London, UK, 4 June 2021

Arcane Crypto (ARCANE): Initiation - A play on the digital asset revolution

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.

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