Member Info for Chaebol

Sir the share price has fallen over 60% in the last few months. 25% last few trading sessions.

What could that be ?

Take your angst and concerns to the BOD not me.

CEX looks CEXY have another VASP

I have 6 others now way ahead of GST x;) these ones that are ahead are now pivoting on plan b's.....interesting.

I have another 6 vasps ahead of GST, Im remaining civil. So can you answer my question what price on rejection or delay for MiCA?

If you read the two links below, especially the LB link I think Mr Banys at coingate and Nuvei were told they were the only approvals out of those 102 applications. They talk as if only 3 will be approved. Information was given to them on the 17th video lb link that gives them the ability to say out of all those apps only were approved…….

https://www.lb.lt/lt/renginiai/konsultacinis-renginys-kriptoturto-paslaugu-teikeju-licencijavimo-pamokos-ir-prieziuros-lukesciai-atsakingo-finansiniu-paslaugu-teikimo-link

The next day the below article hits LinkedIn, confirming the autopsy of the app from the BOL, Lukas Jablonskas MiCA supervisor for MiCA approvals with the BOL likes that message.

https://www.linkedin.com/pulse/act-ii-three-licences-forty-something-reality-checks-jonas-udris-llm-cea6c/?trackingId=%2BQaCs2HLld4upYyLB7dODg%3D%3D

Arminas Banys

Author

No-Nonsense Fin Services Compliance Advisor (15+ yrs) | Board Member | Partner at Adamano

1w

Vyacheslavs Tarasovs, CAMS Thanks.

The 500+ figure is a bit misleading if taken at face value. A material part of the entities on the register were either not carrying out any real activity or had no substantive nexus with Lithuania at all (no staff, no decision-making, no actual operations here). If you strip those out, the realistic pool of candidates is probably closer to a few dozen - say in the 50-60 range.

From there, MiCA introduces a completely different cost base compared to the previous regime. For a number of business models, once you price in full authorisation and ongoing compliance, not pursuing authorisation is simply an economically rational outcome.

Even with that in mind, the fact that only three entities went all the way through still says quite a lot about how steep the MiCA filter is in practice.

https://www.linkedin.com/feed/update/urn:li:activity:7406954294014283776/

You have not priced in rejection. from 102 apps 3 approvals so far . LT is the strictest and GST app highlights multiple red flags that other VASPS are not being approved for.

Spectrocoin just recently pivoted to Latvia/Estonia its a huge vasp in LT but it has been too strict for them. Many other LT VASPS ahve pivoted because of the strictness of the BOL.

I can give multiple VASPS in LT that are way ahead of GST.

Why is this down 25 percent in the last 4 and a half trading sessions x;) is somehing being priced in here....

Plan B's are going on big time inLT and to carry on trading It does lead me to beleive VASPS that were registered before December 2024 and are located in EU grandfathering countries that run until July 2026 could be worth a lot more money in the next few days.

Downward momentum of share price to continue. How low?

Principal Risks and Uncertainties (Annual Report FY25)

The Strategic Report identifies Regulatory Uncertainty and Complexity as a key principal risk:

"The Fintech and Cryptocurrency sectors face evolving regulatory landscapes across multiple jurisdictions. Compliance with regulations, such as the EU’s MiCA framework and the UK’s FCA requirements, is critical to the Group’s Bake Cryptocurrency platform and stablecoin and FX operations. Regulatory changes could increase compliance costs or limit service offerings."

Mitigation includes active dialogue with regulators, investment in compliance frameworks, and plans to enhance regulatory technology in 2025.

Auditor's Key Audit Matter (Annual Report FY25)

The independent auditor flags Regulatory Compliance and Licensing Risk as a key matter:

"The group operates in a highly regulated environment... There is a risk that one or more subsidiaries may not remain fully compliant... Any instances of non-compliance could result in regulatory sanctions, reputational damage, or limitations on the group’s ability to operate in certain markets..."

This encompasses jurisdictions including Lithuania (home to GS Fintech UAB).

