CoinShares Posts Record Revenue in Q1

European asset manager CoinShares achieved a record performance in the first quarter of 2024, buoyed by a market recovery following the launch of Bitcoin exchange-traded funds (ETFs).

The company reported revenue of £19.5 million ($24.5 million) for the period, reflecting a 216% increase compared to Q1 2023. Gains and other income amounted to £24.4 million ($30.6 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached £34.2 million ($43 million), up from £7 million ($8.8 million) the previous year, representing a fourfold increase.

CoinShares’ chief financial officer, Richard Nash, highlighted that the quarter’s EBITDA margin was 78%, noting, “This margin is starting to return to levels we experienced back in 2021.”

Breaking down the revenue sources, Nash explained that approximately 45% of CoinShares’ total gains and other income came from its asset management business, 40% from capital markets, and the remaining 15% from the company’s principal investment portfolio.