The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company and group is the collection and display of digital asset, exchange and trade data. The group was also engaged in the writing and publishing of research comparing commercially available products connected with the digital asset sector. The group generates advertising revenue from visitors to its website, www.crytpocompare.com, and runs conferences and webinars on topics relevant to the digital asset industry.

During the year the group has committed resources and energy to grow the data revenue of the company, continuing its pivot from a predominately advertising company. The Data-as-a-service subscriptions has grown 8.6% (2023 - 15.3%) in the year to provide fast growing recurring revenue.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The results for the year are set out on page 6.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Crypto Coin Comparison Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

Arising solely from the limitation on the scope of our work relating to software development additions, referred to above:

• we have not obtained all of the information and explanations that we considered necessary for the purpose of our audit; and

• we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The notes on pages 11 to 23 form part of these financial statements.

The notes on pages 11 to 23 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The notes on pages 11 to 23 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £5,304,883 (2023 - £3,160,025 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 11 to 23 form part of these financial statements.

The notes on pages 11 to 23 form part of these financial statements.

During the year, the company changed its accounting policy for development costs, moving from capitalisation to expensing as incurred. This change was made to align the company’s accounting policies with those adopted by the wider group.

The change has been applied retrospectively in accordance with Section 10.11 of FRS 102. As a result of the retrospective application:

• Opening retained earnings and development costs as at the beginning of the prior year decreased by £1,509,377;

• Development cost additions of £495,871 previously capitalised in the prior year were expensed;

• Amortisation of £152,252 recognised in the prior year was reversed;

• The loss before tax for the prior year increased by £343,619.

Crypto Coin Comparison Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Duo, Level 6, 280 Bishopsgate, London, United Kingdom, EC2M 4RB.

The group consists of Crypto Coin Comparison Ltd and its subsidiary, CC Data Ltd.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except where disclosed in the accounting policies where certain items are shown at weighted average cost (WAC).

The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company Crypto Coin Comparison Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The group recorded a loss for the year of £6,058,648 (2023 - £2,954,859). Included in the loss was £817,580 for acquisition related costs and the group had net liabilities of £4,517,719 at the balance sheet date. As such the directors have reviewed the forecasts and projections of the group (comprising this company and its subsidiary, CC Data Limited) and sought a letter of support from Bullish Global, a parent entity.

The analysis confirmed the group has sufficient resources to meet obligations as they fall due for a period of at least 12 months from the date of signing these financial statements due to the letter of support.

Under these scenarios the group possesses a reasonable level of liquidity to meet commitments for at least 12 months from approval of these financial statements without external borrowings.

The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for advertising and data services services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from advertising and data services provided over a period greater than one month is recognised either over the period services are provided or at completion of a project, depending on the facts and circumstances of each project.

Revenue from conferences and events is accounted for in the period in which the activity takes place.

Intangible assets comprise digital assets.

Digital assets are initially recorded and then held at cost. At disposal the weighted average cost (WAC) is applied to the proportion of the assets disposed. Gains or losses are recognised on disposal of the asset into cash or when exchanged for services at the GBP cost of receiving the services. The gains or losses are calculated as the difference between the WAC and the market value at disposal. The year-end balance is therefore the result of additions at cost, less disposals at WAC.

Given the nature of the digital assets, these are not amortised, but an impairment review is undertaken at the end of each year.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The group uses the Black-Scholes model to determine the fair value of options granted to employees. The calculation requires the use of estimates and assumptions. A change in these estimates or assumptions may affect charges to the profit and loss account over the vesting period of the options.

Operating (loss)/profit for the year includes costs relating to the sale of the company totalling £817,580.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Digital assets comprise crypto assets, including Bitcoin, Ethereum and USD Tether. At 31 December 2024 the fair value of the assets was £57,679 (2023 - £413,893).

On 18 September 2017 the company incorporated a subsidiary, CC Data Ltd, in the UK. The subsidiary is registered at Duo, Level 6, 280 Bishopsgate, London, EC2M 4RB. The company holds 1 share at £1 representing 100% of the shares of the subsidiary. CC Data Ltd is a provider of data services.

Included within other creditors was £2,000,000 of unsecured convertible loan notes. These were converted to share capital on 11 March 2024.

Deferred income is included in the financial statements within other creditors as follows:

In October 2024, BMH, a CoinDesk and Bullish company, acquired 100% of the shareholding in the Company. 5,580 shares were exercised and the rest were waived or forfeited. The ESOP scheme was then closed and there were no options outstanding at the end of the year.

During the year the company recognised £nil (2023 - £99,642) in share-based compensation expenses.

The company adopted an employee option plan in December 2017 (the "2017 plan") to enable certain executives, employees and full-time consultants of the company and its subsidiaries to be granted options to acquire up to 1,185 shares of common stock of the company. In October 2018 and 2019 the plan was amended to expand the share pool to 4,608 and 6,072 respectively. The terms of the options, including the exercise price per share and vesting provisions, are determined by the company's Board of Directors. As of 31 December 2024, 2023, 2022, 2021, 2020, 2019 and 2018; nil, nil, 9,943, 2,477, 1,112, 6,072, 5,793 shares, respectively, have been issued, net of forfeitures, under the 2017 plan.

Stock options are generally granted at exercise prices not less than the estimated fair market value of the company's common shares at the date of grant. The fair market value of the company's common shares are determined using numerous objective and subjective factors including third-party valuations, preference share transactions with third-parties, current operating and financial performance and management estimates and future expectations. Option grants typically have a three-year vesting period with one third vesting upon expiration of each year and expire ten years from the date of grant. Compensation expenses are recognised on a graded vesting basis over the requisite employee service period, which is generally the vesting period. Share-based compensation is recognised only for those awards that are expected to vest, with forfeitures estimated at the date of grant based on historical experiences and future expectations.

The fair value of options is determined using a Black-Scholes options valuation model with the assumptions noted in the table below. The dividend rate is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the historical volatility of a peer group of public companies over the most recent period commensurate with the estimated expected term of the company's awards as the stock is not publicly traded. The risk-free interest rate is based on the Bank of England treasury yield curve in effect at the time of the grant. The expected term of the options granted represents the weighted-average period of time from the grant date to date of exercise, expiration or cancellation based on the simplified method. The company uses the simplified method for employee awards due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options granted to employees.

The scheme was closed in October 2024, following the sale of the company.

On 11 March 2024, a £2,000,000 loan note was converted into 17,782 shares at a share price of £112.49.

On 8 October 2024, BMH, a CoinDesk and Bullish company, acquired 100% of the shareholding in the company. During this event 5,580 share options were exercised for £467,274 and 6,618 Ordinary A shares were converted into Ordinary shares.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

In March 2025, BMH, the immediate parent entity, subscribed to an additional £1 ordinary share for $15,000,000, of which $7,000,000 has been paid and $8,000,000 is unpaid.

The company has taken advantage of the exemption available in FRS Section 33.1A not to disclose transactions with any fellow wholly owned group companies.

During the previous year the company loaned two directors a total of £60,000, which was included in other debtors at 31 December 2023. During the year, this amount was repaid as part of the director's salary.

The group does not have a single ultimate controlling party.

In October 2024, BMH, a CoinDesk and Bullish company, acquired 100% of the shareholding in the Company.