GSTechnologies Adopts Bitcoin Treasury Reserve in Strategic Fintech Shift

GS20 Exchange and Bake: building a regulated crypto franchise

GS Fintech UAB in Lithuania, which runs the GS20 exchange and now the Bake platform (acquired 1 January 2025), submitted a MiCA licence application in September 2025. Management has answered follow-ups from the Bank of Lithuania and is optimistic on approval.

Product momentum looks healthy:

• Launched a savings product that pays real-time rewards, with strong adoption across active users.
• Joined Circle’s alliance, bringing MiCA-compliant USDC and EURC stablecoins to the Group’s 800,000+ users.
• Integrated with licensed EMI Nuvei UAB to enable direct SEPA EUR deposits/withdrawals and 24/7 crypto buying and selling in Euro.

Opinion: This is exactly where you want a crypto business in Europe – building under the MiCA umbrella, adding compliant stablecoins, and tightening fiat rails. If the licence lands in 2026, it could be a meaningful catalyst.

Revenue mix, losses and what’s driving the numbers

Group revenue was US$1.40 million, down year-on-year due to non-recurring items in the prior period but nearly double H2 2025. The net loss widened to US$437k, which is modest given the investment phase across payments and digital assets.

• Transaction volumes: Angra generated US$59.21 million and GS Fintech UAB US$44.21 million.
• Cash stood at US$3.91 million at 30 September 2025, including approximately US$1.01 million of Bitcoin.
• Net assets rose to US$10.13 million from US$7.13 million a year earlier, helped by the £1.925 million fundraise in July 2025.

One point to watch: trade receivables and payables both jumped sharply (US$45.07 million and US$44.42 million respectively). The RNS doesn’t break this down, but for payment companies, large gross flows can inflate working capital lines without implying credit risk in the traditional sense. Liquidity management is highlighted, and payables are shown due on demand in the risk note.

Semnet: disappointing, but settlement expected

Semnet, the 66.66%-owned cybersecurity subsidiary, underperformed. GST issued a notice of arbitration in July alleging breaches by the sellers. A mediation hearing in early December appears to have paved the way for a settlement expected in late December 2025 or early January 2026.

What’s on the table:

• Return of US$800,000 cash consideration
• Return of 58,844,713 consideration shares
• A payment in Singapore Dollars equating to approximately US$300,000 to cover GST’s operational costs

Opinion: It’s not final yet, but if executed as expected, this would be a clean outcome that recycles cash and equity, draws a line under the distraction, and limits future drag.

Dilution, risk and the 2026 setup

The £1.925 million equity raise at 1.20 pence in July diluted holders, but it funds the Bitcoin treasury strategy and underpins regulatory expansion. The Board says further fundraises will only happen if needed to meet strategic goals. That’s sensible, but as the Group leans into licences, acquisitions and platform rollouts, investors should assume funding discipline will be tested against growth ambitions.

Near-term watchlist:

• FCA EMI licence for Angra (timing not disclosed)
• Metapay completion in Poland (target Q1 2026)
• MiCA authorisation in Lithuania (in process)
• Brazil branch launch (Q1 2026)
• Further Bitcoin treasury purchases – timing and size against market conditions

My take: a tighter strategy with catalysts in sight

GSTechnologies is shaping into a two-engine fintech: regulated cross-border payments and a compliant European crypto platform. The Bitcoin treasury policy won’t be for everyone, but it matches the company’s DNA and could add torque if markets cooperate. The numbers show prudent losses and improving balance sheet strength, albeit with year-on-year revenue noise from one-offs.

Net-net, 2026 could be an inflection year if the team lands its regulatory licences, executes in Brazil and Poland, and keeps building the Bake/GS20 stack under MiCA. The equity raise bought time and optionality; now it’s about delivery.