Virtune shares
Unlisted company
Virtune is a regulated Swedish crypto asset manager and issuer of exchange-traded products (ETPs) on regulated European marketplaces. Revenue is generated through two main channels: management fees accrued daily against assets under management (AUM) in each product, and revenue from staking rewards in the blockchains where the company participates as a validator. The fees are continuously deducted from the products’ underlying crypto assets and constitute the company’s operating revenue base.
Customers and products
The customer base ranges from retail investors using online brokers and banks to institutional investors seeking regulated exposure to crypto assets. Each product provides 1:1 exposure to the price performance of one or more underlying crypto assets, less a management fee and, for staking products, with the addition of staking rewards. The product portfolio includes both individual assets such as Bitcoin, Ethereum and XRP, as well as index-based products such as Virtune Crypto Top 10 Index ETP and Virtune Coinbase 50 Index ETP. The products are physically backed and held with an external custodian.
Markets and growth strategy
The primary market is Nasdaq Stockholm, from which the company cross-lists products on additional European exchanges under an EU-passported base prospectus. The growth strategy is based on three tracks: expanding the product portfolio with new crypto assets and index structures, geographical expansion to more European exchanges, and deeper distribution through partnerships with banks, advisory platforms and institutional channels.
Revenue model
Management fee calculated daily on AUM
Revenue from staking rewards
Scalable platform — revenue grows with AUM
Product and market
Regulated issuer with an EU-approved base prospectus
Physically backed products with external custody
Cross-listing on more European exchanges
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 18MSEK
- Operating cash flow
- 14MSEK
- Net sales
- 67MSEK
- Equity ratio
- 0.7%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 67(+253.5 %) | 19(+3,092.6 %) | 0.6 | 0 |
| Revenue growth | 253.5%(-2,839 pp) | 3,092.6% | – | – |
| EBITDA | 11 | -9.8 | -13 | -2.7 |
| EBIT | 11 | -10 | -13 | -2.7 |
| Net income | 9.8 | -12 | -13 | -2.7 |
| Equity | 21(+37.1 %) | 15(+75.5 %) | 8.8(+536.9 %) | 1.4(+1,207.7 %) |
| Cash and bank | 18(+384.7 %) | 3.6(-53.8 %) | 7.9(+376 %) | 1.7(+254,388.6 %) |
| Operating cash flow | 14 | -21 | -13 | -1.4 |
| Equity ratio | 0.7%(-0.1 pp) | 0.8%(-3.7 pp) | 4.5%(-41.8 pp) | 46.3%(-43 pp) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 15m | SEK 265m |
Questions about Virtune
Is Virtune publicly listed?
No, Virtune is a public limited company, but it is not listed on a stock exchange. The company has not completed an IPO, and its shares are therefore not traded on a regulated stock exchange, but through the unlisted market.
What does Virtune do?
Virtune is a regulated Swedish asset management company that issues and manages exchange-traded products with crypto assets as the underlying assets. The company provides investors with exposure to crypto assets through physically backed exchange-traded products listed on regulated European exchanges.
Can I buy shares in Virtune?
Yes, it is possible to buy shares in Virtune through private share trading, provided that there are sellers. Via Eqvor, you can place a buy order and be matched with sellers in the private market.
How do I sell shares in Virtune?
If you own shares in Virtune, you can place a sell order through Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed and the change of ownership is recorded in the company’s share register in accordance with the company’s applicable procedures.
Is Virtune affiliated with Euroclear?
No, Virtune is currently not affiliated with Euroclear. This means that the shares are registered directly in the company's share register and not through the Swedish securities system.
Can I hold Virtune shares with Avanza or Nordnet?
Since Virtune is not affiliated with Euroclear, the shares normally cannot be held in a standard brokerage account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Does Virtune have a right of first refusal or pre-emption right?
Yes, Virtune has a right of first refusal or pre-emption right. This means that share transfers may need to be handled in accordance with specific terms before the shares are sold on to an external buyer.
At what price is Virtune's share traded?
Because Virtune is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand among buyers and sellers in the private market.
When will Virtune be listed on a stock exchange?
There is currently no publicly announced timetable for Virtune to be listed on a stock exchange. We therefore do not currently know when Virtune may be listed or whether the company will conduct an IPO.
What are the risks of investing in Virtune?
Investing in Virtune involves risk, just like other investments in unlisted shares. The company’s value may be affected by developments in the crypto market, regulatory requirements, competition, assets under management, product launches, ETP listings, custody solutions, technological risks, and demand for exchange-traded products with crypto assets. Trading in unlisted shares also typically entails lower liquidity than trading in listed shares.
Where can I find Virtune’s annual report?
Virtune’s annual report is available under Investor Relations and Financial Reports. The company’s annual reports, half-year reports and other financial reports are available there for download.
Has Virtune carried out any share issues?
Yes, Virtune has carried out capital raises and previous new share issues. Virtune's Capital raised is stated as SEK 43 million, which shows how much capital the company has raised through previous financing.
How much capital has Virtune raised in total?
Virtune's capital raised is stated as SEK 43 million. An equity raise is a term for raising capital, but terms such as funding round, financing or share issue are often used in Swedish.
Has Virtune reported a profit or loss?
Virtune reports a positive result in the latest available information. Under Key figures, EBITDA is stated as TSEK 11,269 and Profit for the year as TSEK 9,797. The company’s earnings performance is also shown in the Profit by year chart.