• Eastern European shares are booming –

+++Gold and silver crash opens up new opportunities+++ Bitcoin in free fall+++Major financial crisis looming? +++Dow Jones Industrial Index and Nikkei225 Index both reach new all-time highs+++LPD election victory in Japan causes share prices to skyrocket++Is a war with Iran on the horizon? ++Peace talks on the Ukraine war continue++ Eastern European shares continue to boom+++New corporate bond from Nakiki SE+++

At the end of February, there was an unusual crash in gold, silver and some metals, as if at the push of a button. This wiped out almost all the gains made at the beginning of the year. However, this was only a reaction to an exceptionally sharp rise in prices beforehand. Even after the sharp correction, gold is still up 73% and silver up 156% in one year. Bitcoin and almost all cryptocurrencies also collapsed in price, with Bitcoin now down 26% in one year. However, it is still up 217% over three years. In contrast, the Dow Jones Industrial Index (USA) and the Nikkei 225 Index (Japan) reached new all-time highs. However, stock market indices and shares from Eastern Europe have gained the most since the beginning of the year, just as they did last year. In uncertain, volatile times, a good alternative is to invest in corporate bonds with a high coupon, such as the Treasury Bitcoin bond from Nakiki SE with a coupon of 9.875% (WKN A460N4).

Andreas Männicke gives his assessment of this in his stock market newsletter East Stock Trends (http://www.eaststock.dewww.eaststock.de) and also in his new EastStockTV video. Episode 265 on YouTube.

First disillusionment in the gold and silver rush

In January, gold and silver prices initially rose to unprecedented heights, but then plummeted between the end of January and 2 February, leaving little of the high profits remaining. Since the beginning of the year, gold initially rose by 30% from 4200 to 5500 USD/ounce, then fell by over 30% from 4200 to 5500 USD/ounce, but then plummeted from 29 January to 2 February from almost 5600 to below 4600 USD at its lowest point, before recovering to over 5000 USD/ounce. Silver even rose by 106% at the beginning of the year, from $58 to a high of $120, then slumped again from 29 January to 6 February to $77 per ounce, before rising again to over $80 per ounce. Such volatility has rarely been seen in gold and silver in such a short period of time. The reasons for buying gold and silver as a ‘safe haven’ have often been described here, such as purchases by central banks, fears of a major debt crisis in the US, a weak US dollar, the never-ending and possibly escalating geopolitical crises (Ukraine, Iran, etc.) and hopes of falling interest rates from the Fed.

Run on physical silver continues

In the case of silver, as a product used in industry, there was a veritable run on physical silver deliveries, with the result that 28% of silver stocks had to be delivered on the Comex. This too was unprecedented in its scale. A veritable buying panic ensued. There are four times as many silver products on the financial market as there are physical stocks, and there were fears that these could no longer be delivered if everyone demanded physical delivery at almost the same time. There was also speculation that JP Morgan had gambled away its silver short positions and was now forced to buy large volumes.

The nomination of hawk Kevin Warsh as the alleged trigger for the gold/silver crash

Now, the nomination of the formerly hawkish Kevin Warsh as the new Fed chairman is said to be the trigger for the flash crash in gold/silver, but that is only half the truth. The truth is more likely that on 29 January, too many investors became greedy and bought leveraged silver derivatives, which then had to be covered en masse. Large short positions pushed down the price of silver, and then the domino effect began when everyone suddenly hit the sell button on the futures markets on 30 January. Before that, however, it was a technical chart ride that often ends as it did from 29 January to 6 February.

The battle for raw materials continues

Nevertheless, we must continue to keep an eye on the previous reasons for buying precious metals, such as the possibility of a major financial and currency crisis, which could also be fuelled by the BRICS countries, where there is also a battle for raw materials. We must also keep an eye on excessively high bond yields and their consequences in the US and Japan, as well as the weak US dollar, which has now stabilised at EUR 1.18/USD against the euro.

High bond yields in the US and Japan are causing concern

The persistently high yields on US government bonds of 4.85% and Japanese government bonds of 3.6% continue to cause concern, costing the government a lot of money and placing a lasting strain on the budget, including in France and Germany. It is clear that many central banks, such as those in China and India, but also Denmark, are selling rather than buying US government bonds. So will there soon be a buyer’s strike on US government bonds? Geopolitical risks are also causing concern, with the ongoing war in Ukraine and a possible war with Iran, which has already pushed the price of Brent crude oil up to USD 69 per barrel.

Nakiki SE launches new bond with high coupon of 9.875% (WKN A460N4)

However, crypto fans were brought back down to earth after Bitcoin’s sharp price drop to a new annual low of 60,000 BTC/USD, which dragged all cryptocurrencies down with it. However, Strategy CEO Saylor remains bullish on Bitcoin and continues to buy more Bitcoins. The German company Nakiki SE, which is listed on the regulated market in Frankfurt/M, has a similar business model to Strategy. The company also wants to acquire Bitcoin in stages using equity and debt capital in order to achieve above-average performance in the long term. The company has now launched a bond with a high coupon of 9.875%, which can be a lucrative source of income in uncertain times like these.

With almost 10% interest through the crypto turmoil: Nakiki bond WKN A460N4

The past few weeks have once again shown investors how quickly market sentiment can change. Bitcoin, gold and silver initially reached new all-time highs – only to suffer massive price losses shortly afterwards. High volatility, liquidations and ETF outflows dominated the picture.

Bitcoin, in particular, as the leading currency of the crypto market, once again demonstrated its structural weakness: no current income, high volatility, complete dependence on the market cycle. Investors must persevere – without cash flow, without interest, without a safety net.

Return or pure price speculation?

Bitcoin remains a relevant asset, but not a stable return instrument. In past bear markets, price losses of 50% to over 80% were not uncommon (2014, 2018, 2022). The current cycle also shows that volatility is not a special case, but part of the structure.

