Digital asset investment company CoinShares (CS) reported record results in its first quarter earnings announced today.
CoinShares saw a 216% increase in first-quarter revenues, with total earnings and other income of £43.9 million ($55 million), compared to £13.9 million ($17.4 million) seen in the same period last year.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA), a popular measure of a company's financial performance, more than quadrupled to £34.2 million ($42.9 million) compared with Q1 2023.
The company's total comprehensive income (all gains and losses, including those outside customary business activities) reached £34.1 million in Q1. This is more than 11 times the figure reported in Q1 2023 results.
CoinShares' AUM reached $6 billion
CoinShares' total assets under management (AUM) reached $4.77 billion ($6 billion) as of March 31. Of the total, $3.82 billion ($4.8 billion) is held on its balance sheet in exchange-traded funds issued by XBT Provider and CoinShares Digital Securities Limited.
The remaining $0.95 billion ($1.2 billion) came from newly acquired funds through the acquisition of the BLOCK index and Valkyrie's ETF business, the company reported.
CoinShares completed its acquisition of Valkyrie Funds on March 12, including the BRRR spot Bitcoin ETF (BRRR), which allowed the European asset manager to expand into the US market.
CoinShares CEO Jean-Marie Mognetti said the following in his statement:
“Q1 2024 stands out as the strongest quarter ever for CoinShares, marking a period of unprecedented strength and profitability,
CoinShares' earnings announcement is scheduled for 10 a.m. Eastern Time today.
