Warsaw-listed CFD broker XTB confirmed yesterday (Wednesday) that its largest shareholder completed a sale of company stock through an accelerated bookbuilding process, the latest in a series of reductions stretching back three years.
XX ZW Investment Group S.A., a Luxembourg-registered investment vehicle majority owned by XTB co-founder Jakub Zabłocki, sold 9,405,540 ordinary bearer shares, equal to 8% of XTB's share capital and voting rights. The shares were priced at 160 zlotys each, putting the transaction's total value at approximately $410 million (about 1.5 billion zlotys) based on current exchange rates.
Following settlement, XX ZW Investment Group will hold 32,661,789 XTB shares, corresponding to 27.78% of the share capital and 27.78% of total voting rights, down from 35.78% before the sale.
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The accelerated bookbuild, or ABB, was directed only at selected institutional investors meeting specific criteria, according to the notification XTB received from the shareholder and passed on to the Polish Financial Supervision Authority under Article 17 of the EU Market Abuse Regulation. The company did not name the buyers.
Bank Handlowy w Warszawie S.A.'s brokerage arm, Citigroup Global Markets Europe AG, and UniCredit Bank GmbH's Milan branch acted as Joint Global Coordinators and Joint Bookrunners, working alongside Kepler Cheuvreux S.A.
XX ZW Investment Group agreed to a 360-day lock-up on its remaining XTB shares, subject to standard exceptions, running from the settlement date of the sale.
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This is not the first time Zabłocki's holding company has pared back its position. Finance Magnates reported in May 2023 that XX ZW sold 7 million shares at 38 zlotys apiece, worth about $64 million, in a transaction that brought its stake down to 61%. XX ZW reduced its holding again in February 2024, then sold 8.4 million shares at 62.5 zlotys in September 2024, and a further 9,405,540 shares, also 8% of the company, at 78 zlotys in May 2025.
The zloty price at each sale has climbed alongside XTB's valuation. XTB shares jumped nearly 12% in a single session in early 2026 on record client growth, and the broker posted a record net profit of 535 million zlotys for the first quarter of 2026, up almost 176% year over year.
The latest sale, however, was made with a discount from the market price of XTB shares, which closed at over 174 zlotys on Wednesday, putting the transaction price at about an 8 per cent discount.
XTB, founded in Warsaw in 2002 by Zabłocki, has been listed on the Warsaw Stock Exchange since 2016 and reported more than 2.1 million clients worldwide by the end of 2025. Zabłocki remains XTB's largest shareholder and sits on its supervisory board.
