Rescue or rebranding? – CEO blames predecessor for legacy issues and pins hopes on CoinMetro, but...

Who will pay in the end? From an investor’s perspective, key questions remain unanswered after the AMA! In the AMA on 31 July 2025, Blocktrade CEO Sam explained the company’s situation. In addition to strategic plans and possible partnerships, he emphasised a clear distinction from former executives. The presentation gives the impression of an increased need for resources (capital, personnel, infrastructure).

Distancing from former managers

Sam stated that he had personally invested considerable resources in Blocktrade. According to him, many of the current problems are due to the failings of former managers, although he did not name names. He emphasised that investments had been made by former decision-makers, not by the FSR Group.

FSR as saviour – at its own expense?

Sam emphasised that the FSR Group was bearing the ongoing costs of the restructuring. According to the prospectus supplement issued by the Financial Supervision Authority Finantsinspektsioon (fi.ee), FSR Group Pte Ltd (Singapore) has controlled all Class A voting shares of Blocktrade S.A. since 9 September 2024; The company is wholly owned by Su-Leng Tan Lee, who holds executive positions at Blocktrade and FSR. According to the documents mentioned, there is no detailed information on the capital strength of the FSR Group; the reliability of its commitment to bear the costs itself in the long term therefore remains open.

Cooperation with CoinMetro – strategic opportunity or necessity?

Sam and CoinMetro CEO Kevin Murcko announced plans for closer cooperation, including a possible merger. The aim is, among other things, to achieve greater MiCA/DORA coverage, market access and the bundling of communities. Assessment: The question remains as to whether this is a move made from a position of strength or should primarily be seen as a restructuring option.

Implicit expectations of investors

Sam emphasised that he had not requested additional capital, but appealed for ‘active support’ from the community. The nature and extent of this support remained unclear. According to the AMA, there are 5,000–6,000 investors; without broader participation, the next steps could be more difficult.

Implicit expectations of investors

Timetable and open questions

A listing has been proposed for Q4 2025–Q1 2026. CoinMetro is to enable bilateral trading on an interim basis. The following remain open: concrete involvement of token holders, mechanisms against discrimination of individual groups, and regulatory requirements and milestones.

Open questions on regulation, transparency and infrastructure

In parallel with the AMA, our editorial team sent questions to CoinMetro in order to better understand the regulatory and operational situation. The background to this is ongoing research into MiCA/CMA regulation, transparency standards (proof of reserves), the development of the XCM token mechanism and the recent restrictions on USD SWIFT payments.

Specifically, we wanted to know:

whether an application for a CASP licence has already been submitted to the Estonian Financial Supervision Authority,
whether regular, externally audited proof-of-reserves reports with user verification (Merkle proof) are planned,
how fee income currently affects XCM buybacks or vaulting, and what governance mechanisms protect investors from unilateral changes,
which banking partners and payment methods are currently available, and what fallback strategies exist in the event of a banking partner failure,
as well as whether there are currently any cooperations with Blocktrade or affiliated companies and for what purpose.

At the time of publication of this article, our editorial team had not received any response to these questions.

Conclusion (opinion/analysis)

The AMA paints a picture of a CEO who wants to act as a restructurer, but at the same time is balancing on scarce resources. Whether the CoinMetro cooperation will become a growth driver or primarily serve as a rescue option remains unclear.

Note/Legal

This article is a journalistic analysis and contains expressions of opinion that are identified as such. Sources: publicly available documents and the AMA dated 31 July 2025 (access/status information below). Published under Art. 10 ECHR / Art. 5 GG, in compliance with citation rights (§ 51 UrhG). No legal advice; legal review recommended for individual cases. Editorial diligence: Separation of facts (with sources) and opinion (analysis/conclusion); counterarguments/right of reply are made available to those affected.

Sources/status

Finantsinspektsioon (fi.ee), prospectus supplement Blocktrade S.A., as of 09.09.2024 (ownership/voting rights structure; 100% Su-Leng Tan Lee to FSR Group Pte Ltd).
ACRA Singapore (company register entry FSR Group Pte Ltd; financial data only available for a fee), as of 2024.
AMA Blocktrade, 31 July 2025 (own transcript/screenshots).
Public statements by Sam (YouTube/Discord/Telegram), accessed between 31 July and 15 August 2025.