Which companies did BB Trade Estonia own or consolidate?

analysisBB Trade Estonia OÜ's consolidated annual report for 2024 names five members of its consolidation group: ZND Ventures OÜ (Estonia, from 2024), Zonda Token AG (Switzerland, from 2022), Orion Software sp. z o.o. (Poland, from 2022), BB Trade Estonia Italian Branch (Italy, from 2024) and BB Trade Bahamas Ltd (Bahamas, from 2024). ¹

analysisThe notes to the same report list three subsidiaries and one associate. Zonda Token AG (consulting services) and Orion Software (IT services) were held at 100% at the end of both 2023 and 2024; the stake in ZND Ventures OÜ (programming) was 50% at the end of 2023 and 100% at the end of 2024; ZND.CO OÜ was an associate held at 50% at both dates. During 2024 the carrying amount of the Orion Software shares rose from EUR 12,975,010 to EUR 19,272,407 and that of ZND Ventures from EUR 1,250 to EUR 2,510,000. ¹

analysisAccording to BB Trade Estonia OÜ's 2021 annual report, the company acquired 100% of Zonda Token AG, a Swiss company in crypto services, on 7 December 2021 at a cost of EUR 105,627, and Zonda Token AG did not operate actively in the 2021 financial year. Swiss commercial register publications of 14 December 2021 record its incorporation in Zug, with articles dated 30 November 2021, an address c/o Afrag AG, Chamerstrasse 14, Zug, and share capital of CHF 100,000 in 1,000 registered shares. Its stated purpose includes holding participations and, to finance group companies, issuing tokens carrying rights to services or products of parent, subsidiary or affiliated companies. André Marcel Terlinden was entered as president of the board with sole signature, and Karolina Ewa Gwóźdź and Przemysław Janusz Kral as board members without signing authority. Its Swiss enterprise identifier (UID) is CHE-221.704.071. ^{1 2 3}

analysisThe records do not agree on when Zonda Token AG joined the group. The 2021 report's acquisition date of 7 December 2021 falls two days before the company's entry in the Swiss commercial register on 9 December 2021; the 2024 report lists it in the consolidation group from 2022; and a law firm acting for claimants in the bankruptcy states that it was brought into the group in January 2022, the month of a domicile change, describing it as wholly owned by BB Trade Estonia, with Kral and Karolina Gwóźdź on its board and an obscure operational role. The retained records do not explain the sequence: a company can be subscribed before it is registered, and none of the records contains the share transfer itself. The company was itself dissolved by a Zug court on 6 August 2026, and its bankruptcy proceedings were suspended for lack of assets on 29 September 2026. ^{4 5 3}

analysisA publication of 2 September 2026 in the Swiss Official Gazette of Commerce (SHAB) records that on 6 August 2026 a single judge of the Cantonal Court of Zug dissolved Zonda Token AG under Article 731b of the Swiss Code of Obligations, the provision on deficiencies in a company's legally required organisation, and ordered its liquidation under bankruptcy rules; the company was renamed Zonda Token AG in Liquidation. André M. Terlinden had ceased to chair its board on 11 May 2026, and the board members remaining on the register are Karolina Ewa Gwóźdź and Przemysław Janusz Kral. The bankruptcy office of the Canton of Zug published a preliminary bankruptcy notice on 3 September 2026 and, on 1 October 2026, a notice suspending the proceedings as of 29 September 2026 for lack of assets: they would be closed unless a creditor requested their continuation and advanced CHF 5,000 by 21 October 2026. ^{3 6}

analysisOrion Software sp. z o.o. is a Polish limited company (KRS 0000827257, tax number NIP 9542811828, statistical number REGON 385348160) registered on 7 February 2020 at Aleja Wojciecha Korfantego 141B, Katowice, with share capital of PLN 3 million. Polish National Court Register (KRS) data reproduced by a commercial aggregator, current after entry no. 18 of 21 September 2026, list BB Trade Estonia OÜ as its sole shareholder with 60,100 shares worth PLN 3 million, and Przemysław Janusz Kral as president of the management board since 26 March 2020 and as its beneficial owner. The beneficial-owner entry describes Kral as the company's president; the KRS data do not show him holding shares in Orion directly. ^{1 2 3}

analysisA commercial aggregator's rounded summary of Orion Software's own filed financial statements for 2024 gives total assets of PLN 258.1 million, revenue of PLN 19.7 million, costs of PLN 18.4 million and a profit of PLN 1.1 million; the statements themselves and any audit report were not retained. Under the company's articles as recorded in the KRS, each management board member may represent the company alone. ¹

