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Varta AG (0GYQ.L)

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38.40+16.10 (+72.20%)
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Open38.53
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Day's range38.40 - 38.53
52-week range38.40 - 38.53
Volume1,049
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Market cap1.573B
Beta (5Y monthly)0.94
PE ratio (TTM)16.34
EPS (TTM)2.35
Earnings dateN/A
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  • EQS Group

    VARTA AG: VARTA AG increases profitability and confirms cooperation on V4Drive with automotive manufacturer

    DGAP-News: VARTA AG / Key word(s): Quarterly / Interim Statement12.05.2021 / 07:00 The issuer is solely responsible for the content of this announcement.Corporate news on the results of Q1 / 2021VARTA AG increases profitability and confirms cooperation on V4Drive withautomotive manufacturer Group revenue grows in the first three months of 2021 by 2.9% from € 198.5 million to € 204.3 million compared to the same period of the previous year. Adjusted EBITDA is € 59.9 million (Q1 2020: € 51.7 million). This corresponds to an increase of 15.9% compared to the previous year. New segment name emphasizes focus on lithium-ion business: "Microbatteries & Solutions" is now called "Lithium-Ion Solutions & Microbatteries". Revenue in this segment rose by 2.7% to € 121.9 million (2020: € 118.7 million). The Household Batteries segment continues to develop very positively. Revenue und sales figures in the Energy Storage Systems division have doubled year-on-year. Household Batteries: Revenue increase by 3.4% to € 82.4 million (2020: € 79.7 million) First customer from the automotive sector for new lithium-ion round cells Development of the pilot line for lithium-ion round cells on schedule Further, larger lithium-ion round cells plannedEllwangen, May 12, 2021. VARTA AG is continuing its successful lithium-ion strategy with new battery formats. VARTA confirms to have a first customer from the automotive sector for the new high-performance V4Drive round cell in the 21700 format. In addition, the technology company from Ellwangen (Baden-Württemberg) announced that it will also develop other, larger lithium-ion round cells in the future. In the first quarter of 2021, VARTA was able to increase group revenue by 2.9% to € 204.3 million compared to the same period of the previous year. The adjusted EBITDA rose by almost 16% to € 59.9 million. "VARTA has further increased its profitability. We are optimistic about the second half of the year," says Herbert Schein, CEO of VARTA AG. "All segments continue to contribute to the growth of our company and were able to further increase the good results. The properties of our new lithium-ion round cells are met with great interest from customers. We are thus opening new and larger areas of business. In the meantime, we have also been able to win our first customer for our V4Drive in the automotive sector. VARTA remains successful with its innovation strategy." In the second half of the year in particular, VARTA expects an increase in revenue and business results thanks to new customer orders in the area of ​​True Wireless Stereo Headsets (TWS). "In order to emphasize our focus on the successful business with our lithium-ion batteries, we have decided to rename our Microbatteries & Solutions segment to Lithium-Ion Solutions & Microbatteries", says Schein.Armin Hessenberger, Chief Financial Officer (CFO) of VARTA AG, adds: "VARTA is a thoroughly healthy company. Thanks to our further increased profitability and our low level of debt, we have the opportunity to continue investing heavily in the lithium-ion business and at the same time to pay our shareholders a dividend for the first time. The decision will be made by the general meeting next month. " VARTA AG - Group in mio. € Q1 2020 Q1 2021 revenue 198,5 204,3 2,9% adjusted EBITDA 51,7 59,9 15,9% adjusted EBITDA margin 26 % 29,3% +3,3 PP Lithium-Ion Solutions & Microbatteries segment grows by 2.7%Revenue in the Lithium-Ion Solutions & Microbatteries segment rose from € 118.7 million to € 121.9 million in the 2021 financial year. This corresponds to a revenue growth of 2.7% compared to the previous year. The development of the rechargeable lithium-ion cells for high-tech consumer products, especially for true wireless premium headphones (TWS), was as expected. The USD / EUR exchange rate development and the adjustment of prices in the non-strategic area of ​​assembly, i.e. the tailoring of the battery arresters for the customer, had a negative effect. New customer projects will have an impact on sales and earnings in the second half of the year.The Microbatteries and Power Pack Solutions product groups have developed very positively. When it comes to hearing aid batteries, VARTA is benefiting from the increased demand for rechargeable lithium-ion cells. The