Déjà Vu at XTB: Founder Jakub Zabłocki Cashes In $410 Million More
XX ZW Investment Group, the vehicle of XTB co-founder Jakub Zabłocki, sold 8% of the Warsaw-listed broker for about $410 million, trimming his holding to 27.78% in his fifth reduction since 2023.
XTB's largest shareholder has reduced its position again. XX ZW Investment Group S.A., a Luxembourg-registered vehicle majority owned by XTB co-founder Jakub Zabłocki, sold 9,405,540 ordinary bearer shares — equal to 8% of the Warsaw-listed broker's share capital and voting rights — through an accelerated bookbuilding process. The company confirmed the transaction on Wednesday.
The shares were priced at 160 zlotys each, valuing the deal at roughly 1.5 billion zlotys, or about $410 million at current exchange rates. That represents an approximately 8% discount to XTB's market close of more than 174 zlotys on Wednesday.
Following settlement, XX ZW Investment Group will hold 32,661,789 XTB shares, or 27.78% of share capital and voting rights, down from 35.78% previously. The vehicle has agreed to a 360-day lock-up on its remaining shares, running from the settlement date and subject to standard exceptions.
Fifth reduction since 2023
The accelerated bookbuild was directed only at selected institutional investors meeting specific criteria, according to the shareholder notification XTB forwarded to the Polish Financial Supervision Authority under Article 17 of the EU Market Abuse Regulation. XTB 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.
The transaction continues a multi-year pattern. XX ZW sold 7 million shares at 38 zlotys each — about $64 million — in May 2023, bringing its stake to 61%. It reduced again in February 2024, then sold 8.4 million shares at 62.5 zlotys in September 2024 and another 9,405,540 shares, also 8% of the company, at 78 zlotys in May 2025.
The per-share price has risen alongside XTB's valuation. The broker's stock jumped nearly 12% in a single session in early 2026 on record client growth, and it reported record first-quarter 2026 net profit of 535 million zlotys, up almost 176% year over year.
XTB was founded in Warsaw in 2002 by Zabłocki and has traded on the Warsaw Stock Exchange since 2016. It reported more than 2.1 million clients worldwide at the end of 2025. Zabłocki remains XTB's largest shareholder and sits on its supervisory board.
Source: Finance Magnates