tokentus investment AG: Portfolio day supports the equity story; reiterate BUY

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Last Friday afternoon (01 April), tokentus held its online portfolio day with c. 50 investors and interested parties attending. The portfolio day was hosted by CEO Oliver Michel and Investment Manager Benedikt Schulz. Top-level representatives of 5 portfolio companies gave updates on their business model and trading conditions. Overall, the mood was upbeat and tangible progress could be reported. The latest addition to the portfolio is the gCC Fund II, announced on 31 March. This is the first fund-in-fund investment and thus a shift in the strategy that was so far limited to direct investments in equity and related tokens. This seems to be a sensible adjustment as it complements the expertise and geographical footprint of tokentus and opens opportunities for direct co-investments. Overall, the event demonstrated good progress in the portfolio of tokentus and thus supported the equity story: BUY with unchanged PT of EUR 6.40.

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