À propos
Loan of €100,000 to CRYPTON s.r.o., Bitcoin mining operator based in Prague (Czech Republic), incorporated in 2021 and pivoted in April 2024. The company operates 450 ASIC miners in partner datacenters in Ethiopia, Oman and Argentina (asset-light model). The financing is intended for acquisition of new ASIC equipment in the form of a monthly credit line, final repayment at 12 months.
Plateforme · 9.0/25
A1 · Statut réglementaire
3.0/8faible
- Swiss platform, outside AMF/agrément AMF/ECSP
- SRO supervision PolyReg (self-regulation) with FINMA as ultimate backstop
- Functional equivalent but inferior to agrément AMF/ECSP or FSC/BaFin licence
- No European passport
- Score aligned on registration only without agrément AMF licence
A2 · Track Record
3.0/6
- Stated default rate 0.1% (<1% → 6 pts base)
- Delay rate >90 days not published → N/C → 0 pts
- Real yield vs announced yield not verifiable (no audited report 2024) → N/C → 0 pts
- Gross score: (6×0.5 + 0×0.3 + 0×0.2) = 3.0
- No -2 penalty as default rate partially published
A3 · Rigueur de sélection
1.0/4faible
- Selection rate not published
- Process not documented publicly
- Two documented cases of fraud/false information to investors (Estlat, Vibroedil) calling into question the rigour of the process
- Established platform recognised in its niche but proven deficient selection
A4 · Santé financière
1.0/4faible
- No audited financial report 2024 published (March 2026, delay justified by migration)
- Small reserve fund and not transparent
- Target yields 20%+ without verifiable solvency reserves
- 720% growth but suspect business model
- No active distress signal but insufficient transparency for 2+ pts
A5 · Protection investisseurs
1.0/3faible
- No agrément AMF/ECSP licence → automatic 1 pt rule not applicable
- SRO PolyReg offers minimal framework
- Reserve fund existing but opaque and undersized
- No documented secondary market
- No segregated account publicly confirmed
- 1 pt for SRO framework
Projet · 33.0/75
(36.0 brut, red flags −3)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation at fixed rate, Czech law EU
B1.2: 2/3 - Direct operator loan, documented Czech law
B1.3: 1/2 - ASIC pledge claimed, ranking not registered with official registry as of file date
B2 · Opérateur & Track record
7.0/15faible
B2.1: 2/4 - Kamila Tirpáková appointed MD, without publicly verified LinkedIn profile
B2.2: 1/5 - Pivot April 2024, no documented similar operation delivered prior
B2.3: 0/3 - First operation on Maclear, no cross-platform AMF history
B2.4: 2/3 - No proceeding identified, tight balance sheets (FY2024 loss), owner debts restructured
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 6/9 - First ranking pledge on ASICs plus assignment of BTC pool receivables; formal registration not confirmed
B3.2: 1/4 - Young SME guarantor, fonds propres not documented, 2024 balance sheet deficit
B3.3: 0/2 - No third-party banking partner; CRYPTON is not a central bank licensed NBFI
B4 · Structure financière
7.0/15faible
B4.1: 3/5 - taux de couverture de la dette estimated 1.5-2.0 on 2025 YTD basis (net result €223k/9 months vs service €16k/year for €100k)
B4.2: 2/4 - Quasi-total owner capital financing, existing own fonds propres but level not specified
B4.3: 1/4 - No formalized stress test; high BTC price exposure
B4.4: 1/2 - 2025 YTD net margin strong but volatile, dependent on BTC price
B5 · Pré-commercialisation
3.0/10faible
- Active portfolio (mining in progress), some clients under SLA, partial diversification
- Client portfolio data poorly detailed, concentration on proprietary mining
- Operational history <18 months since pivot
B6 · Permis & Maturité
3.0/5
- Activity established since April 2024 (~18 months), sound Czech legal structure (Reg
- 11931078)
- Active data center SLAs
- Documents to update (hosting contracts not attached)
- Nascent activity but legal framework in order
B7 · Marché & Localisation
1.0/3faible
- SME-NBFI market Czech Republic stable; GDP growth >2%
- Score adjusted thanks to live data: BTC mining market highly cyclical and correlated to BTC price, outside standard credit market perimeter
- Extreme underlying volatility justifies 1/3 despite favourable BTC fundamentals
⚠ Alertes détectées · −3 pts déduits
Rendement élevé sans garantie réelle
−3 pts
Coupon rate 16%/year without registered real security - ASIC pledge not registered with official registry
Points forts
Spectacular revenue growth: €212k (2023) → €1.67m (9M 2025).
Asset-light multi-site model (Ethiopia, Oman, Argentina) reduces concentration risk.
BTC production in steady progression, ~5.4 BTC/quarter Q3 2025.
First ranking ASIC pledge documented at batch level.
Facility amount limited (€100k) on basis of assets >€1.2m.
Risques identifiés
Company founded 2021, operational pivot April 2024: very short and unverified history.
Revenue entirely correlated to Bitcoin price, extreme volatility uncovered.
ASIC pledge located in Ethiopia/Oman/Argentina: legal enforceability highly uncertain.
FY2024 deficit (−€23k); owner debt restructured (€264k outstanding until 2027).
Maclear platform: two documented fraud cases (Estlat, Vibroedil), insufficient selection.
⚠ Avertissement sur les risques
Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.