Divisio Holding AG: the Zug parent of BB Trade Estonia OÜ

analysisDivisio Holding AG (Swiss identifier CHE-161.370.248) was entered in the Zug commercial register on 24 June 2021 with CHF 100,000 of capital in 1,000 registered shares with restricted transferability. Its purpose is holding and managing participations, including loans to its shareholders or subsidiaries; it opted out of a limited audit, and its shareholders are kept in a share register that the SHAB publication does not disclose. It is registered at Baarerstrasse 78 in Zug, an address shared with 119 other active companies, which by itself does not link them, and an aggregator lists the legal entity identifier 506700IIY4O9G6R2AS52 for it. ^{1 2 3 4}

analysisIts board has had one member: André Terlinden, with sole signature, from incorporation until SHAB published his departure on 27 April 2026, after which a register summary showed no registered managers. A Polish news report described Terlinden as a partner and shareholder of the law firm Neupert Vuille Partners AG. Swiss financial press reported in April 2026 that one partner of that firm sat alone on Divisio's board and another on the board of BB Trade Switzerland; the article named neither, the registers show Terlinden and Timo Fenner in those seats, and the report said both left the outlet's requests unanswered. ^{1 2 5 6 7}

analysisDivisio became BB Trade Estonia OÜ's parent in July 2021, according to the annual reports, in place of Luxbay SA. The current register card shows it as sole owner of the EUR 350,000 holding with the date 30 March 2022, a date that differs from the July 2021 change in the annual reports and from the register's publication history, which lists Divisio's entry on 14 July 2021; the retained records do not explain the difference. ^{1 2 3}

analysisDivisio also holds companies of the brand directly, making them sister companies of BB Trade Estonia rather than its subsidiaries. The Slovak commercial register extract shows it as sole shareholder of zondacrypto SK, s. r. o. since 22 April 2023 with a EUR 5,000 contribution, and register publications of 2026 also list it as a partner there. KRS data list it as sole shareholder of BB Trade Poland sp. z o.o., which an extraordinary meeting dissolved on 15 September 2025 and which has since been in liquidation with Kral as liquidator, its 2024 accounts showing assets of PLN 5 thousand and no revenue. ^{4 5 6 7 8}

analysisAn aggregator's network view also shows Divisio as current 100% shareholder of EXPOFÉR SERVIS HOUSE s.r.o. in Ostrava, with Luxbay SA as a former one, and its summary of a Czech register publication of 23 April 2024 names Divisio, Luxbay and ADMI BUSINESS SERVIS s.r.o. in a change of shareholdings. The aggregator states that the direction and identity of these links are not verified, and the Czech register extract was not retained, so the sequence and dates of the holdings are not shown. ^{6 5 8}

analysisNo retained register shows who owns Divisio. A law firm acting for claimants quotes the ZND token white paper of 27 June 2024 as naming Przemysław Kral, chief executive of zondacrypto, as its sole shareholder; the white paper is not in the retained record, while the Estonian register records Kral as BB Trade Estonia's beneficial owner through an indirect holding. ¹

analysisThe same firm, citing the company's records, reports that Divisio invoiced BB Trade Estonia for services of EUR 200,000 in 2023 and EUR 400,000 in 2024 and that Terlinden received EUR 100,200 from the exchange in 2023 while his advisory firm billed domicile and directorship fees; it dates Divisio's takeover from Luxbay to 12 July 2021. The invoices are not in the retained record. BB Trade Estonia's own annual reports show that it lent Divisio EUR 2,700,000 in 2021 at 2%, due 2041, and that the loan was repaid with interest during 2022. ^{2 3 4 5}