Europe's leading investment company specialising in digital assets

Market Cap
5.48B
SEK
Days until report
-
NASDAQ STOCKHOLM:
CS
Latest info
4th Quarter
— 01
Highlights
£16.7m
Revenue, gains & income
+85%
In share price YTD
+37.6%
In AuM
£16.7m
Revenue, gains & income
59%
Adjusted EBITDA margin
+106%
Capital Markets growth YoY
+2,781%
Swedish website visitors
59%
Adjusted EBITDA margin
59%
Adjusted EBITDA margin
£16.7m
Revenue, gains & income
+85%
In share price YTD
+37.6%
In AuM
£16.7m
Revenue, gains & income
59%
Adjusted EBITDA margin
+106%
Capital Markets growth YoY
+2,781%
Swedish website visitors
59%
Adjusted EBITDA margin
Jean-Marie Mognetti
CEO

Q1 2024 is our strongest quarter ever with combined revenues, gains, and income of £43.9 million (+216% YoY) for an adjusted EBITDA of £34.2 million (78% margin). In Q1 2024, CoinShares significantly advanced its strategic initiatives, highlighted by the completion of our acquisition of Valkyrie Investments Inc.’s ETF business. This achievement highlights our ongoing commitment to convert CoinShares into a global investment management franchise. Amid favourable market conditions, including the U.S. approval of the Spot Bitcoin ETFs, we progressed our strategy with a focus on capitalising on emerging opportunities, while ensuring operational excellence, and achieving strong financial outcomes.

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Stable growth in turnover, high booking rate for the winter
Jean-Marie Mognetti
CEO
From latest report
An eventful quarter has brought with it numerous positive developments within our ever-expanding Asset Management business, a successful sale of our FTX claim within CapitalMarkets, and a material impairment within our Principal Investments portfolio.
Aug 6, 2024
Stefan Sjöstrand
CEO
STABIL OMSÄTTNINGSTILLVÄXT – HÖGT BOKNINGSLÄGE TILL VINTERN

Ytterligare ett verksamhetsår har passerat då vi fortsatt vår transformation till ett fjällturismbolag som erbjuder aktiv avkoppling året runt. Vi kan konstatera att vi fortsätter att växa samtidigt som resultatet för 2022/23 påverkades av högre omkostnader än förväntat.

Helåret visar att vi fortsatt har en tillväxt då vi ökat omsättningen med 4,5 procent, till 4 304 MSEK (4 118 MSEK) samt ett rörelseresultat på 604 MSEK (884 MSEK).
An eventful quarter has brought with it numerous positive developments within our ever-expanding Asset Management business, a successful sale of our FTX claim within CapitalMarkets, and a material impairment within our Principal Investments portfolio.
25/04/01
Stefan Sjöström
CEO
STABIL OMSÄTTNINGSTILLVÄXT – HÖGT BOKNINGSLÄGE TILL VINTERN

Ytterligare ett verksamhetsår har passerat då vi fortsatt vår transformation till ett fjällturismbolag som erbjuder aktiv avkoppling året runt. Vi kan konstatera att vi fortsätter att växa samtidigt som resultatet för 2022/23 påverkades av högre omkostnader än förväntat.

Helåret visar att vi fortsatt har en tillväxt då vi ökat omsättningen med 4,5 procent, till 4 304 MSEK (4 118 MSEK) samt ett rörelseresultat på 604 MSEK (884 MSEK).

"EARLY WINTER AND A GREAT INTEREST IN SKI HOLIDAYS IN SCANDINAVIA"

Winter arrived earlier than ever before with both cold weather and natural snow at all our mountain destinations from the beginning of November, which brought good conditions for snow production and has meant an early snowy start to the season with a snow depth of between 40–80 cm. We will have fantastic conditions at all our destinations for the Christmas and New Year holidays and, above all, this will ensure a long winter season.

Operating profit declined by SEK 13 million in the period, equivalent to 3 percent. The most significant reason is the unusually favourable weather conditions for snow production and other work carried out in order to prepare the slopes during the pre-season. This has resulted in higher costs, mainly related to earlier snow-making, but has also meant an early start to the season, increased revenues and great interest from our guests.

Bookings, measured as the number of overnight stays booked through SkiStar’s mediated accommodation, are 9 percent higher than previous year, meaning that more than 80 percent of the season’s estimated accommodation sales are already booked. A strong Christmas and New Year period with high occupancy awaits us. Despite the weaker economy, many continue to choose to invest in a mountain holiday. The favourable value of the Swedish and Norwegian krona has also affected the foreign market, where we can see increased growth in the number of guests, notably from Denmark, but also from Germany, England and the Netherlands.