In the Viability Statement, regulatory risks are further highlighted:

"Regulatory change and authorisations: The Group operates under evolving regimes (e.g., FCA permissions, EU MiCA). Risks include higher compliance costs, constraints on products, or delays in approvals."

Scenario testing specifically models a "Regulatory delay or constraint: 6–12 month delay in key approvals (e.g., FCA, EMI or MiCA)."

Operational Sloppiness and Governance Red Flags

* Temporary trading suspension (Aug 2025): Shares halted pending delayed FY25 results publication – classic micro-cap admin failure, spooks institutions/retail.

* Repeated RNS corrections (e.g., July 2025 voting rights error post-retail offer).

* Outdated AGM notice on website with wrong share counts – fuels "amateur BOD" narrative on forums.

* Financials: Ongoing losses, high compliance costs eating into margins; no breakout profitability despite acquisitions.

Valuation & Technical View

* Trading at rock-bottom ~£10m mcap despite "assets" (Semnet stake ?, Bitcoin treasury ~8-9 BTC, Bake platform).

* But assets impaired by disputes/risks; cash burn likely.

* Technicals: Broken all supports, new lows repeatedly – pure downtrend, high volume on sells.

Bottom Line: A Textbook Small-Cap Meltdown

This isn't bad luck – it's execution risk materialising. Promised catalysts (MiCA approval, Semnet NASDAQ) failed to deliver amid self-inflicted wounds (delays, disputes, sloppy IR). In a risk-off environment for speculative fintechs, GST became the poster child for "promise big, deliver little."

Bull Case (Thin): MiCA approval post-deadline (Q1 2026?) + arbitration win + crypto rebound could spark a bounce. Bitcoin treasury adds minor upside.

Bear Case (Dominant): Forced crypto pause → revenue drop → more dilution → sub-0.3p spiral.

Avoid or short – too many red flags, zero margin of safety. Long-suffering holders are underwater and exhausted; new money isn't coming in.

Current Price (as of Dec 24, 2025): ~0.45 GBX

YTD Performance: -84.48% (from ~2.90-3.50 GBX highs early 2025 to new 52-week lows)

Market Cap: ~£10-11m (with ~2.33bn shares outstanding)

Classification: Classic small-cap fintech "value trap" – high dilution, execution risks, and regulatory headwinds in a volatile sector.

GSTechnologies – started 2025 with optimism around acquisitions and crypto exposure. The stock peaked around 3.5p early in the year but has since collapsed in a steady downtrend, hitting all-time 52 week lows below 0.45p. This isn't a sudden crash; it's a slow bleed driven by failed catalysts, operational setbacks, and structural issues. Here's the breakdown:

1. The Big Overhanging Risk: MiCA Licensing Failure Looming

* GST's Lithuanian entity (GS Fintech UAB) submitted a MiCA CASP application in September 2025, responding to BoL queries since.

* No approval yet – and Lithuania's hard deadline is December 31, 2025. From Jan 1, 2026, unlicensed crypto operations must cease (no bridging for pending apps).

* Only ~3 approvals granted in Lithuania all year (Robinhood Europe, CoinGate, Nuvei) out of dozens submitted – BoL is notoriously strict on substance/governance.

* Market implication: Investors are pricing in a forced shutdown or pivot for GST's crypto arm (a core growth driver). No MiCA = no legal EU crypto services → revenue hit, potential wind-down costs.

* This uncertainty has weighed heavily since Q3/Q4, accelerating the sell-off as the deadline approaches (just days away).

2. Semnet Acquisition Gone Sour – Arbitration and Paused NASDAQ Dreams

* Acquired 67% of Singapore cybersecurity firm Semnet in late 2023/early 2024 for ~$1.8m (cash + shares) – touted as transformative for cybersecurity revenue and a potential NASDAQ spin-off.

* July 2025 RNS: Issued notice of arbitration against Semnet sellers for alleged breaches of non-compete and employee obligations. If won, could recover – but signals deep issues (e.g., sellers competing or mismanagement).

* Result: NASDAQ listing plans for Semnet paused indefinitely pending arbitration resolution.

* This killed a major re-rating catalyst – investors bought into the "NASDAQ upside" narrative; now it's dead weight, eroding confidence in management's deal-making.

