CoinShares Announces Q4 2023 Results

13^th February 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares'' or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European alternative asset manager specialising in digital assets, has today published its results for the quarter ending 31^st December 2023.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“After refining our strategy back in 2022, we're now navigating the correct course. As 2023 unfolded, we've been delighted to see the numbers validating our approach, with our EBITDA remaining robust throughout the year, particularly in Q4.

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.

Our focus now is to leverage this momentum, aiming to expand globally and position CoinShares as the definitive one-stop shop for digital asset investment worldwide.”

Q4 2023 financial highlights

• Q4 revenue, gains and other income of £33.3 million (Q4 2022: £14.3 million)
• Q4 adjusted EBITDA of £25.7 million (Q4 2022: negative £23.8 million)
• Total comprehensive income for Q4 2023 of £15.3 million (Q4 2022: negative £37.1 million)
  
  

Full Year 2023 financial highlights

• 2023 revenue, gains and other income of £85.7 million (2022: £72.4 million)
• 2023 adjusted EBITDA of £56.9 million (2022: negative £6.8 million)
• Total comprehensive income for 2023 of £37.9 million (2022: £2.9 million)
  
  

Q4 2023 operational highlights

• Positive start to 2023, consistent positive EBITDA throughout, with a very strong Q4 performance.
  
  
• Asset Management: Q4 management fees of £13.0 million. CoinShares Physical drove significant inflow, contributing to a total year platform inflow of $213.2 million. CoinShares Physical's AUM reached £567.3 million (excluding CoinShares’ seed) representing 19% of total Group’s AUM.
  
  
• CoinShares Blockchain Global Equity Index (Index): Strong Q4, 51% return in 2023, surpassing MSCI World and S&P 500. Ended 2023 with £576.1 million benchmarked to the Index, the second-largest of its kind globally. Expansion into the US market set to tap into a larger investor base.
  
  
• Capital Markets & Hedge Fund Solutions: Q4 top-line performance of £12.7 million. Performance boosted by staking, trading gains, and lending.