CoinShares Records $42 Million Revenue in Q4 2023 – Crypto Adoption Rising?
Digital assets management firm CoinShares reported $42 million in revenues and gains in the last quarter of 2023 following a positive swing in the market.
The company disclosed the recent financial statements in its Q4 2023 report, showing an increase in year-on-year performance and adoption as institutional investors’ appetite for digital assets surged.
"Q4 2023 is our strongest quarter since 2021."
On @dagensindustri, CoinShares CEO @jmmognetti discusses the margins achieved in late 2023, the initiation of a new dividend policy and some of the company's strategic choices.https://t.co/BPkNXyXXmi
— CoinShares (@CoinSharesCo) February 13, 2024
CoinShares netted revenues of $16 million and gains of $25.7 million in Q4 2023, marking another good quarter for the firm.
According to the report, gains in Q4 mean CoinShares has stayed in the green zone for four consecutive quarters and boasts an Adjusted EBITDA of $71.98 million for 2023.
Fees collected from CoinShares Asset Management Division (ETPs and Index Products) totaled $13 million, a significant increase from last year’s $8.5 million.
Principal investments raked in $12.7 million, up from $0.5 million in the previous year, while the combined gains of $42 million spiked from $14 million in 2022.
A notable figure from the statement is the total Assets Under Management (AUM) of the firm at $3.81 billion. Per the report:
“…of which £2.44 billion is held on the balance sheet in relation to the Group’s ETPs issued by XBT Provider and CoinShares Digital Securities Limited. The remaining amount of £0.57 billion is attributable to the BLOCK index, which is not included on the balance sheet as while we decide the index constituents and their weighting within the index,”
CoinShares’
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