* Future warnings of Poor performance and last interims report zero revenue.

3. Chronic Dilution and Fundraising Fatigue

* Share count ballooned to ~2.33bn (from prior placings, retail offers, consideration shares).

* Multiple fundraises in recent years (e.g., placings, retail offers like the July 2025 RNS correction-needed one) at progressively lower prices.

* Classic small-cap death spiral: Need cash for compliance/acquisitions → issue shares → dilute holders → price falls → more dilution needed.

52 week range

0.40 / 3.65

0.45

 GBX

-0.15 (-24.98%)past 5 days

0.45

 GBX

-0.23 (-33.82%)past month

0.45

 GBX

-0.68 (-60.18%)past 6 months

0.45

 GBX

-2.45 (-84.48%)year to date

Imagine getting angry at posters that predicted this downward trend and not the BOD that oversaw it.

Its mental.

Ian, best of Luck..... Merry Xmas x

Sparky the BOL are not giving out rejections unless you decide to go through the complete application, a lot of the legal firms in LT are now telling VAPS now to withdraw the application so that they avoid the public rejection and then can apply in another EU jurisdiction, once you are officially rejected in one EU state for MiCA you cannot then apply in another one.

Only Italy have added non compliant firms and Holland with MEXC, once you are on that list you will find that MiCA is going to be really difficult.

An extension for VASPS in LT would now require an act of parliament and they on holiday now, so no matter what happens even with app sumbmitted and pending, if you don't have a MiCA license by the first of Jan you cannot operate crypto services. No exemptions.

Enki knows this as well, as he was trying to tell me this everytime I said they would have exemptions and common sense would allow vasps to operate until app approved, but its not like that at all.

A Country with a record amount of VASPS have only approved 3 ! and they have real substance. In Novemebr was a lot of chatter on linkedin about VASPS and the difficulty of licensing mica in LT and a lot pivoted then with a plan b and new app in new EU state as LT were being very strict.

I can think of 7-8 vasps and other apps that are way ahead of GST. BOL has indicated 2-3 more MiCA in Q1

They were reviewing 20 serious apps and only Coingate and Nuvei made it out of that pack !

What a great company we are invested in here. I did make a mistake and cash out early and then having to buy back at a bit more expensive prices earlier in the year. I wont be doing that again until 3 GBP!

Looks like 2026 is going to be like like this year with THX. Precious metals mooning and western govts almost imploding, a lot of factors that help Gold, are here firmly entrenched in our economy and society now. Who knows where Gold and Silver go but theyre going a lot higher.

What an effort from Segun and the team this year. Lets hope the news is good as we expect !

Merry Xmas and Happy New Year!

Well, at least Massi cant read this x;) Ill let it fly x.

You should listen to your own advice Kat and wait for the BOD to give some decent future guidance. Some news, real news with substance. Im sure you'll still end up with a buy in price that the rampers never said that price would go to in the first place! if you know what I mean.

Your laptop gonna be sound, Family and fun next 5 days..... back Sunday Monday for a very exciting week.

Best wishes to you too and all x

I get it you..... lot talk about your wins, I can't x;)

Peace to all x

Https://x.com/ChaebolChris/status/1875896337855873186/photo/1

2 tales of the tape funny how things go......

One did btc treasury early and then mooned

GST mooned on Sement ipo oph dear and bake now another oh dear...... delayed btc treasury and then had one of the worst years ive seen from a biz ! mad!

If GST had done btc treasury same time as coin.pl they would have been doing raises for 15-20p

Me too Aud ,big in Gold and silver last year and THX was an 18p entry late last year. Been brilliant.

Think lots more to come for the sector GL

And EMI

Reality is the BOD published a load of gobbledygook on the AGM RNS in October, the end.

Makes me think how shoddy they were wit the MiCA app

Lol.

I mean 59.1 million transact revs 448 k revs

Aud 59.1 million revs on Angra 448k USD in revenue 146 k in losses on exchange fees 300k revs from 59 mill its 0.6 % without any bills being paid and this is one of our best pillars right now.

It needs scaling up and we have owned it already for 3 years.....