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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
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Q2 revenue and gains and other income of £20.3 million (Q2 2022: £15.3 million - excluding exceptional loss relating to TerraUSD)
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Q2 adjusted EBITDA of £12.8 million (Q2 2022: £9.0 million - excluding exceptional loss relating to TerraUSD)
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Total comprehensive income for Q2 2023 of £5.3 million (Q2 2022: loss of £0.6 million)
Q2 2023 operational highlights
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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.
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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.
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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.