CoinShares reports record quarterly results amid acquisition of Valkyrie's ETF business

Digital asset investment firm CoinShares reported record results in its Q1 earnings on Tuesday — a quarter in which it acquired Valkyrie’s exchange-traded fund business.

CoinShares saw a 216% year-over-year increase in Q1 revenue, gains and other income totaling £43.9 million ($55 million), compared to £13.9 million ($17.4 million) during the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA — a popular measure of a company's financial performance — was £34.2 million ($42.9 million), up more than fourfold compared to Q1 2023.

Revenue, gains, other income and adjusted EBITDA (GBP). Image: CoinShares .

The firm’s total comprehensive income — all earnings and losses, including those not from usual business activities — reached £34.1 million in Q1, over 11 times greater than the figure reported in its Q1 2023 results.

CoinShares’ AUM reaches $6 billion

CoinShares' total assets under management reached £4.77 billion ($6 billion) as of March 31. Of the total, £3.82 billion ($4.8 billion) is held on its balance sheet relating to exchange-traded products issued by XBT Provider and CoinShares Digital Securities Limited.

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The remaining amount of £0.95 billion ($1.2 billion) is attributable to the BLOCK index and newly acquired funds from the acquisition of Valkyrie's ETF business, the firm reported.

CoinShares AUM (GBP). Image: CoinShares .

CoinShares completed its acquisition of Valkyrie Funds — including its BRRR spot bitcoin ETF — on March 12, enabling the European asset manager to expand into the U.S. market.

"Q1 2024 stands out as our strongest quarter ever, marking a period of unprecedented strength and profitability for CoinShares," Jean-Marie Mognetti, CEO of CoinShares, said in a statement. "This quarter reflects not only our robust financial performance but also highlights our enhanced strategic growth capabilities, exemplified by the successful acquisition of Valkyrie's ETF business in March 2024. This pivotal move has allowed us to expand our operations across the Atlantic, further solidifying our presence in the global market."

CoinShares' earnings call is scheduled for 10 a.m. ET today.