CoinShares reports $108M revenue in 2023 earnings report

Digital asset investment platform CoinShares announced in its fourth-quarter report for 2023 that it earned a total revenue of $108.4 million last year. 

In the fourth quarter of 2023 alone, CoinShares reported that the firm had revenue, gains and other income of $42.12 million. The company added that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was around $32.51 million, and its total comprehensive income was $19.36 million for the quarter.

Compared to its earnings in 2022, CoinShares recorded a significant recovery in 2023. In the fourth quarter of 2022, the company’s EBITDA was negative $30.11 million, while its total income was negative $46.94 million. Overall, its revenue, gains and other income for 2023 was at $108.4 million. The company’s adjusted EBITDA for the year was $71.98 million, while its total income was $47.95 million.

CoinShares reports $108M revenue in 2023 earnings report

The company also highlighted that its total assets under management (AUM) as of Dec. 31, 2023, was $3.81 billion. About $3.09 billion is held on the balance sheet of the group’s exchange-traded products (ETPs) issued by XBT Provider and CoinShares Digital Securities Limited.

The company said that the 109% increase in its AUM since the end of 2022 was driven by the digital asset price recovery in 2023 and was helped by the net inflows into CoinShares physical products.

In a press release sent to CryptoMoon, CoinShares CEO Jean-Marie Mognetti said that after refining its strategy, the company is now navigating the right course. The CEO also expressed delight to see the numbers validate the effectiveness of their approach and their EBITDA holding out throughout 2023, especially in the fourth quarter. Mognetti added:

“Yet, it’s not solely about the numbers; it’s the cohesive effort of every business unit and corporate function that has driven this success. 2023 has emerged as our second-best year on record, a confirmation of the solidity of our strategies and operational strength.”

The CEO also said that they are now focusing on leveraging the momentum and expanding globally and positioning as a “one-stop shop” for digital asset investments.

Read More

2024-02-13 12:47