high growth rate continues in the Power Pack Solutions business.The adjusted EBITDA rose from € 40.8 million to € 45.9 million (+12.5%), which corresponds to a disproportionate increase compared to the sales development. The increase in earnings is the result of further increases in productivity and efficiency. This results in an adjusted EBITDA margin of 37.6% in relation to sales, which corresponds to an improvement in the adjusted EBITDA margin of 3.3 percentage points compared to the previous year. Segment Lithium-Ion Solutions & Microbatteries in mio. € Q1 2020 Q1 2021 revenue 118,7 121,9 2,7% adjusted EBITDA 40,8 45,9 12,5% adjusted EBITDA margin 34,3% 37,6% +3,3 PP Household Batteries segment continues to develop positively, high demand for energy storage systemsThe Household Batteries segment comprises the consumer batteries business and energy storage systems. Sales increased from € 79.7 million to € 82.4 million in the 2021 financial year. This corresponds to a sales growth of 3.4% compared to the previous year. Adjusted EBITDA rose from € 10.9 million to € 13.9 million (+27.5%), which corresponds to a disproportionate increase compared to the sales development.By focusing on the branded business, the consumer batteries business has significantly improved its profitability compared to the same quarter of the previous year. The business with energy storage systems grew very dynamically in the financial year and doubled compared to the same quarter of the previous year and was thus able to gain additional market shares. The adjusted EBITDA margin is 16.9% in relation to sales, which corresponds to an improvement of 3.2 percentage points compared to the previous year and thus builds on the successful fourth quarter of 2020. Segment Household Batteries: in mio. € Q1 2020 Q1 2021 revenue 79,7 82,4 3,4% adjusted EBITDA 10,9 13,9 27,5% adjusted EBITDA margin 13,7% 16,9% +3,2 PP Outlook: new lithium-ion round cells open up new markets, start of the pilot line on scheduleThe structural growth of the core markets, strong market position in these core markets as well as the continued high investments in the expansion of production capacities will lead to positive business development in 2021. This outlook is based on the assumption of constant exchange rates.The company is still very well positioned in view of the ongoing Covid-19 pandemic and fluctuating infection rates. Production at the company's own locations has been running without interruptions since the beginning of the pandemic, and there have been no effects on the supply chains.[1]The positive business development will accelerate in the second half of the year thanks to new customer projects and orders in the CoinPower area. In addition, the development of new lithium-ion round cells will open up further business areas. The construction of the pilot line for the new lithium-ion round cells in the 21700 format at the Ellwangen location is proceeding according to plan. Pilot production will start at the end of the year.Result under:https://www.varta-ag.com/publications/Dates:17th June 2021 General meeting13th August 2021 Half-year report 202111th November 2021 Interim report 3rd quarter 2021 Media contact: Bernhard Wolf Dr. Christian Kucznierz Head of Investor Relations Head of Corporate Communications Tel: +49 79 61 921-2969 T: +49 79 61 921 2727 bernhard.wolf@varta-ag.com christian.kucznierz@varta-ag.com About VARTA AG VARTA AG produces and markets a comprehensive battery portfolio from micro batteries, household batteries, energy storage systems to customer-specific battery solutions for a variety of applications and, as a technology leader, sets industry standards in important areas. As the parent company of the group, it operates in the business segments "Lithium-Ion Solutions & Microbatteries" and "Household Batteries".The "Lithium-Ion Solutions & Microbatteries" segment focuses on microbatteries, lithium-ion coin power, lithium-ion round cells (lithium-ion large cells) and the lithium-ion battery pack business. Through intensive research and development, VARTA sets global standards in many areas of lithium-ion technology and microbatteries, making it a recognized innovation leader in the important growth markets of lithium-ion technology and in primary hearing aid batteries. The "Household Batteries" segment comprises the battery business for end customers, including household batteries, accumulators, chargers, portable power (power banks) and lights as well as energy storage devices.The VARTA AG Group currently employs almost 4,800 people. With five production and manufacturing facilities in Europe and Asia as well as sales centers in Asia, Europe and the USA, the operating subsidiaries of VARTA AG are currently active in over 75 countries around the world.[1] Impairments to our customers' business through COVID-19 cannot be ruled out, as can exchange rate fluctuations between USD and EUR. At the time of this notification, these effects could not be foreseen and could therefore not be taken into account in the planning.12.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: VARTA AG VARTA-Platz 1 73479 Ellwangen Germany Phone: +49 (0)791-921-0 E-mail: info@varta-ag.com Internet: www.varta-ag.com ISIN: DE000A0TGJ55 WKN: A0TGJ5 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1195414 End of News DGAP News Service

