German Startups Group (GSG) continues its transformation from venture capital (VC) investment company into an asset manager and marketplace. The secondary share trading platform G|S Market (GSM) set up in 2018 has yet to prove its success and grow in scale. GSG guides to H119 revenue growth of more than 30% y-o-y for its fully consolidated digital media and software subsidiary, Exozet. The proposed sale of its stake remains under consideration. In May 2019, GSG co-founded a start-up aimed at the tokenisation of assets using blockchain technology; the first token (the digital representation of a share in the asset) should be issued later in 2019 and placed via GSM. The successful business model transformation could potentially provide cash flow from commission fees and compress the discount to NAV, which we calculate is 40%.