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Finance

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.

By Jamie Crawley
AccessTimeIconAug 5, 2021 at 9:14 a.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
CoinShares CEO Jean-Marie Mognetti
CoinShares CEO Jean-Marie Mognetti

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.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.