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15/05/24
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CoinShares’ Revenue Increased Significantly in Q1 2024
European alternative asset manager which specializes in digital assets, CoinShares, has reported Q1 2024 as its strongest quarter since 2021 in almost all aspects. The asset manager reported combined revenue, gains, and other income of £43.9 million, relative to £13.9 million recorded in the first quarter of last year.
The significant increase in combined revenue, gains and other income was majorly due to market recovery since U.S.-based spot BTC ETFs were launched in January. Specifically, its revenue for the quarter was £19.5 million, representing a 216% increase relative to Q1 2023. Gains and other income were £24.4 million.
“A combination of significant digital asset price appreciation, inflows and increasingly diversified activities have resulted in the strongest quarterly Adjusted EBITDA in the Group’s history, arriving at £34.2 million,” reads the report.
The adjusted EBITDA represents almost 5 times the £7 million recorded during the same period last year. The firm said this was due to the price appreciation seen across the entire industry in Q1 2023.
Asset management business produced about 45 percent of the firm’s total gains and other revenue, while 40 percent came from capital markets, as well as 15 percent from its principal investment portfolio. Its management fees totaled £19.5 million, representing the second highest ever recorded.
CoinShares was able to complete the acquisition of Valkyrie two months ago, so it has the sponsor rights to Valkyrie’s spot BTC ETF, and more. Its total assets under management as of March 31 was £4.77 billion.
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