CoinShares Reports Record Revenue of $108.4M in 2023, Aims for Global Expansion
Summary:
CoinShares, a platform for digital asset investment, reported revenues of $108.4 million in 2023. This marks significant earnings recovery when compared to 2022 figures, particularly credited to digital asset price revival and net inflows into the firm's physical products. The firm's total assets under management (AUM) also surged to $3.81 billion due to this growth. CoinShares's leadership expressed satisfaction at the efficacy of their strategy and operational strength, intending to leverage this momentum to expand globally, positioning itself as a comprehensive destination for digital asset investments.
In its 2023 Q4 report, CoinShares, a digital asset investment platform, revealed it garnered an overall revenue of $108.4 million in the past year. Unique to Q4 2023, the firm accounted for a combined revenue and other earnings of $42.12 million. Further details showed that its adjusted EBITDA stood around $32.51 million and a total comprehensive income of $19.36 million for the quarter. The firm's 2023 performance marked a remarkable rebound from its 2022 figures. In Q4 2022, the company's EBITDA and total income were both in the red, standing at negative $30.11 million and negative $46.94 million, respectively. Altogether, its amalgamated revenue and other earnings totaled $108.4 million for 2023. The adjusted EBITDA for the entire year was $71.98 million with a total income of $47.95 million. CoinShares additionally disclosed that on December 31, 2023, its total assets under management (AUM) amounted to $3.81 billion. Specifically, $3.09 billion of this figure are part of the assets underlying the exchange-traded products (ETPs) issued by XBT Provider and CoinShares Digital Securities Limited. The firm highlighted a 109% surge in its AUM since the end of 2022, which it attributes to the revitalization of digital asset prices in 2023, coupled with net inflows to the company's physical products. CoinShares' CEO, Jean-Marie Mognetti, released a statement to Cointelegraph commending the company's strategic redirection, which he said is bearing fruits. He expressed satisfaction at the validation of their strategy by the positive figures, including EBITDA's consistency throughout 2023 and particularly in Q4. Mognetti acknowledged that the success wasn't solely rooted in the figures but attributed to the collective efforts from all business divisions and corporate functions. He heralded 2023 as their second-best year ever, testifying to the solidity and effectiveness of their strategies and operational robustness. The CEO emphasized the company's intent to capitalize on the existing momentum to expand globally and establish themselves as a comprehensive solution for digital asset investments.
Published At
2/13/2024 12:37:24 PM
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