Macroeconomic Factors - Expectation of 3 or more Federal Reserve rate cuts [2] - Federal Reserve is anticipated to end its Quantitative Tightening (QT) program [2] - Treasury is expected to implement Quantitative Easing (QE) through bond buying [2] Crypto Market Liquidity - Stablecoin liquidity is projected to exceed $300 billion [2] - Money-market funds hold $7.4 trillion [2] Regulatory and Product Approvals - Anticipation of Clarity Act approval [2] - Expectation of over 90 crypto Exchange Traded Products (ETPs) approvals [2] - Potential approval of ETH ETF staking [2]

Crypto ETP Filings - There are 92 filings and/or applications being tracked for Crypto ETPs in the US [1]

Crypto ETPs Landscape - The approval of all crypto ETPs is anticipated to bring significant liquidity to the market, outweighing short-term bearish sentiments [1] - There are 92 filings and/or applications being tracked for Crypto ETPs in the US [1] Market Liquidity - The market expects a substantial increase in liquidity following the approval of crypto ETPs [1]

Regulatory Landscape - SEC 的政策出现新变化，加密货币 ETPs 将与其他 ETPs 获得同等对待 [1] - 实物创建和赎回是 ETP 结构的一个显著特征 [1]

Regulatory Approvals - SEC approved in-kind creations and redemptions for crypto ETPs [1] - Approvals continue to build a rational regulatory framework for crypto [1] Market Impact - The approvals are leading to a deeper and more dynamic crypto market [1] - This will benefit all American investors [1]

Regulatory Approvals - SEC approved in-kind creations and redemptions for crypto ETPs [1] - Approvals continue to build a rational regulatory framework for crypto [1] Market Impact - The approvals are leading to a deeper and more dynamic crypto market [1] - This will benefit all American investors [1]

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% decline and Ethereum's 45.2% fall - The BITC product attracted $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].