What was BB Trade Estonia's EUR 100 million credit line to AdmiTrade?

analysisAt 31 December 2024 BB Trade Estonia's loans receivable had risen to EUR 93,620,229. Two loans maturing in 2025 accounted for most of it: Laen 6 of EUR 14,448,098, in euro, zloty and US dollars at variable interest, and Laen 7 of EUR 75,016,307, denominated in crypto-assets at variable interest. The report, signed in July 2025, states that EUR 58,264 thousand of loans 6 and 7 had been returned as at 28 July 2025; it does not name the borrowers. ¹

analysisA law firm acting for claimants in the bankruptcy, which says it read the company's contracts, general ledger and bank statements, states that on 12 September 2022 BB Trade Estonia concluded a credit-line agreement with AdmiTrade OÜ, an Estonian company of Wojciech Sroka, providing fiat financing "with the possibility of further trading on the client's side". According to the firm, Annex 1 of 4 December 2023, signed by Przemysław Kral and Sroka, called AdmiTrade a "strategic liquidity provider", set the limit at EUR 100,000,000 and allowed the funds to be used on other exchanges and platforms, for arbitrage, market making, staking, secured loans, loans to related entities, investment in the ZND token and platform and general crypto trading, with the borrower to keep at least 40% of the drawn amount on its exchange account. The firm says the line was ended by a termination agreement of 28 July 2025, the date by which the 2024 annual report records EUR 58,264 thousand of loans 6 and 7 as returned. Those documents are not in the retained record, and no reply by the persons concerned is recorded. ^{2 1}

analysisThe same firm says that at 1 January 2025 the company's accounts "Admitrade EARN fiat" and "Admitrade EARN crypto" showed EUR 14,448,098 and EUR 75,016,307, the amounts reported as Laen 6 and Laen 7 in the 2024 annual report; the match is exact to the euro, but the annual report does not name AdmiTrade. According to the firm, a termination agreement of 28 July 2025, signed by Sroka and Kral, gave the company's application for a licence under the EU Markets in Crypto-Assets Regulation (MiCA) as its reason, and an annex listed 245 transfers between 23 and 26 July 2025 worth EUR 58,264,534 in crypto-assets returned by AdmiTrade, matching the EUR 58,264 thousand that the annual report records as returned on loans 6 and 7 by that date. The firm states that by 22 April 2026 both AdmiTrade accounts stood at zero in the books without any loss being recorded. Its account rests on contracts, a general ledger and bank statements that are not in the retained record, and no reply by the persons concerned is recorded. ^{2 1}

analysisAdmiTrade OÜ (registry code 16309521, earlier names ICEO CAPITAL EST-1 OÜ and Norion OÜ) was registered in Estonia on 7 September 2021 with share capital of EUR 2,500 at Tähesaju tee 9, Tallinn, the same address as BB Trade Estonia OÜ. Its register card lists ICEO RED 0 OÜ as sole shareholder from 2 September 2023, Wojciech Piotr Sroka as management board member from 7 September 2021, and Dawid Mateusz Duniec and Sroka as beneficial owners through indirect holding from 12 September 2022, the same date as the credit-line agreement described above. The card shows no licences in the Register of Economic Activities, and the 2025 annual report, due on 30 June 2026, had not been filed by 19 October 2026. ¹

analysisAdmiTrade OÜ's annual reports filed in the Estonian register show revenue of EUR 655,875 and a profit of EUR 360,369 for 2021–2022, no revenue and a profit of EUR 7,577 for 2023, and revenue of EUR 1,690,941 and a profit of EUR 4,048,044 for 2024; its main activity is recorded as other software publishing (EMTAK 58291). ¹

analysisICEO RED 0 OÜ (registry code 16536033, formerly ICEO Red Venture Builder OÜ) was registered in Estonia on 14 July 2022 with share capital of EUR 2,500, also at Tähesaju tee 9, Tallinn. Its register card lists Sroka and Duniec as shareholders with 50% each (entered on 1 September 2023) and as beneficial owners through direct holding from 14 July 2022, and Sroka as its sole management board member from 14 July 2022. According to the law firm acting for claimants, the same company held half of ZND Ventures OÜ, BB Trade Estonia's associate, in 2022 and half of ZND.CO OÜ until 14 May 2025, when ZND Ventures bought out its stake. The Estonian register shows ZND Ventures as ZND.CO's sole shareholder only from 14 May 2025 and does not show earlier shareholders. The firm's account of ZND Ventures is its reading of accounting records obtained in the bankruptcy; the general ledger is not in the retained record. ^{2 3 4 5}

analysisSwiss register data show BeOne Group AG (UID CHE-169.308.129) entered in the Zug commercial register on 17 September 2024 with share capital of CHF 100,000, at c/o AT Advisory Services AG, Baarerstrasse 78, Zug, with two board members including Wojciech Piotr Sroka. Publications in the Swiss Official Gazette of Commerce record Sroka moving from no signing authority to sole signature in July 2025 and then to joint signature in September 2025, and a third board member who joined on 4 September 2025 and left on 1 May 2026. The register data show no information on its owners. ¹

analysisA law firm acting for claimants in the bankruptcy states that BeOne Group AG is owned half by ZND Ventures OÜ, whose sole shareholder has been BB Trade Estonia OÜ since 10 January 2024, and half by Iceo group AG, the company of Sroka and Duniec, and that it is the sole owner of BeOne Europe SIA of Riga, incorporated on 27 January 2025 with EUR 500,000 of capital paid in June 2025 and described in the group's own structure chart as the holder of an electronic money institution licence. The structure chart is not in the retained record, the Swiss register does not show BeOne Group AG's shareholders, and no Latvian regulator's record of an electronic money licence was retrieved. ^{2 3}

analysisLatvian Register of Enterprises data reproduced by an aggregator show BeOne Europe SIA (registration number 50203620371), registered in Riga on 27 January 2025 in other financial service activities, with paid-up capital of EUR 500,000 registered on 25 June 2025 and BeOne Group AG of Baarerstrasse 78, Zug, as sole shareholder of all 500,000 shares from 19 June 2025. The company reports beneficial owners and a two-member board, whose names are not shown in the retained data. As of 2 October 2026 it had a tax debt of EUR 58,949.72 and registered restrictions, with no liquidation or insolvency entry. ⁴