Safello obtains MiCA authorization and aims for international growth

Safello, the leading cryptocurrency exchange platform in the Nordic countries, has announced significant results for the third quarter of 2025, marking a pivotal milestone in its European expansion. Obtaining the MiCA authorization from the Swedish Financial Supervisory Authority (Finansinspektionen) represents a decisive step in strengthening Safello’s position as a regulated player in the cryptocurrency market and opening new opportunities for international growth.

Financial Performance of Safello: Signs of Recovery and Winning Strategies

The period between July and September 2025 saw Safello record a 16% growth in net revenue, reaching 165.7 million SEK compared to 143.2 million in the same period of the previous year. This result was primarily driven by an increase in the share of sell orders and a rise in the average value of buy orders, which climbed to 2,600 SEK (+18%).

The gross margin increased by 44%, reaching 13.4 million SEK, primarily due to profits from the sale of long-term held crypto assets, which generated 2.1 million SEK. Additionally, capitalized work for own account contributed positively with 0.9 million SEK.

Despite these positive signals, the quarter ended with an operating loss of 1.1 million SEK, influenced by write-downs on holdings in TAO and scheduled amortizations. The net profit also stood at -1.1 million SEK, with an earnings per share of -0.06 SEK.

On the operational front, the number of orders increased by 1% (41,400), while the average value of sales orders dropped to 9,600 SEK (-11%). Active users totaled 20,400, of which 4,400 were new clients.

The First Nine Months of 2025: Investments and Transformation

Looking at the first nine months of the year, Safello recorded a net revenue of 490.5 million SEK, down 7% compared to 2024. However, the gross margin increased by 10%, reaching 35.1 million SEK, indicating greater efficiency in asset management and operations.

The operating loss before depreciation (EBITDA) was 4.2 million SEK, reflecting an increase in costs related to the implementation of new European regulations, including MiCA and DORA, in addition to investments in product development and technical resources. The net loss for the period was 8.9 million SEK.

The client portfolio experienced a 6% decrease in orders (126,000), while the average value of purchase orders increased by 10%. The total active users were 51,900, with 12,900 new clients.

Digital Asset Management: Strategy and Innovation

As of September 30, 2025, Safello’s liquidity amounted to 17.9 million SEK, with a reserve in bitcoin of 1 BTC and 2,980 TAO in liquid assets. The asset reallocation strategy involved selling part of the bitcoin reserves and purchasing TAO, in addition to the complete liquidation of ETH holdings. This decision led to an increase in the book value of crypto assets and the realization of profits, although a write-down of 2.5 million SEK on TAO holdings was necessary to align them with market value.

The market value of long-term crypto assets was 9.8 million SEK, with an unrealized increase of 0.8 million compared to the book value.

Strategic Partnerships and Product Innovation

The third quarter was marked by numerous strategic collaborations. Safello signed a framework agreement with Marginalen Bank to integrate banking services into its platform and initiated a partnership with BitGo Europe for institutional custody solutions based on MPC-TSS technology.

On the innovation front, Safello has announced the launch of the first physically-backed European Exchange Traded Product (ETP) linked to Bittensor’s TAO token, scheduled for listing on the SIX Swiss Exchange on November 19 with the ticker STAO. Additionally, the company has strengthened its commitment to the Bittensor ecosystem through institutional staking and the creation of Wu-Tao, a research platform with a rating system for Bittensor’s subnets.

Safello Labs has released its first analytical report, “Decentralized AI: The Black Swan”, while Atoma Studio, in collaboration with Talos, has launched the global sale of blockchain compliance software solutions thanks to the partnership with Global Ledger.

International Expansion and New Opportunities

After the close of the quarter, Safello obtained the MiCA authorization, becoming the first Swedish company to receive this license for the provision of crypto-asset services in the European Union. This milestone paves the way for the expansion of services throughout the EU, with an initial focus on launching in Finland by the end of 2025.

Additional initiatives include the partnership with Fragbite Group AB as a Preferred Partner for bitcoin trading related to Fragbite’s Bitcoin Treasury, and the sponsorship of the 2025 Svenska Cupen of Counter-Strike, marking Safello’s debut in e-sports to strengthen brand awareness and engagement with its app.

Safello Labs has also initiated a collaboration with Dwellir to utilize the Bittensor (TAO) node infrastructure and, together with DDA, has issued the Safello Bittensor Staked TAO ETP.

A Vision for the Future: Quality, Regulation, and Innovation

According to Emelie Moritz, CEO of Safello:

With over 418,000 users and an established presence since 2013, Safello stands as a benchmark for secure and immediate access to cryptocurrencies in the Nordic countries. The company, listed on the Nasdaq First North Growth Market since 2021, continues to invest in technology, partnerships, and new products to consolidate its leadership and drive the adoption of cryptocurrencies in Europe.