CoinShares reported $55.2 million in revenue, gains, and other income for the first quarter.The EU crypto investment firm’s May 14 earnings report described the total as a 216% year-over-year increase.CoinShares also reported a comprehensive income of $42.9 million for the first quarter, an elevenfold year-over-year increase. It reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $43.0 million and adjusted earnings per share (EPS) of $0.63.The company held $4.0 billion of crypto, including $2.3 billion of Bitcoin (BTC), $1.6 billion of Ethereum (ETH), and $35 million of other cryptos.CoinShares called the first quarter its “strongest quarter ever” and said it outperformed all quarters since 2021 “in nearly every aspect.”CoinShares CEO Jean-Marie Mognetti described favorable conditions this quarter, including the launch of spot Bitcoin ETFs in the US, which he called a “validation of CoinShares’ initial investment thesis and vision,” and the broader crypto bull market.Mognetti noted the challenge of competing with US spot Bitcoin ETF issuers, including financial giants like BlackRock and Fidelity. He said that the company aims to break even on its spot Bitcoin ETF while profits come from other products.CoinShares commented on its acquisition of Valkyrie Investment’s US-based ETF business. Valkyrie’s spot Bitcoin ETF (BRRR) generated $452.5 million in net inflows, while the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX) produced $44.6 million in net inflows.The company also discussed its European products and operationsCoinShares Digital Securities, which issues the CoinShares Physical suite of ETPs, saw $51 million in outflows from CoinShares Physical Bitcoin (BITC) during the first quarter. The firm attributed the outflows to hedge funds “exiting a popular long European ETP short CME trade.”The firm also reduced BITC fees due to increased competition from US ETFs.CoinShares Digital Securities saw $35 million in inflows into all other crypto products, with half of the relevant inflows from Ethereum, Solana, and Polkadot.XBT Provider, CoinShares’ Nordic-focused crypto ETP, ended the quarter with $3.6 billion. It saw only $240 million in losses in the year’s first quarter compared to $400 million in losses in the first quarter of 2021. The firm expects further losses if the crypto market’s bull run continues.CoinShares’s BLOCK Index, which offers exposure to listed blockchain companies, returned 12.4% and reached $877.3 million in assets under management.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Catch the latest in crypto by following us on X. Stay informed on the go.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
