EU crypto investment firm CoinShares reported a record-breaking first-quarter revenue of $55.2 million, marking a 216% year-over-year increase. The company also disclosed a comprehensive income of $42.9 million, reflecting an elevenfold rise compared to the previous year.

Additionally, CoinShares revealed that it held a total of $4.0 billion worth of crypto assets, with $2.3 billion in Bitcoin (BTC), $1.6 billion in Ethereum (ETH), and $35 million in other cryptocurrencies.

The firm described the first quarter as its “strongest quarter ever,” surpassing all quarters since 2021 in almost every aspect. CoinShares CEO Jean-Marie Mognetti attributed the positive results to favorable market conditions, including the launch of spot Bitcoin ETFs in the US and the ongoing crypto bull market.

Mognetti acknowledged the competition from US spot Bitcoin ETF issuers like BlackRock and Fidelity but expressed confidence in breaking even on the company’s spot Bitcoin ETF while generating profits from other products. CoinShares also commented on its acquisition of Valkyrie Investment’s US-based ETF business, which saw significant net inflows.

In terms of European activities, CoinShares Digital Securities reported outflows from its CoinShares Physical Bitcoin ETP due to hedge funds exiting a popular trade. The firm also reduced fees for its Bitcoin ETP to remain competitive with US ETFs. However, other crypto products saw inflows of $35 million, with significant contributions from Ethereum, Solana, and Polkadot.

XBT Provider, CoinShares’ Nordic-focused crypto ETP, ended the quarter with $3.6 billion in assets and expects further losses if the crypto market’s bull run continues. The company’s BLOCK Index, which provides exposure to listed blockchain companies, also performed well with a 12.4% return and $877.3 million in assets under management.

The report highlighted CoinShares’ overall success in the first quarter of 2024, positioning the firm as a key player in the global crypto investment market.


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