Right at the start of the year, Trump caused quite a stir and excitement, on the one hand with his bold plans to annex Venezuela and Greenland because of their natural resources, even though he cites other reasons for doing so, and on the other hand by initiating criminal investigations against Fed Chairman Jerome Powell for allegedly approving excessive costs for the restructuring of the central bank. Basically, Trump just wants to push Powell to lower interest rates more quickly, but this jeopardises the independence of the US Federal Reserve, which many view critically. However, falling interest rates would also be good for cryptocurrencies, which Trump and his sons now have extensively in their own portfolio. Trump is now also betting on US bonds with a volume of USD 100 million.
There are now more and more attractive crypto products on the market. One of these is the new Bitcoin Treasury bond from the German company Nakiki SE with a coupon of almost 10%. It is the first corporate bond in the Bitcoin Treasury sector in Germany and the DACH region, with a business model based on the US Strategy share. Andreas Männicke also gives his assessment of cryptocurrencies and new crypto products in his stock market newsletter East Stock Trends (www.eaststock.de) and in his new EaststockTV video, episode 263.
Bitcoin recovers significantly at the start of the year
Cryptocurrencies have consolidated strongly over the last three months since October 2025, but this has now bottomed out, offering new opportunities for newcomers. Bitcoin has since fallen from its new all-time high of USD 125,000 at the beginning of October 2025 to USD 83,000. However, it has already recovered by 8.8% since the beginning of the year, from USD 87,500 to USD 95,250. Eastern European indices also skyrocketed at the beginning of the year, with the BTX index (Bulgaria) up 20%, the ROTX index (Romania) up 10% and the HTX index (Hungary) up 8% (see www.eaststock.de ).
FED Chairman Gerome Powell under pressure from Trump
Everyone is now waiting for the new crypto law in the US and also for new impetus from the US Federal Reserve (FED), although FED Chairman Gerome Powell is currently under attack from Trump and is being sued for allegedly spending too much on restructuring the central bank. It is likely that Trump will replace Powell by the end of May at the latest in order to appoint a new Fed chairman who will lower interest rates more quickly in line with his wishes. However, this jeopardises the independence of the central bank.
Last year, US President Donald Trump issued a number of decrees to make Bitcoin and other cryptocurrencies socially acceptable in the US and bring them to Wall Street. Trump also ensured that cryptocurrencies could be included as strategic currency reserves. However, there is now also discussion in the US that US politicians should not be allowed to hold cryptocurrencies in their own portfolios due to conflicts of interest. US President Trump is relying heavily on cryptocurrencies as part of his asset management, alongside US bonds such as those from Netflix, Warner Bros. Discovery shortly before the merger (!), but also from Boeing, Occidental Petroleum and General Motors. ‘Honi soit qui mal y pense’ (Shame on anyone who thinks evil of it)!
Morgan Stanley applies for new crypto ETF
Now that major asset managers such as BlackRock ETF have been able to establish Bitcoin as early as 2024, the way was clear for cryptocurrencies to be taken seriously as a new asset class on Wall Street. As a result, 160 listed companies now have Bitcoin on their balance sheets, with Tesla and Elon Musk probably being the most prominent figureheads. In 2019, there were no companies in the world with Bitcoin on their balance sheets, and in 2020 there were only two.
Since then, development has been rapid. Now, Morgan Stanley, among others, is also promoting cryptocurrencies as a major US investment bank by planning to launch further ETFs for Bitcoin, Solana and Ethereum. US banks are now officially allowed to offer Bitcoin and crypto custody and trading services.
Binance Research says that with the new US regulations, there is now a second wave of ‘institutional acceptance’ as many things are now better regulated and structured than before.
Bitcoin has been the world’s best investment for over 10 years
Even after the correction of the last three months, the market capitalisation of all cryptocurrencies is still over USD 2.8 trillion, but at its peak it was already over USD 3.7 trillion. Cryptocurrencies are often subject to strong fluctuations and bear markets can last a whole year, as was the case in 2014, 2018 and 2022. However, since the beginning, periods of price losses have always been more than offset by strong price increases. Since the beginning of 2012, Bitcoin has risen from 2 to over 100,000 USD and was one of the best-performing investments in the world during this period. Its potential is far from exhausted.
First Bitcoin treasury share in Germany: Nakiki SE
In addition to crypto ETFs, more and more crypto shares with interesting business models are now coming onto the market. One of these is Nakiki SE, based in Frankfurt/M. WKN WNDL30, price €0.46, market cap €2.8 million). Nakiki SE is traded on the regulated market of the Frankfurt Stock Exchange. Similar to the US company Strategy (formerly MicroStrategy), the still relatively new start-up wants to use equity and debt capital to buy Bitcoin and hold it for the long term. There are so-called Bitcoin treasury shares in some countries, such as the US, Japan, France and the UK, but there are none yet in Germany or the DACH region. In this respect, Nakiki SE is a first mover in the DACH region.
The company, led by experienced investment banker Andreas Wegerich, is now launching a bond with an attractive coupon of 9.875 per cent and a term of five years, which will be traded on the Frankfurt Stock Exchange. The launch date is 21 January 2026, but pre-market orders can already be placed.
New corporate bond with a clear, transparent business model and high returns
The capital markets are in a transitional phase. Traditional government bonds continue to deliver disappointing real returns, stock markets are highly valued and cryptocurrencies remain volatile. It is precisely in this environment that listed corporate bonds with a clear business model, high transparency and attractive coupons are once again becoming the focus of professional investors.
A current example of this is the above-mentioned 2026/2031 corporate bond from Nakiki SE.
The German company Nakiki SE has terminated its bond issue ahead of schedule – a clear signal of solid investor interest. The bond is now traded daily on the Frankfurt Stock Exchange’s open market under WKN: A460N4.
The facts at a glance
- 9.875% p.a. fixed interest rate
- Term: 5 years (2026–2031)
- Interest payment: semi-annually
- Trading: every trading day
- ISIN: DE000A460N46 | WKN: A460N4
A coupon of almost 10% p.a. is anything but a given in the current market environment – especially for a regulated, exchange-traded German bond.
Bitcoin treasury strategy – based on international models
The net proceeds from the issue are to be invested primarily in Bitcoin.
In doing so, Nakiki SE is pursuing a modern treasury strategy that has already been successfully established internationally.
The best-known reference case is MicroStrategy under the leadership of Michael Saylor, which now holds several hundred thousand bitcoins as a strategic corporate reserve, setting new standards in corporate treasury management.
Nakiki SE is adapting this approach in a German, regulated capital market environment – and making it accessible to investors via a traditional bond.
Why this bond is interesting for investors
- Attractive current income
Almost 10% interest p.a. offers exceptional cash flow in the current interest rate environment. - Full flexibility
No lock-up, no closed-end fund – the bond is tradable at any time. - Bitcoin exposure at company level
Indirect participation in a Bitcoin strategy without having to hold or store cryptocurrencies yourself. - Comprehensible, classic structure
Coupon, term, stock exchange trading – no complex product, no marketing story, just classic capital market logic.
This bond combines a classic German bond structure with a modern Bitcoin treasury strategy based on international models.
For investors seeking attractive returns, liquidity and regulatory clarity, it represents an interesting addition to their portfolio.
How investors can invest
Purchase via the Frankfurt Stock Exchange
WKN: A460N4 | ISIN: DE000A460N46
Minimum investment: €1,000
Interested parties should contact ESI East Stock Informationsdienste GmbH, Andreas Männicke; email: info@eaststock.de, tel: 040-6570883, web: www.eaststock.de