mwb Research: Preferred shares to expand the shareholder base; BUY!
Preferred shares with attractive dividend yield
coinIX plans to issue up to 250,000 preferred shares at an issue price of EUR 10.00 per share, resulting in a capital increase of up to EUR 2.5m. coinIX’s assets under management would thus increase to approximately EUR 12.5m. A key incentive for investing in the preferred shares is the targeted annual dividend of EUR 1.00 per share, which corresponds to a target dividend yield of 10% on the issue price.
The preferred shares enjoy priority profit distribution over the common shareholders. If the dividends cannot be paid, they accumulate in subsequent years. The coinIX preferred shares are issued as electronic securities (eWpG) completely digitally and independently of banks via CONDA Capital (link) and are stored in a free digital custody wallet. Future trading on a DLT trading venue (probably from Q4 26) is in in preparation.
Investment in high-yield DeFi protocols
In order to cover the maximum annual dividend distribution of up to EUR 250k, the capital raised will be invested in high-yield crypto assets, including SAFTs/liquid tokens and DeFi protocols with an annual yield of 8–14%. This should make it possible to generate the targeted dividend solely from the additional funds. In relation to total assets under management, a net return of 2% would be sufficient.
The allocation between higher-risk and lower-risk investments is intended to maximize the probability of being able to pay the dividend each year. The first dividend distribution to preferred shareholders is scheduled for Q2 26.
Positioning as a crypto treasury
At the structural level, there are strong similarities between coinIX Preferred Stock and the 10% Series A Perpetual Strife Preferred Stock (STRF) issued by Strategy (formerly MicroStrategy). Both are designed as classic high-yield equity instruments without conversion rights. The key feature is the identical high fixed dividend rate of 10%, which makes both attractive to incomeoriented investors.
Another important security feature they share is the cumulative dividend function. With this instrument, coinIX is positioning itself more strongly as a diversified crypto treasury company, as the proceeds from the issue will be invested primarily in crypto assets rather than in corporate investments.
Pros and cons for common shareholders
Due to the preferential shareholders’ priority rights to profit distribution and the cumulative dividend obligation, ordinary shareholders could be excluded from dividend payments for an extended period of time while profits generated at the same time are distributed.
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However, expanding the shareholder base to include more income-oriented investors also results in positive economies of scale in portfolio management, enabling coinIX to spread the fixed costs of management, expertise, infrastructure, and due diligence over a larger investment capital base and improve access to deals through a larger network and higher investment capital. The stronger perception as a diversified crypto treasury company could also lead to a revaluation and a reduction in the discount on NAV.
Roundtable with CEO, BUY.
For further information, we invite interested investors to a virtual roundtable with CEO Moritz Schildt and Investment Analyst Marcus Wodausch on November 18, 2025, at 2:00 p.m. (register here). Updating our model we arrive at a new price target of EUR 3.00 (previously: EUR 3.20) and reaffirm our BUY recommendation.
Valuation
Investment case in five charts
SWOT analysis
Strengths
- Early mover with good track record
- Exclusive focus on blockchain; deep and complementary know-how in the team (including inhouse regulatory expertise)
- Network enables access to attractive pre-sales and seed rounds
- Flexibility in asset allocation and high diversification in cryptocurrencies, tokens and blockchain venture capital
Weaknesses
- Unusual legal form (GmbH & Co KGaA)
- Listing on the open market (Düsseldorf, Munich, Berlin) with low transparency and reporting requirements Opportunities
- Enormous growth of the blockchain market and related investment opportunities
- Very high return potential with simultaneously high liquidity of cryptocurrencies and some tokens
- Generating recurring revenues through staking / delegating
- Eurocentric business model with clear regulatory framework
Risks
- Volatility of cryptocurrencies and token prices
- Stricter regulation of cryptocurrencies and accompanying higher regulatory requirements for coinIX