analysisZND Ventures OÜ (registry code 16382854) was registered in Estonia on 6 December 2021 under earlier names Norion OÜ and Stenotype OÜ, with share capital of EUR 10,000 and the address Tähesaju tee 9, Tallinn. Its register card, retrieved on 19 October 2026, shows BB Trade Estonia OÜ as sole shareholder from 10 January 2024, and Przemysław Janusz Kral as procurator (prokurist) from 28 June 2023, management board member from 20 April 2026 and beneficial owner through indirect holding from 20 September 2022. BB Trade Estonia OÜ's 2022 annual report states that it held 50% of the company at the end of 2022, carried at EUR 792,000 because payments had been made under an investment agreement, and that after the balance-sheet date, on 10 January 2024, it acquired a 100% holding. ^{1 2}

analysisA law firm acting for claimants in the bankruptcy, reading BB Trade Estonia's accounts and general ledger, states that ZND Ventures first appeared in 2022 as an associate owned half by BB Trade Estonia and half by ICEO RED Venture Builder OÜ, a company of Wojciech Sroka, at a nominal value of EUR 1,250 against an investment cost of EUR 792,000; that the investment was shown at EUR 4,914,500 in the 2023 notes and EUR 4,924,500 in the balance sheet; that conversions of the investment agreement into reserve capital of EUR 2,500,000 (December 2024) and EUR 2,414,500 (May 2025) followed; and that once the stake became 100% in 2024 at a book value of EUR 2,510,000 the rest of the funding was carried as intercompany loans and receivables. This is the firm's reading of accounting records obtained in the bankruptcy; the general ledger is not in the retained record. ³

analysisZND Ventures OÜ's annual reports filed in the Estonian register show revenue of EUR 5,597 and a profit of EUR 2,588 for 2021–2022, revenue of EUR 41,196 and a loss of EUR 241,635 for 2023, and revenue of EUR 28,000 and a loss of EUR 885,590 for 2024. Its 2025 report, due on 30 June 2026, had not been filed by 19 October 2026; on that date the company had no tax debt but had not filed its VAT returns due from May 2026, and five document-delivery notices of the Tax and Customs Board had been published for it between 3 August and 7 October 2026. ¹

analysisZND.CO OÜ (registry code 16874675) was registered in Estonia on 6 December 2023 with share capital of EUR 10,000, also at Tähesaju tee 9, Tallinn. Its register card, retrieved on 19 October 2026, lists Wojciech Piotr Sroka as management board member from 6 December 2023, ZND Ventures OÜ as sole shareholder from 14 May 2025 and Przemysław Janusz Kral as beneficial owner through indirect holding from 6 December 2023; BB Trade Estonia OÜ's 2024 annual report lists ZND.CO OÜ as an associate held at 50% at the end of 2023 and 2024. A law firm acting for claimants in the bankruptcy states that ZND.CO was owned 50% by ZND Ventures OÜ and 50% by ICEO RED 0 OÜ until 14 May 2025, when ZND Ventures bought out the ICEO stake; it quotes the ZND token white paper as naming ZND.CO OÜ as the entity responsible for developing the software licensed to the issuer and used to operate the platform, and describes Sroka as also running ICEO Group. The white paper itself is not in the retained record, and the Estonian register shows ZND Ventures as sole shareholder only from 14 May 2025 without showing earlier shareholders. ^{4 5 6}

analysisZND.CO OÜ's annual report for 6 December 2023 to 31 December 2024, filed on 28 June 2025, shows no revenue and a loss of EUR 954; its 2025 report, due on 30 June 2026, had not been filed by 19 October 2026. On that date the company owed EUR 600 in a coercive payment (sunniraha) outstanding since 23 August 2026, had not filed its VAT returns due from May 2026, and five document-delivery notices of the Tax and Customs Board had been published for it between 3 August and 8 October 2026. ⁴

analysisThe Italian member of the 2024 consolidation group, listed as "BB Trade Estonia Italian Branch (Italy)", is a branch of BB Trade Estonia OÜ rather than a separate company: the Italian register of virtual-currency service providers kept by the Organismo Agenti e Mediatori enters BB TRADE ESTONIA OU itself, with an Italian tax code and a Milan address, under number PSV48. ^{1 2}

