CoinShares reports strong Q2 2024 financial results, with revenue of £22.5 million and EBITDA of £26.6 million.

From GlobeNewswire: 2024-08-06 01:00:00

CoinShares International Limited has released its Q2 2024 results, displaying strong financial performance. Revenue for Q2 2024 was £22.5 million, gains and other income reached £15.2 million, and total comprehensive income was £25.8 million. Adjusted EBITDA for the quarter was £26.6 million, demonstrating growth and profitability in the digital asset sector.

In Q2 2024, CoinShares continued its momentum from Q1, proving consistent efforts with positive outcomes. Q2 financial highlights included revenue of £22.5 million, gains of £15.2 million, and total comprehensive income of £25.8 million. Adjusted EBITDA for the quarter was reported at £26.6 million, reflecting growth and success in digital asset investments.

CoinShares’ asset management business had a strong quarter in Q2, with its European Physical ETP platform recording significant net flows. In the US, the focus was on product development and marketing for acquired businesses, leading to net inflows. The firm’s diversification strategy has positioned it well in the evolving digital asset landscape.

Q2 saw CoinShares navigate market dynamics effectively, capturing opportunities amidst non-trending conditions. The Capital Markets division performed well, and the Hedge Fund Solutions division remains confident in the long-term potential. The sale of the FTX claim resulted in a recovery rate of 116%, translating to a return of £28.7 million.

The Quarter included a write-down in CoinShares’ Principal Investments portfolio due to the bankruptcy of a Swiss bank. However, key investments in Komainu and WAO Holdings have shown profitability. The firm’s focus on optimizing principal investment activities has been evident, with strategic gains and shareholder dividends being distributed.

CoinShares announced a new dividend policy earlier this year, culminating in a special dividend payment following the FTX claim recovery. The Board’s decision underscores the commitment to shareholder value and trust. The Group’s efforts in restructuring and streamlining initiatives over the past two years have yielded positive financial results and growth opportunities.



Read more at GlobeNewswire:: CoinShares Announces Q2 2024 Results