CoinShares announced the Q4 2023 results and they are extremely promising! Look, after several years of declining profit they made a gain of $108 million, and the total assets increased to $3.81 billion.
Related: Deutsche Bank: Retail Investors Predict Bitcoin to Fall Under $20K by the End of 2024
Let’s analyze this case in more detail. Mostly to give a little rest to the nerves of those who drained Bitcoin for $47,900. Oh, you people…
CoinShares Who?
CoinShares is a leading European digital assets investment firm. It’s a significant asset management platform that was the first to establish a regulated Bitcoin hedge fund, exchange-traded Bitcoin product, and private fund denominated in Ether.
This company works as a bridge between the crypto world and the world of good old corrupt fiat money (not the scam one according to your Granny).
CoinShares’ services include Hedge Fund Solutions, Ventures, Capital Markets, and many more for different investment needs and strategies. And this company suffered a lot from the “crypto winter” that started in 2022 and is hopefully gone!
Stay with us to see the stats!
Let’s Check Out What ’em Got!
As compared to the earnings in 2022, CoinShares recorded a significant recovery in 2023. By the 4th quarter of 2022, the company’s EBITDA was -$30.11 million and total revenue was -$46.94 million. In total, its revenues, mark-ups, and other income for 2023 amounted to $108.4 million. The company’s adjusted EBITDA for the year amounted to $71.98 million, and total revenue was $47.95 million.
(Just in case you got confused with “adjusted EBITDA”, it means the Group’s Earnings, before finance costs, taxation, depreciation, amortization, and other movements through OCI). t’s always pleasant to look at the positive chart:
Here are more precise numbers according to the CoinShares report:
- Revenue for Q4 2023 of £12.7 million (Q4 2022: £8.6 million)
- Gains and Other Income for Q4 2023 of £20.3 million (Q4 2022: £5.8 million)
- Total comprehensive income for Q4 2023 of £15.3 million (Q4 2022: £37.1 million loss)
- Adjusted EBITDA for Q4 2023 of £25.7 million (Q4 2022: £23.8 million loss)
The company proudly boasts $3.81 billion in total assets under management (AUM) as of December 31, 2023. A significant chunk of this, around $3.09 billion, sits snugly on the balance sheet of the group’s exchange-traded products (ETPs) issued by XBT Provider and CoinShares Digital Securities. This figure, by the way, is highly dependent on the Bitcoin and Ether rates.
Look here:
Isn’t surprising that the AUM figure has shown a significant increase since the end of 2022 109% due to price recovery during 2023.
Massage From the CEO
In the message to the company and the whole crypto market, I guess, CoinShares CEO Jean-Marie Mognetti claimed to take the right course to bridge decentralized and traditional financial systems, aspiring to become a global leader in digital asset investments. His company will continue to set itself as a “one-stop-shop” for crypto investments.
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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.
Jean-Marie Mognetti. Source: Cointelegraph Press Release
Well, last year’s strategy was probably right not focusing on the numbers. But still, Jean-Marie, everything depends on his majesty’s BTC rate.
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