analysisThe Polish branch was entered in the KRS on 16 December 2024 as "BB TRADE ESTONIA OÜ PRYWATNA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ ODDZIAŁ W POLSCE" (KRS 0001144319; legal form: branch of a foreign entrepreneur), with its seat at Ligocka 103, Katowice. The KRS entry, read through a commercial aggregator's reproduction, names Przemysław Janusz Kral as branch director (dyrektor oddziału) from 16 December 2024 and identifies the foreign entrepreneur as BB Trade Estonia OÜ of Tähesaju tee 9, Tallinn. ³

analysisBB Trade Bahamas Ltd holds legal entity identifier (LEI) 894500Q6B8UQVD0BXY93; its LEI record gives the Bahamian registration number 213148B, a creation date of 10 June 2024 and an active status, and a list of registered VAT taxpayers published by the Bahamas Department of Inland Revenue includes BB Trade Bahamas Ltd. of New Providence under tax identification number 131-213-434. The register of digital asset businesses of the Securities Commission of The Bahamas, with information as at 30 November 2025, lists the company at 201 Church Street, Sandyport, West Bay Street, Nassau, and names Przemyslaw Kral as principal; Przemyslaw Kral, Dawid Sendecki, Guido Buhler and Reece Chipman as directors; Reece Chipman as chief executive officer; and Samuel Wilkinson as compliance officer and money laundering reporting officer. ^{1 2 3}

analysisThe records disagree on how BB Trade Bahamas Ltd relates to BB Trade Estonia OÜ. The 2024 consolidated report lists it in the consolidation group from 2024, but its LEI record reports no direct or ultimate parent, giving the reason code NATURAL_PERSONS. A law firm acting for claimants in the bankruptcy notes that the 2024 report names the Bahamian company only in its consolidation-policy note and not in the note on subsidiaries, so no acquisition date, ownership percentage or book value is given, although the auditor's opinion on that report was unqualified. No Bahamian share register or acquisition document was retained, and the Securities Commission register names Przemyslaw Kral as the company's principal; who owns BB Trade Bahamas Ltd therefore remains unresolved in the retained material. ^{2 4 5}

analysisBB Trade (Cyprus) Limited (registration number HE 468498) was registered in Cyprus on 4 December 2024 as a limited company with its address at Thasou 3, Nicosia. Cypriot register data reproduced by commercial aggregators record two individual directors, one of whom is also company secretary; one aggregator snapshot gives its status as active, and a later one, updated on 13 October 2026, gives the register status "Three month notice published". The retained pages show neither the company's members nor its share capital and do not include the Registrar of Companies' own record or the notice itself, so the reason for the notice is not shown. Its LEI record (984500FBK7072B5C0944), first registered on 17 September 2025 and last updated on 21 July 2026, reports no direct or ultimate parent, giving the reason code NON_CONSOLIDATING for both. ^{6 7 8}

analysisBB Trade Lithuania, UAB (company code 305790188) was founded on 7 June 2021, has share capital of EUR 125,000 and is located at A. Goštauto g. 8-224, Vilnius. A Lithuanian business directory records one corporate shareholder, whose name it does not give, computers and software as its main activity, and for 2025 revenue of EUR 0 and a net loss of EUR 6,312. ⁹

analysisAccording to a law firm acting for claimants in BB Trade Estonia OÜ's bankruptcy, which says it reviewed the exchange's records, BB Trade (Cyprus) Limited and BB Trade Lithuania UAB belong to the group below BB Trade Estonia OÜ, but no financial statement of either had yet reached the firm. It says the exchange lent the Cypriot company EUR 100,000 on 25 April 2025, EUR 50,000 on 26 September 2025 and EUR 150,000 on 10 October 2025 at ten per cent, repayable in 2030, and lent BB Trade Lithuania UAB, whose director it names as Przemysław Kral, EUR 10,000 on 5 May 2025 for one year at ten per cent. The loan agreements and the share registers were not retained; with the Cypriot LEI record reporting no parent and the Lithuanian directory naming only an unnamed corporate shareholder, the retained records do not confirm who owns either company. ⁴

analysisIn the events after the reporting date of its 2021 annual report, BB Trade Estonia OÜ states that Zonda Gibraltar Ltd was also established in 2022 and that an operating licence was registered and obtained in Italy. The report gives no shareholding, registration number or later status for Zonda Gibraltar Ltd, and no Gibraltar register record was retained. ¹⁰