March 27, 2024
Latest Cryptocurrency News

CoinShares Achieves $108.5M Annual Revenue in 2023

Digital asset investment platform, CoinShares, has announced a stellar performance in its fourth-quarter report for 2023, declaring a total annual revenue of $108.5 million.

In the final quarter of 2023 alone, CoinShares reported revenue, gains, and other income amounting to an impressive $42.12 million. The company further revealed an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of approximately $32.51 million, with a total comprehensive income of $19.36 million for the same period.

Comparing these figures with the previous year, CoinShares showcased a significant recovery in 2023. In the fourth quarter of 2022, the company reported a negative EBITDA of $30.11 million and a total income of negative $46.94 million. Overall, the digital asset investment platform’s revenue, gains, and other income for 2023 amounted to $108.4 million. The adjusted EBITDA for the year was $71.98 million, with total income reaching $47.95 million.

Graph showing revenue, profits, and other earnings along with adjusted EBITDA. Source: CoinShares

CoinShares also provided insights into its revenue streams, gains, and other income, along with the segmented breakdown of adjusted EBITDA.

The company highlighted a notable achievement in its total assets under management (AUM), which stood at $3.81 billion as of December 31, 2023. Of this, $3.09 billion is held on the balance sheet of the group’s exchange-traded products (ETPs), issued by XBT Provider and CoinShares Digital Securities.

Attributing the 109% increase in AUM since the end of 2022 to the digital asset price recovery in 2023, CoinShares noted that net inflows into its physical products also played a crucial role.

In a press release sent to Cointelegraph, CoinShares CEO Jean-Marie Mognetti expressed satisfaction with the company’s performance, stating, “2023 has emerged as our second-best year on record, a confirmation of the solidity of our strategies and operational strength.” Mognetti further highlighted that the success was not just about the numbers but a result of the collective effort of every business unit and corporate function.

The CEO conveyed that the company is now focused on leveraging its momentum and expanding globally, positioning itself as a “one-stop shop” for digital asset investments. CoinShares is confident in its refined strategy, as evidenced by the impressive numbers and EBITDA holding strong throughout 2023, especially in the fourth quarter. Mognetti emphasized the importance of the cohesive effort within the organization that contributed to its success.

Image by Freepik

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