CoinShares Earnings Surge in First Half

Comprehensive income, a profit measure that includes the change in the value of digital assets, climbed more than fivefold.

AccessTimeIconAug 5, 2021 at 9:14 a.m. UTC
Updated Sep 14, 2021 at 1:35 p.m. UTC

CoinShares, Europe’s largest digital asset investment firm, said its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) climbed more than sevenfold in the first half of the year.

  • Comprehensive income, a profit measure that includes the change in the value of its digital assets, climbed more than fivefold to £58.7 million ($82 million), the Jersey-based company said in a statement.
  • "This performance has been primarily driven by bitcoin and ethereum prices reaching all-time highs in April and May 2021, respectively," the company said. "This has resulted in increased management fees across the Group's Asset Management Platform."
  • The volatility that subsequently brought about dramatic declines in BTC and ETH prices, however, seems to have taken its toll on CoinShares' assets under management (AUM).
  • The firm's AUM at the end of June stood at £2.2 billion ($3 billion), a 33% decline from $4.5 billion at the end of last year.
  • CoinShares began trading on the Nasdaq First North Growth Market in March following a public offering that raised $17.8 million.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report

New fintech head Stephane Kasriel said the company's plans to bring NFTs to its users have not changed "in any way."

CoinDesk - Unknown
2
CoinDesk - Unknown
Voyager Seeks Bankruptcy Protection Amid Crypto Credit Crisis

The Toronto-based lender filed for Chapter 11 bankruptcy in New York late Tuesday.

CoinDesk - Unknown
3
CoinDesk - Unknown
Binance Resumes Local Currency Deposits with Brazilian Payment System Pix

Withdrawals should be resumed “shortly,” said the company, which had suspended that feature on June 17.

CoinDesk - Unknown
4
CoinDesk - Unknown
Celsius Repays $183M on DeFi Exchange Maker, Gets Back Collateral, Blockchain Data Shows

The troubled crypto lender paid down $183 million of its debt to the decentralized exchange Maker, blockchain data shows, possibly in a bid to recover bitcoin-linked collateral that otherwise would remain trapped.

CoinDesk - Unknown