Prior to the season, large investments and additional acquisitions were made in our core operations. With two new express lifts, improved snow production and the development of existing ski areas and ski school operations at all destinations, our guests can have a fantastic winter experience, as well as access to ski products at all our destinations.

Retail operations continued to develop positively, despite a declining industry, and sales during the period have increased, both online at skistarshop.com (59 percent) and in our physical stores (32 percent). This resulted in an overall sales increase of 54 percent during the quarter.

Our climate targets were approved by Science Based Targets (SBT) during the previous financial year. We are currently taking the next step by clarifying our sustainability commitments within the areas of climate change. We are now focused on preserving white winters and reducing greenhouse gas emissions by 2030. By engaging with employees, guests, partners and interested members of the public, we want to create a driving force to help address climate change. We therefore invite everyone to participate in our sustainability efforts in order to make more informed choices and contribute to reducing greenhouse gas emissions. By working together, we can preserve white winters and ensue that snowy experiences remain part of our future.  

We look forward with confidence to another great winter season at all our six destinations and I hope to see you on the slopes.


Stefan Sjöstrand, CEO

25/04/01
Q3 2024 highlights
£34.2m
Adjusted EBTDA
(Q1 2023: £7.0m)
+86% on prior year performance
+107.5%
£15.4m
EBITDA
+389%
£19.9m
Revenue for Q3 2024 (mSEK)
[Q3 2023: £10.7]
£34.2m
Adjusted EBTDA
(Q1 2023: £7.0m)
+419%
£5.9m
Gains & Other Income for Q3 (mSEK)
[Q3 2023: £4.7m]
+1076%
£14.2m
Net profit for Q3 2024 (mSEK)
[Q3 2023: £6.7m]
+1150%
0000
0000
Why invest?
— 02

Why invest

01
Pioneer in offering digital asset exposure through traditional financial products


02
Track record of leadership in the European ETP market with ~50% market share, coupled with growing U.S. presence

03
Uniquely positioned with broad asset management product suite, encompassing broad array of tokens as well as passive and active strategies
04
Positive regulatory environment in European Union, with development opportunity as international regulators follow suit

05
Highly compelling financial profile, with revenue diversity, consistent profitability even in dynamic   markets and strong margins

06
Best-in-class management team with deep experience across TradFi and digital asset markets


Latest investor presentation
Management presentation
Feb 29th 2024
Our goal is clearer than ever
— 04

vision

Becoming the global leading investment company specialising in digital assets.
CoinShares provides investors with accessible and reliable investment solutions enabling regulated exposure to digital assets
Financial overview
— 05

Financial overview

Revenue, gains & other income (GBP)
Q1
21
Q2
21
Q3
21
Q4
21
Q1
22
Q2
22
Q3
22
Q4
22
Q1
23
Q2
23
Q3
23
Q4
23
Q1
24
Our growth strategy
— 06

Growth strategy

Organic growth
  • Intensifying EU distribution

  • Acceleration in the U.S.

  • Cross-listing of American products in other regions

  • Product innovation in EU and US

External growth
  • Expand geographic footprint

  • Targeting further acquisitions that will convert underperforming assets into profitable ones, aligning with our growth strategy

Leadership team
— 07

Governance

Our hands-on management team has decades of combined industry-leading experience in institutional asset management, trading, technology and regulation. With a proven track record across the digital asset ecosystem, they keep us at the forefront of financial and tech innovation.
Leadership team
— 07
Governance

Pioneering digital assets investments since 2014

2014

Launch of the first regulated bitcoin fund

2016

Acquire XBT Provider from Accel Ventures backed mining group

2017

AuM grows to $1.5bn

2018

Diversified XBT Provider from Sweden into Germany

Custody JV with Nomura and Ledger to protect long term of growth of AM

2020

New ETP team joins from ETF Securities / WisdomTree

2021

CSIL lists on Nasdaq First North Growth Market

Acquisition of Elwood Equity Index business resulting in partnership with Invesco

Acquisition of Napoleon Crypto

AuM grows to $6.5bn

2022

Strategic investment in Swiss bank, Flowbank, approved by FINMA

Uplisting to Nasdaq Stockholm’s main market

2023

Launch of Hedge Fund Solutions

2024

US expansion with the acquisition of Valkyrie Funds

— 08

Story

Latest analyst
report
— 09

Analyst reports

The share
— 10

Share

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