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CoinShares Earnings Surge in First Half
Comprehensive income, a profit measure that includes the change in the value of digital assets, climbed more than fivefold.
CoinShares, Europe’s largest digital asset investment firm, said its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) climbed more than sevenfold in the first half of the year.
- Comprehensive income, a profit measure that includes the change in the value of its digital assets, climbed more than fivefold to £58.7 million ($82 million), the Jersey-based company said in a statement.
- "This performance has been primarily driven by bitcoin and ethereum prices reaching all-time highs in April and May 2021, respectively," the company said. "This has resulted in increased management fees across the Group's Asset Management Platform."
- The volatility that subsequently brought about dramatic declines in BTC and ETH prices, however, seems to have taken its toll on CoinShares' assets under management (AUM).
- The firm's AUM at the end of June stood at £2.2 billion ($3 billion), a 33% decline from $4.5 billion at the end of last year.
- CoinShares began trading on the Nasdaq First North Growth Market in March following a public offering that raised $17.8 million.
Read more: CoinShares Issues Three Crypto ETNs on Deutsche Boerse
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The inclusion could attract fresh passive inflows from index-tracking funds, while the firm's stock tanked 95% from its peak over the past year.
What to know:
- SharpLink will join the Russell 2000 and Russell 3000 indexes effective June 29.
- The company held nearly 873,000 ETH, worth roughly $1.8 billion at current prices.
- The inclusion comes as many digital asset treasury firms have slowed or halted crypto purchases.
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