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CoinShares Soars in Q1, Reports Record Revenue and AUM Growth

Digital asset investment firm CoinShares announced impressive financial results for the first quarter of 2024, coinciding with its acquisition of Valkyrie’s ETF business.

CoinShares saw a significant surge in Q1 revenue, with a year-over-year increase of 216%. The firm reported gains and other income totaling £43.9 million ($55 million), compared to just £13.9 million ($17.4 million) in Q1 2023. This strong performance translated to adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of £34.2 million ($42.9 million), reflecting a more than fourfold increase compared to the previous year.

Revenue, gains, other income and adjusted EBITDA (GBP)
Revenue, gains, other income and adjusted EBITDA (GBP)

Total Comprehensive Income Skyrockets

CoinShares’ total comprehensive income, encompassing all earnings and losses, reached a staggering £34.1 million in Q1. This figure represents an over 1,100% increase compared to the same period in 2023, highlighting the company’s exceptional financial performance.

CoinShares’ AUM Hits $6 Billion Milestone

The firm’s total assets under management (AUM) reached a new high of £4.77 billion ($6 billion) as of March 31, 2024. Notably, £3.82 billion ($4.8 billion) of this AUM pertains to exchange-traded products issued by CoinShares and XBT Provider held directly on the company’s balance sheet.

The remaining £0.95 billion ($1.2 billion) is attributable to the recently acquired Valkyrie ETF business and the BLOCK index. CoinShares’ acquisition of Valkyrie Funds, including the popular BRRR spot bitcoin ETF, in March 2024, marked a strategic move to expand into the US market.

CEO Highlights Growth and Expansion

“The first quarter of 2024 stands out as our most successful period to date, demonstrating exceptional strength and profitability for CoinShares,” stated Jean-Marie Mognetti, CEO of CoinShares. “These results not only reflect our robust financial performance but also showcase our enhanced strategic growth capabilities. The successful acquisition of Valkyrie’s ETF business in March stands as a testament to this. This pivotal move has allowed us to expand our operations across the Atlantic, solidifying our position as a global leader in the digital asset management space.”

For further insights, investors can tune into CoinShares’ earnings call scheduled for 10:00 AM ET today.

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