European Digital Asset Manager CoinShares Reports Solid Start to 2023

CoinShares International Limited (Nasdaq Stockholm: CS), the European digital asset manager, has published its results for the quarter ending 31st March 2023.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“I’m pleased to announce that Q1 2023 has underscored CoinShares’ robust resilience and adaptability. The financial landscape has been riddled with obstacles this quarter, yet, CoinShares has emerged not just unscathed, but stronger. Looking ahead, I remain optimistic about our industry and CoinShares’ place within it.”

Q1 2023 financial highlights:

  • Q1 revenue of £9.4 million (Q1 2022: £18.0 million)
  • Q1 Gains and Other income of £5.9 million (Q1 2022: £11.2 million)
  • Q1 adjusted EBITDA of £8.5 million (Q1 2022: £19.4 million)
  • Total comprehensive income for Q1 2023 of £2.9 million (Q1 2022: £20.7 million)

Q1 2023 operational highlights:

CoinShares, as Europe’s alternative asset manager for digital assets, is “enhancing its portfolio of offerings in 2023 with the establishment of an active asset management business line.”

CoinShares’ Passive Asset Management division “had a steady quarter, generating management fees of £9.2 million.”

CoinShares has “introduced fee-free services for their CoinShares Physical Ethereum ETP and launched two new crypto ETP indices: CoinShares Physical Top 10 Crypto Market, which provides exposure to a diverse range of cryptocurrencies for cost-effective diversification, and the CoinShares Physical Smart Contract Platform, which offers exposure to the infrastructure layers of the digital asset market.”

Amid market fluctuations, their collaboration “with Invesco held firm globally, and funds linked to our BLOCK index attracted $20.8 million in new investments.”

CoinShares’ Capital Markets division “reported gains and other income in Q1 of £6.7 million. During the past quarter the Capital Markets department has executed three strategic actions to mitigate risk and enhance due diligence: bolstering our counterparty controls and processes using internal expertise; pioneering professionalization of the sector to reduce counterparty risks, including establishing proofs of concept with several exchanges and custodians for safer trading; and securing new banking partnerships to ensure smooth US dollar transactions in light of recent regulatory changes in the crypto market.”

These efforts have “been instrumental in delivering performance over Q1.”

As covered, CoinShares claims it 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, Stockholm, 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.”

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