Digital asset manager CoinShares recorded preliminary adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $23.4 million (18.7 million British pounds) for the first quarter, down 45% compared with the equivalent figure a year ago.

Comprehensive income, a profit measure that includes the change in the value of its digital assets, fell to $23.4 million from $42.9 million a year earlier, the Channel Islands-based firm announced on Tuesday.
Assets under management of CoinShares' exchange-traded products (ETPs) stood at $3.85 billion as of March 31, compared with $4.26 billion a year earlier.
The relative slump can be attributed to the conditions of the broader crypto market. In the first quarter of last year, the market was in the midst of a bull run which saw bitcoin surge to a peak of just under $60,000. This year, however, the market has been treading water by comparison.
During the first quarter, CoinShares took "important steps" to up list on Nasdaq Stockholm Main Market, the firm said. CoinShares has traded on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growth companies in Europe, since March of last year.

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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.

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CoinShares' Preliminary Q1 Earnings Slump 45% From Year Ago

The stagnant crypto market has hit the digital asset manager.

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