During Q3, Ace Digital generated a net profit of NOK 6.32 million. Equity increased 19.3% to NOK 39.09 million, and the company ended the quarter debt-free.
Unaudited trading update for the three months ended 30 September 2026.
Bitcoin Treasury NAV increased 373% without buying Bitcoin. Ace Fund continued to outperform Bitcoin since inception, cash distributions from preferred securities increased, and operating costs declined.
Q3 2026 Highlights
Value Development
| NOK | 30 Sep 2026 | 30 Jun 2026 | Change | Change % |
| Cash | 6,580,280 | 8,280,324 | -1,700,044 | -20.5% |
| Bitcoin Treasury | 4,268,660 | 902,850 | +3,365,810 | +372.8% |
| Preferreds | 9,667,059 | 8,259,534 | +1,407,526 | +17.0% |
| Ace Fund | 11,465,864 | 8,760,452 | +2,705,412 | +30.9% |
| Subs & investments | 400,000 | 400,000 | – | – |
| Deferred tax asset | 6,703,446 | 6,703,446 | – | – |
| Total assets | 39,085,309 | 33,306,605 | +5,778,704 | +17.4% |
| Debt | 0 | 542,212 | -542,212 | -100.0% |
| Equity | 39,085,309 | 32,764,393 | +6,320,916 | +19.3% |
The deferred tax asset remains unchanged from year-end and will be reassessed in connection with the audited annual accounts. No premium or goodwill is attributed to subsidiaries or new business initiatives.
Bitcoin Treasury
Bitcoin Treasury NAV increased from NOK 0.90 million to NOK 4.27 million during Q3, an increase of 373%, without buying Bitcoin. Measured in Bitcoin, Treasury NAV increased from 1.55 BTC to 5.32 BTC, an increase of 243%. Net option delta at quarter-end represented approximately 45 BTC, bringing estimated economic Bitcoin exposure from the Treasury Strategy to approximately 50 BTC.
We increased Bitcoin exposure during the quarter as we saw a more attractive risk/reward. The Treasury Strategy allows us to maintain substantial Bitcoin exposure while committing considerably less capital.
The objective is not to maximise Bitcoin exposure at all times. It is to allocate capital dynamically where we believe it can create the greatest value per share.
Preferreds and Cash Generation
Preferred securities have become an increasingly important part of our capital allocation.
Across Ace Digital and Ace Fund, cash distributions from preferred securities amounted to approximately NOK 0.84 million during Q3, equivalent to approximately 80% of Ace Digital's operating costs for the quarter.
At quarter-end, Ace Digital and Ace Fund had combined economic exposure to 27,600 STRD shares, representing USD 2.76 million of par value. At the current 10% annual distribution rate, this represents approximately NOK 2.65 million in annualised cash distributions, subject to declaration.
Operating costs
Operating costs were NOK 1.06 million in Q3, approximately 43% below the quarterly pace in H1.
Ace Fund
Eleven months after inception, Ace Fund had returned +23.1% in USD, while Bitcoin had declined −23.7% over the same period.
At quarter-end, Ace Digital's investment in the fund was valued at NOK 11.47 million. Since inception, Ace Fund has not used leverage or held short positions.
The track record provides a foundation for the further development of Ace Funds as a Bitcoin-focused asset-management platform. Additional strategies are being developed around Bitcoin credit, income and multi-strategy investing.
Ace Fund remains funded exclusively by Ace Digital and closed to external investors.
Building in the Bitcoin Ecosystem
During Q3, MediaB completed working prototypes of NewsB, SquawkB and RadioB.fm.
NewsB is focused on Bitcoin news, data and market intelligence; SquawkB on real-time news and market information, including audio; and RadioB.fm on 24/7 audio Bitcoin, markets, music and entertainment. On-chain realtime data is delivered by our own fully synchronised Bitcoin node.
The platforms are intended to develop their own commercial revenue streams. The final corporate and ownership structure has not yet been established. No premium or goodwill relating to these initiatives is included in Ace Digital's reported values.
Ace Invester's Bitcoin mining pilot has generated an annualised IRR of 9.1% since inception.
Entering Q4
Ace Digital entered Q4 with NOK 39.09 million in equity, no debt, lower operating costs, substantial liquidity and approximately 57 BTC of estimated economic Bitcoin exposure.