Q1 2024 Earnings Highlights:
- Revenue, gains, and other income increased by 216% YoY
- Over 4x YoY increase in adjusted EBITDA
- Total comprehensive income increased by over 11x YoY
14th May 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares'' or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, has today published its results for the quarter ending 31st March 2024.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:
"Q1 2024 stands out as our strongest quarter ever, marking a period of unprecedented strength and profitability for CoinShares. This quarter reflects not only our robust financial performance but also highlights our enhanced strategic growth capabilities, exemplified by the successful acquisition of Valkyrie's ETF business in March 2024. This pivotal move has allowed us to expand our operations across the Atlantic, further solidifying our presence in the global market.
At CoinShares, we have consistently equipped ourselves to realise our ambitions while maintaining a steadfast focus on our financial outcomes, which remain central to our strategy. These financial results underscore the Group's significant advancement since 2021, reflecting our continuous commitment to growth and excellence in our operations.”
Q1 2024 financial highlights
- Q1 revenue, gains and other income of £43.9 million (Q1 2023: £13.9 million)
- Q1 adjusted EBITDA of £34.2 million (Q1 2023: £7.0 million)
- Total comprehensive income for Q1 2024 of £34.1 million (Q1 2023: £2.9 million)
Q1 2024 operational highlights
- Valkyrie: In March 2024, CoinShares successfully completed the acquisition of Valkyrie's ETF business, significantly enhancing its global market presence and operational footprint across the Atlantic.
- Asset Management: The Asset Management division saw strong inflows, particularly from CoinShares Physical, which notably contributed to the platform's performance, with CoinShares Physical's assets under management becoming a substantial part of the Group’s total AUM; additionally, XBT Provider maintained a solid asset base, benefitting from the uplift in the cryptocurrency market.
- Capital Markets & Hedge Fund Solutions: The Capital Markets & Hedge Fund Solutions division delivered robust top-line performance, bolstered by vibrant market activity and gains from staking and trading, thriving particularly after the launch of the US Spot Bitcoin ETFs.
- Dividend: The Board of Directors approved a new dividend policy for the fiscal year 2023, committing to an annual dividend of 20% to 40% of the Group's total comprehensive income, with the initial payment disbursed on May 3rd and three more scheduled throughout the year.
The performance for Q1 marks the Group’s strongest quarter ever. Full details of the Q1 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.
ENDS
ABOUT COINSHARES
CoinShares is the leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.
For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com
This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 7:00 am CET on 14th May 2024.
PRESS CONTACT
CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com
M Group Strategic Communications
Peter Padovano
press@coinshares.com
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