CoinShares Announces Q1 2025 Results

PR Newswire

SAINT HELIER, Jersey, May 13, 2025

SAINT HELIER, Jersey, May 13, 2025 /PRNewswire/ -- CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, has today published its results for the quarter ending 31st March 2025.

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

"Despite the sharp decline in digital asset prices during Q1, CoinShares has demonstrated exceptional operational resilience and strategic discipline. Our proactive approach to market volatility has not only enabled us to remain robust but has also supported continued growth--most notably through our CoinShares Physical platform, which is outperforming peers at an unprecedented pace.

Shifting conditions create opportunities. Our brand strength has positioned CoinShares as the leading provider of crypto ETPs in Europe, attracting sustained inflows and reinforcing our market leadership.

In parallel, we are re-affirming our long-standing objective of securing a U.S. exchange listing. With the US regulatory environment evolving in a more constructive direction, this goal is realistic--further advancing our strategy to extend CoinShares' presence in the world's largest and most influential capital market for digital asset firms."

Q1 2025 financial highlights

   -- Asset management revenue of $29.6 million (Q1 2024: $24.5 million) 
 
   -- Capital markets gains/income of $11.9 million (Q1 2024: $14.1 million) 
 
   -- Principal Investment loss of $1.5 million (Q1 2024: $8.9 million gain) 
 
   -- Total revenue, gains and other income of $40.0 million (Q1 2024: $47.5 
      million) 
 
   -- EBITDA of $29.8 million (Q1 2024: $35.3 million) 
 
   -- Net profit of $23.8 million (Q1 2024: $41.5 million) 

Q1 2025 operational highlights

   -- CoinShares demonstrated robust performance across its platforms in Q1 
      2025, with management fees of $29.6m. CoinShares Physical led the 
      European crypto ETP market with $268m in net inflows--triple its closest 
      competitor--despite challenging market conditions that saw Bitcoin 
      decline 12.1% and Ethereum fall 45.2%. While the flagship BITC product 
      attracted $202m after strategically reducing its management fee to 0.25%, 
      and a new partnership with BoursoBank expanded reach to 7m+ French 
      clients, other platforms showed mixed results: XBT improved with reduced 
      outflows of $154m (vs $370m in Q4 2024), the BLOCK Index outperformed 
      peers despite a 13.1% decline, and the US Valkyrie platform experienced 
      $288m in net outflows while maintaining its strong retail base amid 
      broader market corrections that impacted total AuM across all platforms. 
 
   -- CoinShares' Capital Markets division experienced moderate Q1 performance 
      across all segments, generating gains and other income totalling $11.9m, 
      returning to typical levels following Q4's exceptional post-election 
      rally when Bitcoin appreciated 50%. Despite Bitcoin's 13% decline during 
      the quarter, the Trading Team generated $3.6m from delta-neutral 
      strategies, while liquidity provisioning contributed $1.9m amid cooling 
      bullish sentiment. The company maintained strict credit discipline in its 
      lending portfolio, prioritizing borrower quality over volume and ending 
      with $101m in open loans at 4.2% average yield, while Ethereum's 46% 
      decline affected staking revenues, which decreased 26% quarter-on-quarter 
      to $5.6m. 
 
   -- Since its 2021 Stockholm listing, CoinShares has pursued a U.S. exchange 
      listing to enter the world's largest digital asset market, a goal 
      becoming more viable given recent regulatory improvements. Simultaneously, 
      the company is boosting share liquidity through expanded analyst coverage 
      and institutional roadshows while demonstrating shareholder commitment 
      via the May 6 distribution of its first quarterly dividend for 2024. 
 
   -- Despite recording a $3.0m unrealized loss on the Group's treasury 
      holdings due to Q1's pronounced price declines, CoinShares continued 
      building its strategic Bitcoin position, increasing holdings by 45% from 
      163 to 236 BTC by quarter-end. 

Functional & presentation currency change

Effective 1 January 2025, the Group has amended its functional and presentation currency from GBP to USD to more accurately reflect the economic environment in which the Group is operating as it continues to expand.

In accordance with IAS 21 -- The Effects of Changes in Foreign Exchange Rates, the change in functional currency has been applied prospectively from the date of change. Accordingly, all items in the financial statements were translated into USD at the exchange rate prevailing at that date. The change in presentation currency has been applied retrospectively. The comparative financial information has been restated as if USD had always been the Group's presentation currency.

Further information, along with the full detail of the Q1 results, are included within the full report, available here.

Download the Swedish Executive Summary here.

ABOUT COINSHARES

CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com

Company | +44 (0)1534 513 100 | enquiries@coinshares.com

Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 6:30 am CET on 13(th) May 2025.

PRESS CONTACT

CoinShares

Benoît Pellevoizin

bpellevoizin@coinshares.com

M Group Strategic Communications

Peter Padovano

press@coinshares.com

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SOURCE CoinShares Group

(END) Dow Jones Newswires

May 13, 2025 10:32 ET (14:32 GMT)