Coinshares (Nasdaq Stockholm: CS; US OTCQX: CNSRF) has published Q2 2024 results that include the benefits of the FTX settlement.
The company states that revenue for Q2 2024 came in at £22.5 million compared to the same quarter in 2023 when the company generated £10.7 million.
Total “comprehensive income” during Q2 was reported at £25.8 million versus £5.3 million in Q2 2023. Adjusted EBITDA for Q2 2024 was £26.6 million compared to Q2 2023 of £11.4 million.
Adjusted EPS for Q2 was £0.39 compared to Q2 2023 at £0.08.
Capital Markets activities resulted in net gains/income of £11.2 million (Q2 2023: £8.5 million).
Principal Investments generated a loss in Q2 of £24.8 million (Q2 2023: £0.2 million loss). This loss was said to be driven by the decision to fully impair the Group’s holding in FlowBank.
The total AUM of Coinshares as of 30 June 2024 was £4.19 billion, of which £3.29 billion is held on the balance sheet in relation to the Group’s ETPs issued by CoinShares XBT Provider and CoinShares Digital Securities Limited. The remaining amount of £0.9 billion is attributable to the BLOCK index and newly acquired funds arising from the acquisition of Valkyrie.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares, issued the following statement on its earnings:
“In the second quarter of 2024, CoinShares built upon the strong momentum established in Q1. This continued performance in Q2 demonstrates that our Q1 was not an outlier data point, but the result of continued efforts. Our consistency underscores the benefits of our restructuring and streamlining initiatives over the past two years. This strategy continues to yield results in both profitability and growth. Our strong financial performance has enabled a new dividend policy, delivering tangible shareholder value on a quarterly basis. The recent special dividend following the disposal of our FTX claim further underscores our commitment to this goal. Simultaneously, we’re driving growth by expanding in the US and enhancing our European distribution. CoinShares’ balanced strategy aims to establish it as a unique and attractive long-term investment in the crypto listed market while strengthening its position as a leader in digital assets.”
Coinshares shared that at the end of June 24, the company successfully completed the sale of its FTX claim, achieving a recovery rate of 116% net of broker fees, translating to a return of £28.7 million.
Earlier this year, CoinShares announced that its Board of Directors voted to amend the dividend policy and commence shareholder distributions. Due to the FTX claim recovery, the Board has now decided to pay a special dividend.
It has been reported that creditors of FTX will receive all of their money back due to the rise in the value of certain digital assets like Bitcoin. Some impacted platforms sold their exposures to outside firms.
