CoinShares Announces Q1 2025 Results

Core Viewpoint - CoinShares has shown operational resilience and strategic discipline despite a significant decline in digital asset prices during Q1 2025, with continued growth driven by its CoinShares Physical platform, which is outperforming competitors [2][3]. Financial Highlights - Asset management revenue reached $29.6 million in Q1 2025, up from$24.5 million in Q1 2024 - Capital markets gains/income totaled $11.9 million, down from$14.1 million in Q1 2024 - Principal investment recorded a loss of $1.5 million, compared to a gain of$8.9 million in Q1 2024 - Total revenue, gains, and other income amounted to $40.0 million, down from$47.5 million in Q1 2024 - EBITDA was $29.8 million, compared to$35.3 million in Q1 2024 - Net profit decreased to $23.8 million from$41.5 million in Q1 2024 [6]. Operational Highlights - CoinShares Physical led the European crypto ETP market with $268 million in net inflows, three times that of its closest competitor, despite Bitcoin's 12.1$202 million in inflows after reducing its management fee to 0.25% - A partnership with BoursoBank expanded reach to over 7 million French clients - The XBT platform improved with reduced outflows of $154 million, down from$370 million in Q4 2024 - The BLOCK Index outperformed peers despite a 13.1% decline, while the US Valkyrie platform faced $288 million in net outflows but maintained a strong retail base [6]. Strategic Goals - CoinShares is reaffirming its objective of securing a U.S. exchange listing, with the evolving regulatory environment making this goal more realistic - The company is enhancing share liquidity through expanded analyst coverage and institutional roadshows, alongside demonstrating shareholder commitment via its first quarterly dividend distribution for 2024 [4][6]. Currency Change - Effective January 1, 2025, CoinShares amended its functional and presentation currency from GBP to USD to better reflect its economic environment as it continues to expand [7].