2024-05-15
CoinShares, a digital asset investment firm, has reported its impressive financial results for Q1, including the acquisition of Valkyrie's exchange-traded fund (ETF) business.
In this quarter, the company witnessed a remarkable 216% year-over-year increase in revenue, reaching £43.9 million ($55 million) compared to £13.9 million ($17.4 million) in the same period last year.
Furthermore, CoinShares' adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged to £34.2 million ($42.9 million), which is more than four times higher than the earnings in Q1 2023.
The total comprehensive income for Q1 amounted to £34.1 million, which is over 11 times greater than the previous year's Q1 results.
These impressive financial figures demonstrate CoinShares' strong performance in the market.
As of March 31, CoinShares' total assets under management reached an impressive £4.77 billion ($6 billion). Out of this amount, £3.82 billion ($4.8 billion) is held on CoinShares' balance sheet and includes exchange-traded products issued by XBT Provider and CoinShares Digital Securities Limited.
The remaining £0.95 billion ($1.2 billion) is attributable to the BLOCK index and the recently acquired funds from Valkyrie's ETF business.
CoinShares' strategic move to acquire Valkyrie Funds, including its BRRR spot bitcoin ETF, on March 12, allowed the company to expand its reach into the U.S. market.
This acquisition has been a significant milestone for CoinShares, enabling them to strengthen their presence in the global market.
CoinShares' CEO, Jean-Marie Mognetti, expressed satisfaction with the Q1 results, emphasizing that it was their strongest quarter ever.
Mognetti highlighted the firm's robust financial performance and the successful acquisition of Valkyrie's ETF business as a key factor in their strategic growth.
For those interested, CoinShares' earnings call is scheduled for 10 a.m. ET today, providing an opportunity to delve deeper into the company's achievements and future prospects.