  • EQS Group

    VARTA AG: VARTA AG achieves record results, announces cylindrical lithium-ion high-performance cell

    DGAP-News: VARTA AG / Key word(s): Annual Results31.03.2021 / 07:00 The issuer is solely responsible for the content of this announcement.Corporate News on final figures 2020VARTA AG achieves record results, announces cylindrical lithium-ion high-performance cell Highly dynamic growth of around 140% in Group revenue to approximately € 870m. Organic revenue growth excluding first-time consolidation of VARTA Consumer amounts to around 47%. Adjusted EBITDA rises by roughly 147% to approximately € 241m. Adjusted EBITDA margin improves to around 27.7%. Microbatteries & Solutions segment records very strong fiscal year performance. Very positive development in the Household Batteries segment. Start of dividend payments: Roughly € 100m to be paid out. Development of cylindrical lithium-ion cells is well on course and being met with high customer interest. Promising outlook for 2021: Revenue and profit will once again increase in fiscal year 2021: Adjusted EBITDA margin to improve to around 30%. Ellwangen, 31st March, 2021. VARTA AG can look back with satisfaction on a year in which the Company recorded historic financial results. There was organic growth of 50% in revenue, while the increase in absolute terms totaled 140%. In this context, adjusted EBITDA improved by around € 150m. The guidance, which had already been raised twice in the previous year, has once again been exceeded. The technology company based in Ellwangen (Baden-Württemberg/Germany) is also very optimistic for the current fiscal year. VARTA's revenue and profit will increase further on the back of an anticipated strong second half of the year. At year-end at the Ellwangen site, a high-performance lithium-ion round cell in 21700 format will be manufactured on a pilot production line. These cells offer advantages for applications such as power tools but can also be used for concepts in the automotive sector. As previously announced, in light of an exceptional fiscal year, the Executive Board has resolved to make dividend payments totaling around € 100m to shareholders. The dividend totals € 2.48 per share, although approval from the Annual General Meeting in June is still pending.Herbert Schein, CEO of VARTA AG: "We are proud of a historic fiscal year - the best so far in the 135 years of our company's history. We recorded growth of 140% in the prior year, while organic revenue growth alone amounted to just below 50%. Growth for organic EBITDA totaled just below 100%. All business segments have exceeded their previous year's successes once again. We will also continue on our growth path this year. With the new lithium-ion round cells, which will be manufactured on a pilot production line at the end of the year, we are seeking to tap into new business areas. Our cylindrical high-performance lithium-ion cells are another big step for VARTA following on from the success of CoinPower."Armin Hessenberger, Chief Financial Officer (CFO) of VARTA AG, adds: "VARTA AG has an equity ratio of 44% and is starting 2021 practically debt-free following a massive investment program (Net Debt to EBITDA ratio stood at 0.06% as at fiscal year-end 2020). VARTA AG is therefore well positioned for the next expansion steps.Group revenue rose by approximately 140% to around € 870m during fiscal year 2020. Excluding the first-time consolidation of VARTA Consumer, this growth stands at around 47%. By scaling the business model, growth in operating earnings outpaced that of revenue. Adjusted EBITDA increased by around 147% to approximately € 241m. Excluding the first-time consolidation of VARTA Consumer, this growth stands at around 92%. The adjusted EBITDA margin stands at around 27.7% (previous year: 26.9%). VARTA AG - Group In €m 2019(1) 2020 Revenue 362.7 869.6 140% Adjusted EBITDA 97.5 241.0 147% Adjusted EBITDA margin 26.9% 27.7% +0.8 PP The previous year's figures have been adjusted to the new segmentation (retrospective pro forma adjustment) Very strong growth for the "Microbatteries & Solutions" segment in fiscal year 2020Revenue in the Microbatteries & Solutions segment increased very dynamically by 49% to approximately€ 508m. By far the strongest revenue growth is again being recorded for rechargeable lithium-ion batteries for high-tech consumer products, particularly Premium True Wireless Stereo Headsets (TWS). This is a consequence of continued high customer demand in a market