CoinShares reports a revenue of $108 million for 2023

CoinShares reports a revenue of $108 million for 2023

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by Max Nevskyi

3 years ago

The digital asset investment platform CoinShares reported an annual revenue of $108.5 million in its latest report. In the fourth quarter of 2023 alone, CoinShares reported revenue, profit, and other incomes amounting to $42.12 million. The company added that its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were about $32.51 million, with a total comprehensive income for the quarter of $19.36 million.

Compared to the profit in 2022, CoinShares saw a significant recovery in 2023. In the fourth quarter of 2022, the company's EBITDA and its total income were negative — minus $30.11 million and minus $46.94 million, respectively. Overall, its revenue, profit, and other incomes for 2023 amounted to $108.4 million. The company's adjusted EBITDA for the year was $71.98 million, with total income of $47.95 million.

The company also highlighted that its total assets under management (AUM) as of December 31, 2023, were $3.81 billion. About $3.09 billion is on the balance sheet of exchange-traded products (ETP) issued by XBT Provider and CoinShares Digital Securities. The company stated that the 109% increase in its AUM since the end of 2022 was due to the recovery of digital asset prices in 2023 and net inflows into CoinShares' physical products.

CoinShares CEO Jean-Marie Mognetti stated that the company is now on the right course after refining its strategy. The CEO also expressed satisfaction that the figures confirm the effectiveness of his approach and the maintenance of the EBITDA indicator throughout 2023, especially in the fourth quarter.

However, it's not just about the numbers. The success was facilitated by the cohesive efforts of each business unit and corporate function. 2023 was our second-best year in history, which is a testament to the strength of our strategies and operational power.added Mognetti

The CEO also said that the company is now focusing on leveraging momentum and global expansion and positions itself as a "one-stop-shop" for investments in digital assets.

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