Nov 2022 (spin-off from the Kläger Group)
- Market entry
- Blocktrainer Capital acquired a 20% stake in June 2023, project Genesis (Finland, 1 MW) launched, second site Aurora (Finland) since May 2025
- Founding team
- Kristian Kläger (Kläger Group), together with Roman Reher and Bastian Bleker (Blocktrainer)
- Management
- Kristian Kläger (managing director)
- Revenue
- Revenue target 2025 just under EUR 3m (company statement), hashrate under management plus 147%, Bitcoin holdings plus 45%
- Company value / size
- Not published
- Shares
- GmbH shares (not stock), Blocktrainer Capital holds 20%
- Return / performance
- No standardized return published
Bitcoin mining as a service: managed mining abroad (including Finland, Scandinavia, USA) and integration of mining into German energy systems (e.g. waste heat, photovoltaic surplus). In the past, investors were reportedly offered mining servers from about EUR 100,000 for 10 servers over 5 years of operation (please check current terms directly). A partnership with 21bitcoin started in 2026.
- German company closely connected to the German Bitcoin community (Blocktrainer)
- Strong growth in 2025: hashrate under management up 147%
- Use of renewable energy and waste heat (project Genesis in Finland)
- Backing by the Kläger Group, a family company more than 75 years old
- Not listed, no secondary market
- Returns depend on Bitcoin price, hashprice, power price and hardware efficiency (halving)
- Hardly any public financial figures, no audited return figures
- Concentration risk due to few sites, total loss possible