Nordic cryptocurrency exchange Firi saw its operating profit plummet by 80 percent in 2025, dropping to 25.3 million kroner from 131.7 million kroner the previous year, according to the company’s annual financial report. Founder and CEO Thuc Hoang attributes the sharp profit decline to heavy compliance costs tied to securing the European Union’s Markets in Crypto-Assets (MiCA) regulatory certification.
MiCA Certification Drives Down Firi Operating Profit in 2025
Regulatory compliance costs weighed heavily on Firi’s financial statements throughout 2025. According to CEO Thuc Hoang, obtaining the mandatory MiCA license in June drove a significant surge in operating expenses. Total company costs increased by 43.3 million kroner during the year, while revenues fell from 295.9 million kroner in 2024 to 232.8 million kroner in 2025.
Consequently, Firi’s annual profit dropped from 134.9 million kroner in 2024 down to 28.2 million kroner in 2025. Despite the steep financial hit, Hoang maintains that the expense was necessary for long-term survival. He notes that very few crypto service providers held the required concessions by the end of July 2026, with the majority of approved entities being traditional banks.
Firi Targets Technology and Bank Partnerships to Offset Market Volatility
To cope with ongoing industry fluctuations, Firi’s board outlines a strategy in the annual report to reduce the exchange’s reliance on broader cryptocurrency market swings. The firm plans to lean into savings services and investments in blockchain technology. Furthermore, Hoang confirms that Firi is currently in active talks with a major bank regarding a potential collaboration, though he declines to name the financial institution.
Did you know? Firi adds more than 100 new customers to its platform every single day, driving a continuous need for scalable operational efficiency.
Market turbulence heavily impacted user assets on the platform. Firi’s customer funds fell by 1.33 billion kroner over the course of 2025, a drop Hoang links directly to the steep valuation declines seen across the wider crypto market around the turn of the year. Bitcoin prices dipped below $60,000 in June before stabilizing around $65,000 in subsequent weeks.
Operational Efficiency and Future Outlook
Looking ahead, Firi expects operational costs to remain elevated due to ongoing reporting and compliance obligations mandated by MiCA. However, Hoang states that the company does not anticipate any further major capital investments now that the core licensing phase is complete. Instead, management plans to focus on internal optimization and technological efficiency to support continued expansion across Nordic markets like Sweden and Denmark.
Reflecting on his compensation package, which totaled 2.88 million kroner in salary and other benefits for the year, Hoang expresses appreciation for the board’s support. Firi maintains an optimistic outlook on the broader digital asset sector, pointing to positive underlying adoption trends despite persistent market volatility.
Frequently Asked Questions
Why did Firi’s operating profit drop in 2025?
According to the company’s annual report and CEO Thuc Hoang, the 80 percent profit drop was primarily driven by heavy expenses associated with securing the EU’s MiCA regulatory certification and falling annual revenues.
What is MiCA and why did it cost Firi money?
MiCA is the European Union’s regulatory framework for crypto-assets. It imposes strict demands regarding customer protection, IT security, corporate governance, and anti-money laundering controls, requiring substantial upfront and ongoing compliance investments.
Is Firi partnering with a bank?
CEO Thuc Hoang confirms that Firi is in talks with a large, unnamed bank regarding a potential partnership to help stabilize operations against crypto market swings.
How did the broader crypto market perform during this period?
The wider market experienced sharp volatility, with Bitcoin dropping below $60,000 in June before recovering to trade around the $65,000 mark in subsequent weeks.
What are your thoughts on Firi’s compliance strategy and the impact of MiCA on Nordic crypto exchanges? Join the discussion in the comments below or subscribe to our newsletter for more updates.
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