CoinShares Announces Q3 Results for the Period ended 30 September 2022

31 October 2022 | SAINT HELIER, Jersey | CoinShares International Limited (Nasdaq First North Growth Market: CS;US OTCQX: CNSRF) (“CoinShares”), Europe's largest and longest standing digital asset investment firm, announces its financial results for its third quarter ended 30 September 2022.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“We are pleased to announce our resilient performance during the quarter, returning to profitable growth despite recent and residual turbulence in the digital asset space.

Key metrics include our Adjusted EBITDA (£6.4m in the quarter) and the significant increase in our net asset position (up 20% year-to-date at £240.6m, from £200.0m as at December 2021). Together, these demonstrate CoinShares’ ability to withstand the sector-wide difficulties that we are all experiencing this year. We continue to generate strong and stable revenues within our Asset Management business unit, which is in turn being supported by additional income and gains from our Capital Market’s activities.

We have continued to develop the Group and progressed a series of important strategic developments in the quarter with more planned for the rest of the year. Importantly, CoinShares’ acquisition of Napoleon Asset Management (renamed as CoinShares France in September), the first AIFM-regulated crypto asset manager in Europe, received AMF final approval in July, while we completed the rebranding and relaunch of our Consumer Solutions platform – formerly Napoleon – as HAL.trading in September.

We are progressing with our plans to move our shares onto the main Nasdaq market in Stockholm in due course. The team has made significant progress to this end in Q3, and will continue to keep the market up-to-date with all material developments on this front.

CoinShares continues to be well-equipped to navigate recent external market turbulence thanks to our resilient strategy which demonstrates the strength of our business model.”

Q3 2022 financial highlights

• Total revenue in the year-to-date of £42.7m (year-to-date 2021: £55.1m)
• Total comprehensive income for Q3 of £20.0m (Q3 2021: £26.2m)
• Adjusted EBITDA of £6.4m (Q3 2021: £26.0m)
  
  

Q3 2022 operational highlights

• Important steps taken towards the Group’s long-term strategy, including progressing plans to uplist the Groups’ shares on the Nasdaq Stockholm Main Market and relaunching a new version of our Consumer Solutions platform under the brand HAL.trading.
  
  
• Continued investment in the asset management division, with CoinShares Physical’s product suite remaining the European market leader with net inflows of $127m. Across Q3, CoinShares Physical was the European leader in BTC and ETH net inflows, and the division launched a new CoinShares Physical Staked Algorand ETP in July 2022, taking the total number of products across CoinShares Physical and XBT Provider to 18.
  
  
• Net asset position has increased 20% year-to-date, to £240.6m at the end of Q3 (December 2021: £200.0m), placing CoinShares in the perfect position to emerge from this consolidation phase stronger than ever.
  
  
• Completed our share buyback programme (which ran from June 22 2022 to September 22 2022) as the considered best use of capital while our share prices remains below net asset value, buying back 249,396 shares (in the market, or by cancelling vested and in-the-money options) in Q3 at an average price of SEK 21.68 for a total of SEK 5,407,227.
  
  

For the full CoinShares Q3 report, follow this link.

-ENDS-

ABOUT COINSHARES

CoinShares is a leading full-service digital asset investment and trading group that delivers a broad range of financial services across investment management, trading, securities, and consumer products to a wide array of clients that includes corporations, financial institutions, and individuals. The Group is headquartered in Jersey, with a presence in France, Sweden, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq First North Growth Market under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | [email protected]
Investor Relations | +44 (0)1534 513 100 | [email protected]
Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | [email protected]

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out above, at 4PM GMT on 31 October 2022

PRESS CONTACT

CoinShares
Benoît Pellevoizin
[email protected]

H-Advisors Maitland
Freddie Barber / Alasdair Todd
[email protected]
+44 (0) 207 379 5151

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Forward-looking statements

The report contains certain forward-looking statements and opinions. Forward looking statements are statements that do not relate to historical facts and events, and such statements and opinions pertaining to the future that, for example, contain wordings such as "believes", "estimates", "anticipates", "expects", "assumes", "forecasts", "intends", "could", "will", "should", "would", "according to estimates”, “is of the opinion", "may", "plans”, "potential", "predicts", "projects", "to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements and opinions in the report concerning future financial returns, plans and expectations with respect to the business and management of the Company, future growth and profitability, and the general economic and regulatory environment, and other matters affecting the Company.

Forward-looking statements are based on current estimates and assumptions made according to the best of the Company's knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including the Company's cash flow, financial position, and operating profit, to differ from the information presented in such statements, to fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favourable than the results expressly or implicitly assumed or described in those statements. Accordingly, prospective investors should not place undue reliance on the forward-looking statements contained herein and are strongly advised to read the entire report. The Company cannot give any assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments.

In light of the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that the future events mentioned in the report may not occur. Moreover, the forward-looking estimates and forecasts derived from third party studies referred to in the report may prove to be inaccurate. Actual results, performance or events may differ materially from those presented in such statements due to, without limitation, changes in general economic conditions, in particular economic conditions in the markets in which the Company operates, changes affecting interest rate levels, changes affecting currency exchange rate, changes in levels of competition and changes in laws and regulations.

Attachment

• COINSHARES_2022_Q3