subject to highly dynamic growth. As leaders in technology and innovation, VARTA AG is growing significantly faster than the market as a whole and has established a highly successful business model.VARTA has been able to further expand its market position in the rechargeable hearing aid segment. High growth has continued in its business with smart, modular energy solutions (Power Pack Solutions) due to the new customer projects that were initiated over the course of the prior year.Once again, there was a step-change improvement in adjusted EBITDA, rising on this occasion by 96% to approximately € 187m, comfortably exceeding revenue growth in the process. The adjusted EBITDA margin has markedly improved by approximately 8.8 percentage points and now amounts to 36.9% of revenue. Microbatteries & Solutions segment In €m 2019(1) 2020 Revenue 340.9 508.1 49% Adjusted EBITDA 95.5 187.0 96% Adjusted EBITDA margin 28.0% 36.8% +8.8 PP The previous year's figures have been adjusted to the new segmentation (retrospective pro forma adjustment) Household Batteries segment makes further positive contribution to growthThe Household Batteries segment encompasses Consumer Batteries in addition to the Energy Storage Solutions business. In the previous year, only the Energy Storage Solutions business was included in the segment reporting. The revenue share of Consumer Batteries amounts to 91% and has developed better than expected over the reporting period. Profitability improved over the course of the year by focusing on the brand business, while the Energy Storage Solutions business has seen very dynamic growth that outpaced the market. Household Batteries segment: In €m 2019(1) 2020 Revenue 21.4 361.2 n.a Adjusted EBITDA 2.0 54.0 n.a Adjusted EBITDA margin 9.3% 15.0% +5.7 PP The previous year's figures have been adjusted to the new segmentation (retrospective pro forma adjustment) Outlook: Innovative cells open up new business areas, further revenue growth and above-average profit increase expected At the end of the year, VARTA will start manufacturing a new lithium-ion round cell in 21700 format on a pilot production line. These cells are characterized by very low internal resistance, which enables very rapid charging and discharging. They are therefore above all suited for applications requiring a high energy output. Application areas could include supplying electricity for tools requiring high levels of power and torque such as drills, grinding machines and other devices. However, the cells also offer advantages in new drive concepts in the automotive sector.VARTA AG has benefited from a funding commitment totaling around € 300m as part of an Important Project of Common European Interest (IPCEI). The funds are to be put toward research and development in lithium-ion technology and the development of new lithium-ion batteries.VARTA AG is looking ahead to fiscal year 2021 with great optimism. The structural growth in the core markets, what we regard as our strong market position in these core markets and the planned expansion of production capacities for lithium-ion batteries will lead to positive business development in fiscal year 2021. The company is additionally very well positioned despite the ongoing COVID-19 pandemic. Production at our own locations has been uninterrupted since the start of the pandemic, with supply chains unaffected as a result.[1]The Group is anticipating high single-digit percentage organic revenue growth and a significant double-digit percentage profit increase for the current fiscal year. Revenue is expected to stand at around € 940m, above all boosted by strong growth in the second half-year. Above-average growth to up to 30% of revenue is anticipated for the relative margin of adjusted operating income. This equates to an increase of up to 2.5 percentage points and underscores VARTA AG's earning power. The demand for rechargeable VARTA lithium-ion batteries for high-tech consumer products, above all TWS, remains very high. As leaders in technology and innovation, VARTA is benefiting from the trend toward ever smaller and more powerful button cell batteries.Financial results can be accessed at: https://www.varta-ag.com/publications/ Dates: May 12, 2021 June 17, 2021 Interim report Q1 2021 Annual General Meeting August 13, 2021 Half-year report 2021 November 11, 2020 Interim report Q3 2021 Contact: Bernhard Wolf Dr. Christian Kucznierz Head of Investor Relations Head of Corporate Communications Tel.: +49 79 61 921-969 Tel.: +49 79 61 921 2727 bernhard.wolf@varta-ag.com christian.kucznierz@varta-ag.com About VARTA AG VARTA AG produces and markets a comprehensive battery portfolio that ranges from microbatteries, household batteries and energy storage systems all the way to customer-specific battery solutions for a wide range of uses, setting the industry standards as technology leader in many important areas. As the parent company of the Group, it is active