“Biggest wealth creation opportunity of our lifetime.” Patrick Lowry (32) is one of Europe`s most accomplished managers and crypto influencers with extensive experience managing crypto assets and blockchain-based venture capital investments. He is the founder and CEO of Iconic Holding, an asset management group and a portfolio company of Cryptology.
Prior to founding Iconic Holding, Patrick was a member of the Deutsche Börse venture capital team, a Senior Associate at Philadelphia-based private equity firm, Graham Partners, and a former auditor at PwC within the Asset Management Assurance Services practice. He is a licensed Certified Public Accountant.
He was just appointed CEO of Cryptology Asset Group, Europe’s largest stock market listed investment company (ISIN: MT0001770107; Ticker: 4UD), with an estimated NAV of more than EUR 550 million, as published as of Feb. 17, 2021. We have been able to secure the first interview with Patrick.
Patrick, congratulations on your new position. What made you take this job and what is your vision for Cryptology?
Patrick: Cryptology has one of the world’s strongest blockchain- and crypto-related balance sheets with inspired investments in its portfolio, like a stake in block.one, the creators of EOS, and in Northern Data, the world’s leading provider of data center services for large HPC customers and Bitcoin mining companies. In total, Cryptology’s NAV is more than EUR 550 million, which equals roughly EUR 205/share. I see massive potential in our portfolio companies, and it excites me to work with them and the amazing Cryptology team to further drive the adoption of blockchain and crypto-assets.
You mentioned the NAV per share. Shares, however, are currently trading significantly below this NAV.
Patrick: Yes, and one of my primary tasks is to change this by increased investor relations work. Cryptology is a sleeping giant ready to wake, and part of this awakening is improving our investor relations communication. Cryptology allows investors to gain exposure in iconic companies like block.one, which otherwise are not accessible because they are privately held. Hence, Cryptology shares, from my point of view, deserve a premium to NAV, not the current severe discount. I am humbled and excited to be tasked with leading Cryptology to realize its untapped, and unlimited, potential.
Several companies have decided to add Bitcoin to their balance sheet, such as Elon Musk’s Tesla. Cryptology, so far, only has investments in crypto-related companies, but to our knowledge doesn’t directly own Bitcoin, ETH, EOS, or other tokens.
This is correct, but we have the mandate to do so. Under the leadership of our COO, Jefim Gewiet, and myself, we will be exploring this together. And we have as said a stake in Block.one, one of the largest holders of Bitcoin in the world. So indirectly, we have massive exposure to Bitcoin already.
You have an interesting CV, having both worked at regulated institutions like Deutsche Börse, and in the crypto world, which is considered rather unregulated. Which world do you enjoy more?
Patrick: Regulation and crypto don’t need to be at odds with one another. I am positive that prudent regulation will significantly help drive crypto adoption and make Cryptology’s vision of a tokenized world become fully realized. My CV embodies what Cryptology wants to be: Europe’s premier investment company allowing retail and institutional investors to profit from what our founding investors, Christian Angermayer and Mike Novogratz, and I regard as the biggest wealth creation opportunity of our lifetime.
At the moment, Cryptology is just traded on German stock exchanges, so it is not easy to invest in for international investors.
Patrick: That’s true. Cryptology shares are trading on several German exchanges including Börse Düsseldorf, Gettex, and Tradegate. In order to increase trading liquidity and open up for new shareholder groups, we are exploring an international listing.
Thank you very much for the interview, and good luck!