Principles of write-downs and write-ups in the tokentus portfolio

tokentus investment AG is a venture capital investor operating in the still very young, innovative, and therefore highly volatile market for blockchain and crypto technology. Against this backdrop, it is all the more important to adjust the actual economic value of its holdings—whether in the form of equity investments, convertible loans, or cryptocurrencies—in accordance with changing circumstances, and to recognize corresponding write-downs, impairments, or reversals of impairments in its accounts as required.

A write-down is recognized for accounting purposes when the fair value (fair value or proportionate equity value) falls permanently below the carrying amount. This may ultimately lead to full write-downs to zero, for example if an investee company has filed for insolvency (or insolvency proceedings have been initiated) or has been liquidated. Partial write-downs may also be required in cases of sustained losses, negative business performance of a portfolio company, or adverse price developments of coins and tokens (cryptocurrencies). For current assets, this applies regardless of whether the impairment is expected to be permanent or only temporary.

A look at the market capitalization of the crypto market alone shows the following figures for the 2025 financial year. The year began at a high of approximately USD 3.8 trillion (January), declined to a low of around USD 2.4 trillion, recovered strongly to reach a new all-time high of USD 4.4 trillion in October, and ultimately ended the year at USD 3.0 trillion.

This range of market volatility in which tokentus investment AG operates as an investor therefore has a direct and significant impact on fluctuations in the valuation of its portfolio. On the one hand, this makes full and partial write-downs necessary; on the other hand, it may also create the potential for future write-ups (within the limits permitted by law).


Contact Investor Relations

Oliver Michel
CEO der tokentus investment AG
Tel: +49 175 7222 351
oliver.michel@tokentus.com