in the "Microbatteries & Solutions" and "Household Batteries" business segments.The "Microbatteries & Solutions" segment focuses on the OEM business for microbatteries and the lithium-ion battery pack business. Through intensive research and development, VARTA sets the global standards in the microbatteries segment and is a recognized innovation leader in the important growth markets of lithium-ion technology and primary hearing aid batteries. The "Household Batteries" segment covers the battery business for end customers, including household batteries, rechargeable batteries, chargers, portable power (power banks), lights and energy storage systems. The VARTA AG Group, headquartered in Ellwangen, currently employs almost 4,800 staff. VARTA AG's operating subsidiaries are currently active in more than 75 countries around the world, with five production and assembly facilities in Europe and Asia as well as distribution centers in Asia, Europe and the USA.[1] Adverse impacts on our customers' businesses as a result of COVID-19 and USD/EUR exchange rate fluctuations cannot be ruled out. At the time of publication of this Corporate News, these effects were not assessable and could therefore not be factored into planning.31.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: VARTA AG VARTA-Platz 1 73479 Ellwangen Germany Phone: +49 (0)791-921-0 E-mail: info@varta-ag.com Internet: www.varta-ag.com ISIN: DE000A0TGJ55 WKN: A0TGJ5 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1179803 End of News DGAP News Service

  • Bitcoin Storm Brewing Over Trump’s Anti-Money Laundering Push
    Bloomberg

    Bitcoin Storm Brewing Over Trump’s Anti-Money Laundering Push

    (Bloomberg) -- The Biden administration will soon have to settle a Bitcoin fight it didn’t even start, and its decision could have far-reaching implications for the virtual currency industry.The battle concerns last-minute rules proposed by the outgoing Trump administration that would create new requirements for financial services firms to record the identities of cryptocurrency holders. The measures are meant to smother attempts to use Bitcoin and other cryptocurrencies for money laundering or to finance illegal activities. If adopted, they could cause cryptocurrency prices to plummet, according to some analysts.Heavyweights from both K Street and Wall Street have mobilized against the rule, including the U.S. Chamber of Commerce, mutual fund giant Fidelity Investments and venture-capital firm Union Square Ventures. Cryptocurrency players like the Winklevoss twins, the Blockchain Association and Coinbase Inc. are also fighting the measures.After President Donald Trump lost the election, the Treasury Department raced to issue the rules, which fell under its Financial Crimes Enforcement Network or FinCEN. The move generated thousands of negative comments and drew the threat of a lawsuit by a crypto trade group -- prompting a last-minute reprieve that pushed the final decision to the Biden administration and Treasury Secretary Janet Yellen. There’s no timetable for when a decision will be made.The proposal threatens what some view as Bitcoin’s strongest feature: the ability to send money without the government watching. Users whose wallets now are only identified with codes would have their true identities recorded with the financial institutions they zealously avoided.If Yellen moves forward with the rules, crypto proponents say some virtual-currency services will become more costly and some uses of such currencies could disappear completely. If she doesn’t, some fear criminals will be free to circumvent U.S. surveillance to hide money or finance terrorism.If adopted, the regulations could cause a sharp fall in the prices of virtual currencies like Bitcoin, said Matthew Maley, chief market strategist for Miller Tabak & Co., adding that he thinks Bitcoin’s price will continue to rise in the long term. On Thursday at 5 p.m. in New York, one Bitcoin cost $47,919, up 5.7% from the end of February, but still nearly 18% below its peak on Feb. 21.“Bitcoin is very risky and very volatile and it’s going to continue to be that way. If you add something like a new regulation, it’s going to be very vulnerable to a correction,” Maley said.At issue is a FinCEN proposal meant to make it harder for Bitcoin users to hide their identities. One part of the rule would require banks and money services businesses, like cryptocurrency exchanges, to file a report to the Treasury when a customer moves at least $10,000-worth of virtual currency into a wallet not hosted at an exchange. Those so-called unhosted wallets can be kept offline and are hard to track. Banks send such reports under anti-money laundering rules when customers withdraw $10,000 in cash.The second part of the regulation would require banks and exchanges to keep a record whenever their customers send $3,000-worth of virtual currencies to someone else’s unhosted