XX ZW Investment Group S.A., the Luxembourg-registered vehicle majority owned by XTB co-founder Jakub Zabłocki, has sold 9,405,540 ordinary bearer shares in the Warsaw-listed CFD broker, equal to 8% of its share capital and voting rights, for approximately $410 million. XTB confirmed the completed sale on Wednesday.
The shares were priced at 160 zlotys each, valuing the transaction at about 1.5 billion zlotys based on current exchange rates. XTB stock closed above 174 zlotys on Wednesday, placing the placement price at a discount of roughly 8% to the market.
After settlement, XX ZW Investment Group will hold 32,661,789 XTB shares, or 27.78% of both the share capital and total voting rights, down from 35.78% before the sale. The vehicle has agreed to a 360-day lock-up on its remaining stake, subject to standard exceptions, running from the settlement date.
Sale Directed at Selected Institutions
The accelerated bookbuild was offered only to selected institutional investors meeting specific criteria, according to the notification XTB received from the shareholder and passed 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 the Milan branch of UniCredit Bank GmbH acted as Joint Global Coordinators and Joint Bookrunners, working alongside Kepler Cheuvreux S.A.
Fifth Reduction Since 2023
The disposal continues a sequence of reductions stretching back three years. XX ZW sold 7 million shares at 38 zlotys apiece, worth about $64 million, in May 2023, taking its stake to 61%. It cut its holding again in February 2024, sold 8.4 million shares at 62.5 zlotys in September 2024, and placed a further 9,405,540 shares — also 8% of the company — at 78 zlotys in May 2025.
The price achieved at each sale has risen alongside XTB's valuation. The broker's shares gained nearly 12% in a single session in early 2026 on record client growth, and XTB reported a record net profit of 535 million zlotys for the first quarter of 2026, up almost 176% year over year.
Founded in Warsaw in 2002 by Zabłocki and listed on the Warsaw Stock Exchange since 2016, XTB reported more than 2.1 million clients worldwide at the end of 2025. Zabłocki remains the broker's largest shareholder and sits on its supervisory board.
