CoinShares’ Q1 Revenue Soars with Strong Market and Bitcoin ETFs
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CoinShares' Q1 Revenue Soars with Strong Market and Bitcoin ETFs
CoinShares, a European asset manager, has reported a strong performance in the first quarter of 2024. The company’s revenue for the period was £19.5 million ($24.5 million), a significant increase of 216% compared to the same quarter in the previous year. Gains and other income reached £24.4 million ($30.6 million), and earnings before interest, taxes, depreciation, and amortization (EBITDA) were £34.2 million ($43 million), marking a fourfold increase from the previous year.
CoinShares’s chief financial officer, Richard Nash, stated that the EBITDA margin for the quarter was 78%, which is returning to the levels experienced in 2021. The company generates approximately 45% of its total gains and revenue from its asset management business, 40% from capital markets, and 15% from its principal investment portfolio.
In January, CoinShares exercised an option to acquire Valkyrie funds, including the rights to Valkyrie’s spot Bitcoin exchange-traded fund (ETF), its investment advisory business, and the sponsor rights for other relevant products. This acquisition added £1.6 million ($2 million) of goodwill to CoinShares’ balance sheet.
CoinShares’ total assets under management as of March 31, 2024, were £4.77 billion ($6 billion). The company attributes this increase in assets to the performance of the wider industry in the first quarter of 2024, as well as the Valkyrie acquisition. CoinShares CEO Jean-Marie Mognetti stated that the acquisition aligns with the company’s goal of becoming a leading global investment firm focused on digital assets. He also emphasized the opportunity for growth in the U.S. market, which accounts for 50% of global assets under management.
CoinShares’ diversified revenue streams attest to their strategic approach to business. Impressive!
The U.S. market offers immense opportunities for CoinShares’ growth. Go conquer it!
CoinShares’ total assets under management reaching £4.77 billion ($6 billion) is mind-blowing! 🌟💸
The CEO’s vision for the company sounds ambitious, but what if the U.S. market doesn’t deliver the expected growth?
Jean-Marie Mognetti’s vision for CoinShares as a global investment firm is coming to fruition! Exciting times ahead! 🌍✨
Wow, the gains and revenue are impressive! However, I’m still unsure about investing in digital assets.
I’m thrilled to hear that CoinShares generates a significant portion of their gains and revenue from their asset management business. 👍💰
It’s great to see CoinShares’ EBITDA margin returning to 78%. Consistency is key!
A fourfold increase in EBITDA? That’s absolutely incredible, CoinShares!
This is fantastic news! CoinShares’ performance in Q1 is undoubtedly impressive.
I’m skeptical about investing in CoinShares considering the volatility of digital assets.
The EBITDA margin sounds impressive, but can CoinShares sustain it in the long run?
CoinShares’ increase in total assets under management is truly impressive. They’re definitely doing something right!
The Valkyrie acquisition seems like a sound move, but there’s always a risk involved in expanding through acquisitions.
Hats off to CoinShares for quadrupling their EBITDA from the previous year! Such remarkable growth!
Kudos to CoinShares for their strategic move towards becoming a leading global investment firm focused on digital assets.
It’s great to see CoinShares expanding, but I’m not convinced that digital assets are a safe investment.