For many investors, this raises a pragmatic question: how can capital be navigated through uncertain market phases without completely foregoing Bitcoin’s potential?

Structure instead of hope

One possible answer is offered by the listed corporate bond of Nakiki SE (WKN A460N4), tradable on the Frankfurt Stock Exchange.

Key data:

• 9.875% fixed coupon p.a.
• Interest payment semi-annually
• Term: 5 years
• Listed on the Frankfurt Stock Exchange
• Corporate bond with integrated Bitcoin strategy

Nakiki SE pursues a treasury approach in which Bitcoin is used as a strategic asset rather than for short-term speculation.

Purchases are made in stages, financed from equity and debt capital – based on well-known Bitcoin treasury models.

The key difference for investors:
👉 The coupon is paid regardless of short-term Bitcoin performance.

Why this concept is particularly relevant right now

As long as crypto markets are characterised by uncertainty, liquidity bottlenecks and conflicting technical signals, it may make sense to:

• not be fully exposed to price risk,
• yet still participate indirectly in Bitcoin’s long-term potential,
• and at the same time generate predictable returns.

For investors who are positive about Bitcoin in the long term but want to avoid further drawdowns in the short term, a structured bond can be a bridge strategy through turbulent market phases.

Interest instead of anxiety

Bitcoin remains volatile.
Narratives change quickly.
Capital is seeking direction.

In this environment, instruments that combine return, structure and discipline are gaining in importance. The Nakiki bond (WKN A460N4) is not a substitute for Bitcoin, but a rational alternative to pure price speculation – especially in periods of increased uncertainty. It is not maximum euphoria that determines performance, but structure.

Dow Jones Industrial Index (USA) and Nikkei225 Index (Japan) reach new all-time highs

It is somewhat surprising that global stock markets have not yet reacted to high US bond yields and a possible government financial crisis in the USA. Hope lies in the dynamic growth of AI companies. Since the beginning of the year, the Dow Jones Industrial Index has risen by 3.67% to a new all-time high of over 50,000 index points, and the Nikkei 225 Index has risen by as much as 8.74% to 56,363 index points, with the Liberal Democratic Party’s (LDP) convincing election victory boosting investor sentiment. Prime Minister Sanae Takaichi wants to cut taxes and invest even more. How she intends to finance this given the high level of debt remains a mystery. But the stock market is currently celebrating the government’s willingness to invest heavily.

Eastern European stock markets outperform

The stock market indices from Eastern Europe performed even better than the Western indices mentioned above until 10 February. The CECE Index, which includes shares from Hungary, Poland and Czechia, rose by 8.16%, while the HTX Index for shares from Hungary rose by as much as 19.44%. The SETX Index for shares from South-Eastern Europe (Romania, Bulgaria, Slovenia, Croatia, Serbia, etc.) rose by as much as 10.4%, with the BTX Index for shares from Bulgaria seeing the biggest increase of 15.7% since the beginning of the year. Bulgaria introduced the euro in January. However, the stock market indices from Slovenia and Romania also gained more than 10%, while the DAX rose by only 1.9% (as of 10 February).

Opportunities in Eastern Europe remain good

Further framework conditions for peace in Ukraine are now being negotiated in Miami, although an agreement is unlikely to be reached until the summer. This is because the warring parties are still too far apart in their demands and proposals. However, if peace of any kind is achieved this year, Russian equities could become interesting again alongside Ukrainian equities, provided that sanctions are lifted on both sides. If there is no peace, however, there is a very high risk that the war will spread to Europe, especially if German missiles land in Moscow, as Chancellor Merz intends. This should be avoided at all costs.
Regardless of the Ukraine conflict, investors should also take advantage of the significant opportunities for outperformance in Eastern Europe in 2026.

Inform yourself first, then invest

Find out more now about the background and development of the Ukraine/Russia crisis, as well as the future recovery potential of undervalued shares from Eastern Europe. There are also new opportunities in the Baltic States, South-Eastern Europe and the CIS republics (Kazakhstan, Georgia). In 2025, nine stock markets in Eastern Europe once again outperformed the market with strong gains (CECE index >50%!). And since the beginning of the year, eight stock markets in Eastern Europe have clearly outperformed the DAX. It is therefore still worth looking beyond the horizon to Eastern Europe.

Order a trial subscription now (3 issues by e-mail for only £15) to the monthly stock market newsletter EAST STOCK TRENDS (EST) now, which includes another Romania special and a dividend special, as well as lots of background information and new investment suggestions such as the ‘Share of the Month’ and lucrative certificates at www.eaststock.de, under ‘Stock Market Newsletter’. The last EST was published on 31 January 2026.

TV/radio notes: On 19 July 2025, Andreas Männicke was interviewed by Michael Mross as part of the MMnews club about the top shares in Eastern Europe. On 6 October 2025, Andreas Männicke was also interviewed by Andreas Gross on Börsenradio Networks about new opportunities in Eastern Europe. All radio and TV interviews can be downloaded from the video archive at www.eaststock.de, including the latest video on EastStockTV, episode 265. By the way: have you already subscribed to the new YouTube channel BRICS-TV in addition to the YouTube channel EastStockTV ?

Seminar note: If you are interested in new East Stock Exchange seminars ‘Go East’ or a BRICS seminar in Frankfurt/M or other cities, please contact the EST editorial team (www.eaststock.de). If you are interested in East Stock Exchange webinars and BRICS webinars, please also get in touch.

You can now also subscribe to Andreas Männicke’s free newsletter with the latest news about the global and Eastern stock exchanges and the BRICS at www.eaststock.de . Please also register at info@eaststock.de if you are interested in a new BRICS newsletter from Andreas Männicke.