1st August 2023 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares'' or “the Company”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European alternative asset manager specialising in digital assets, has today published its results for the quarter ending 30th June 2023.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:
“Recent events in the digital asset industry serve as validation of CoinShares' initial thesis about the impending institutionalisation of the crypto landscape and the importance of regulation. The convergence between traditional and digital finance is well underway. The Group’s Q2 performance evidences our ability to take advantage of this convergence. Topline performance showed 33.0% quarter on quarter growth, whilst an Adjusted EBITDA for the period of £12.8 million marks our best quarter in over a year.”
Q2 2023 financial highlights
- Q2 revenue and gains and other income of £20.3 million (Q2 2022: £15.3 million - excluding exceptional loss relating to TerraUSD)
- Q2 adjusted EBITDA of £12.8 million (Q2 2022: £9.0 million - excluding exceptional loss relating to TerraUSD)
- Total comprehensive income for Q2 2023 of £5.3 million (Q2 2022: loss of £0.6 million)
Q2 2023 operational highlights
- CoinShares, as Europe's leading alternative asset manager for digital assets, announced the enhancement of its portfolio of offerings in Q1 2023 with the establishment of an active Asset Management business line. Progress on this new business entity is well underway; the active asset management team has already laid the groundwork for the first strategy, which is currently being run to accumulate data and establish a robust track record prior to a formal launch towards the end of the year.
- In a productive quarter, CoinShares' Passive Asset Management division yielded £10.6 million in management fees. They deepened their distribution and marketing initiatives through targeted events in Germany and Switzerland, aimed at educating investors on cryptocurrencies and ETPs. Alongside, an extensive Digital Assets roadshow across Italy was launched, fostering connections with institutional investors and brokerage platforms. CoinShares' Marketing team furthered these efforts by introducing an ETP-dedicated website and a campaign to promote products issued by XBT Provider AB.
- CoinShares' Capital Markets division reported gains and other income in Q2 of £10.0 million. It witnessed a successful quarter, anchored by its profitable CME futures trading strategies. Despite the low volatility in BTC and ETH prices, its proprietary trading strategies have effectively offset a decline in liquidity provisioning income, maximising stability and returns. Moreover, its lending book and treasury management operations, bolstered by a resilient dollar yield, continued to generate interest at favourable rates.
For the full CoinShares Q2 2023 report, click this link.
CoinShares is the European leading alternative asset manager 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, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, 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
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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 above, at 8:00 am GMT+1 on 1st August 2023.
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