What Are You Investing in When You Buy Samara Shares?

Samara Asset Group (ISIN: MT0001770107; Ticker: SRAG:GR) democratizes what would traditionally be highly exclusive hedge fund and venture capital investment opportunities, and gives our shareholders direct exposure to one of Europe's largest publicly listed Bitcoin treasuries. 

When you buy the Samara Asset Group stock, you're buying shares in a diversified global holding company built around three core investment strategies: funds, private and listed equity, and Bitcoin as the primary treasury reserve asset.

Samara's Three Core Investment Strategies

Samara's portfolio is built on three pillars designed to deliver risk-adjusted outperformance across market cycles.

Funds

Fund investments make up the majority of Samara's balance sheet today. 

Through more than 20 top-tier venture and private equity funds, Samara has indirect exposure to 700+ portfolio companies across biotech and healthcare, consumer, real estate, fintech, deep tech, and crypto/Web3. 

Since January 2024 alone, Samara has deployed over €90m into new fund investments, with biotech/healthcare and AI as primary deployment themes. Sector diversification is matched by stage diversification, with the portfolio spanning pre-seed, early, growth, and listed assets.

Private and listed equity

Samara selectively deploys capital directly into global listed and private companies with the highest potential for outsized returns. 

A standout position is Plasma, a stablecoin infrastructure platform purpose-built for zero-fee USD₮ transfers, custom gas tokens, confidential payments, and the throughput needed for global scale. Plasma closed financing rounds at a $500m valuation in May and July 2025, raised $2bn in stablecoin TVL before launch (the largest TVL launch in history at the time). 

Other recent milestones across the portfolio include STS Digital closing an eight-figure Series A in Q1 2026 and Deutsche Digital Assets reaching an agreement in Q3 2025 to be acquired by Archax, the UK-regulated crypto broker.

Bitcoin 

Samara actively uses Bitcoin as its primary treasury reserve asset, with specialized structures and strategies designed to optimize liquidity management. 

Most of the position is managed by Samara Alpha’s investment team through its Bitcoin-denominated Market-Neutral BTC+ Fund, which pairs long Bitcoin exposure with hedging strategies that smooth volatility and downside risk. 

In Q4 2024, Samara also issued Europe's first-ever Bitcoin Bond, raising €20m to acquire more Bitcoin and invest in venture funds. As of 31 December 2025, 91% of those bond proceeds had been deployed into LP interests.

Key Financial Highlights (as of 31 December 2025)

The numbers tell the story of a resilient, well-capitalized balance sheet built for long-term value creation:

• Gross Asset Value: €239.2m
• Net Asset Value: €201.8m
• NAV per Share: €2.22
• Debt to Equity Ratio: 18.5%
• Cash proceeds realized in 2025: €55m
• Total investments made in 2025: €55m
• Cumulative cash proceeds (2023–2025): €217m

Samara's GAV split as of year-end 2025 was approximately 66% fund portfolio, 22% listed and private assets, 11% Bitcoin and crypto, and 1% cash, which is a deliberate mix that combines venture-stage upside with Bitcoin's long-term store-of-value characteristics.

You can download our latest company presentation here. 

Europe's First Bitcoin Bond

In Q4 2024, Samara issued the first Bitcoin bond ever brought to market in Europe. 

It’s a senior secured 5-year instrument with a €20m initial tranche and a €75m frame amount. Bond proceeds were earmarked for LP-stake investments and Bitcoin acquisitions, both deployed under Samara's broader treasury management strategy. 

The bond is listed on the Frankfurt Stock Exchange, secured by approximately €151m of LP stakes and Bitcoin, with an implied secured loan-to-value ratio of just 13.19%, which is well below the 35% covenant test. 

NAV grew 3.5% from bond pricing in November 2024 through year-end 2025, reflecting Samara's ability to compound capital even through a year in which Bitcoin's spot price corrected roughly 9% from its 2024 close.

A Bitcoin Treasury You Can Buy on a European Exchange

Samara was an early mover in publicly listed Bitcoin treasuries and remains one of Europe's largest. 

Our thesis is that institutional adoption of Bitcoin is accelerating, while Bitcoin’s scarcity (21 million cap) and decentralization make it a resilient non-sovereign store of value, and Layer-2 innovations continue to expand its utility. 

By accumulating Bitcoin on a corporate balance sheet, Samara provides shareholders with direct, regulated exposure to Bitcoin's long-term appreciation that is accessed through a single line item on a European stock exchange.

Backed by a World-Class Team and Network

Samara is led by CEO Patrick Lowry, the former CEO of Deutsche Digital Assets, whose experience spans asset management, venture capital, and private equity. 

CFO Justin Christie brings 18+ years across investment management, alternative assets, and Big 4 advisory and audit, alongside dual Chartered Accountant and CFA qualifications. 

The board is chaired by Nick Nigam, Head of Investments at Apeiron Investment Group and Partner at Apeiron Partners. 

Samara's founding investors — Christian Angermayer, founder of Apeiron Investment Group (a family office managing more than USD 2.5bn in AUM), and Mike Novogratz, CEO of Galaxy Digital — bring the networks and judgment that anchor Samara's deal flow and portfolio construction.

What This Means for Shareholders

Buying SRAG gives you a single, regulated, exchange-listed instrument that combines:

• Indirect exposure to 700+ portfolio companies across 10+ sectors and the world's leading venture and private equity funds
• Access to high-conviction private equity positions, including Plasma, one of the fastest-growing stablecoin infrastructure projects globally
• Direct exposure to one of Europe's largest publicly listed Bitcoin treasuries
• A management team and advisory bench with category-defining track records in alternative assets and crypto

As Samara Asset Group, we empower the best founders in the world through investment, driven by our unwavering conviction that innovation is the best path to human prosperity.

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