wallet. The record would have to include the identity of the counterparty, something that Bitcoin advocates said would be expensive and sometimes impossible to verify.Normally, such rules undergo a lengthy public process that involves months of feedback and revisions. But when FinCEN published the rule on Dec. 18, it said it wanted to move swiftly and allowed only 15 days for comments -- during a time period that included both Christmas and New Year’s Eve. As a rationale, FinCEN officials said the lack of oversight on some transactions was a national security threat.The truncated comment period took Bitcoin advocates by surprise, said Kristin Smith, who leads the Blockchain Association, a cryptocurrency trade group. Smith said she had expected the Treasury to take several months, but it suddenly became an “all-hands-on-deck situation.” The organization in December threatened to sue Treasury for rushing the process.Crypto advocates flooded FinCEN with comments, arguing that the process was rushed and the rules were unworkable. FinCEN to date has received about 7,600 public comments.The U.S. Chamber of Commerce wrote that the rule would have “unintended long-term consequences” on the virtual currency industry. Hedge-fund manager Mike Novogratz’s Galaxy Digital Holdings LP also submitted comments excoriating the proposal.Gemini, a crypto exchange founded by Cameron and Tyler Winklevoss -- the twins who settled a long-running dispute with Facebook Inc. founder Mark Zuckerberg over who had the idea for the social media network -- wrote that FinCEN’s proposal could actually increase money laundering by encouraging criminals to move all of their crypto activities to unregulated markets outside the U.S.Republican lawmakers, including former Representative Cynthia Lummis, who is now a Wyoming senator; Arkansas Senator Tom Cotton and Democratic Representative Tulsi Gabbard of Hawaii, also reached out to Mnuchin in letters and phone calls to criticize the rule and short comment period.Fight for the Future, a digital rights advocacy group, set up a website, called “Stop Financial Surveillance,” that said FinCEN’s proposal would “facilitate extremely intense financial surveillance on an unprecedented scale.” The site included a web form for users to easily send a comment to the Treasury, which product director Dayton Young said has been used more than 3,000 times.Some individual virtual currency owners who didn’t give their names told FinCEN the rule would unfairly expand surveillance of American citizens.The Treasury Department in January yielded to the pressure and ultimately extended the comment period to the end of March, leaving the matter to the Biden administration, which could make a decision later this year.That for us was our moment of victory,” said Smith. “Crypto won.”The Biden administration plans to keep a close eye on Bitcoin’s rise in the market. Gary Gensler, Biden’s pick to chair the Securities and Exchange Commission, at his confirmation hearing on Tuesday said the SEC under his watch would ensure cryptocurrency markets “are free of fraud and manipulation.”Last week, Yellen echoed some of the fears expressed by her predecessor, Steven Mnuchin.“I don’t think that Bitcoin -- I’ve said this before -- is widely used as a transaction mechanism,” said Yellen at an online event hosted by the New York Times’s DealBook. “To the extent it’s used, I fear it’s often for illicit finance.”Regulators have long been wary that virtual currencies are used to skirt sanctions or finance terrorism. Crypto exchange Coinbase in a securities filing last week disclosed that it had responded to subpoenas and voluntarily disclosed information on some transactions to the Treasury’s sanctions enforcement agency.Mnuchin personally pushed hard to try to ensure that the new rules would be in place before the end of the Trump administration, despite the hesitancy of some staff members inside FinCEN, said two people familiar with the matter. Mnuchin said in response to a request for comment that the interim rule was supported on an interagency basis. He said he briefed Yellen on the proposal as she took over the department. A Treasury spokesperson didn’t respond to requests for comment.Now, virtual-currency associations and executives are trying to convince FinCEN staff to eliminate parts of the rule, said the Blockchain Association’s Smith, adding that they are unsure when Yellen or other Biden appointees will decide how to proceed.Beyond lobbying, organizations like Fight for the Future are holding public events on Reddit and YouTube to try to convince more virtual-currency enthusiasts to weigh in and run up the comment-count at FinCEN even more.“We’re trying to spread the news so people recognize the gravity of the situation,” said Peter Van Valkenburgh, director of research at Coin Center, a nonprofit virtual currency advocacy organization.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.