CoinShares Announces Interim Results for the Period ended 31 March 2022

CoinShares continues to generate strong results despite negative price action in digital assets in the first half of the quarter and ongoing regulatory uncertainty across Europe and the US.

3 May 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 today announced preliminary financial results for its first quarter ended 31 March 2022 and provided an update on its corporate strategy.

Q1 2022 financial highlights

• Combined revenue, gains and other income of £27.96 million (Q1 2021: £39.91 million)
• Adjusted EBITDA of £18.7 million (31 March 2021: £34.2 million).
• Total comprehensive income of £20.2 million (31 March 2021: £32.1 million).
• ETP assets under Management (“AUM”) as at 31 March 2022 of £3.07 billion (31 March 2021: £3.4 billion)
  
  
• CoinShares Blockchain Global Equity Index (BLOCK Index) assets under Management (“AUM”) as at 31 March 2022 of £0.88 billion.
• Net asset position of the Group as at 31 March 2022 of £221 million (December 2021: £200.5 million).

Q1 2022 operational highlights

• Important steps taken towards the Group’s long-term strategy, including progressing plans to uplist to the Nasdaq Stockholm Main Market, hiring a Group Head of Marketing and Communications with a dedicated team and integrating consumer platform, Napoleon.
• Investment into key growth areas, including growing the staff base, which as at 31 March 2022 stands at 95 individuals (up from 42 as at 1 January 2020).
• Ongoing diversification of the Group’s asset management platform through the launch of 4 additional products within the CoinShares Physical product suite.
• A diversification in activities of the Capital Markets team, whose performance was driven by, among other things, the deployment of capital into DeFi protocols to generate staking rewards and yield.
• Continued deployment of Principal Investments arm, including increased stake in Swiss digital bank, FlowBank.

Commenting on Q1 2022’s results, Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“CoinShares has delivered a good first quarter with strong financial and operational progress. We delivered resilient adjusted EBITDA of £18.7 million, all while making considerable steps to advance our long-term strategy. This includes work towards our imminent uplisting to Stockholm’s main market, significantly growing our headcount, including a new Group Head of Marketing and a dedicated team to support the Group’s enlarged footprint, and integrating our consumer platform, Napoleon.

“We are continuing to invest in our long-term future, and the Group is well positioned to navigate the shifting global regulatory landscape for digital assets in 2022.”

-ENDS-

ABOUT COINSHARES

CoinShares is Europe's largest and longest standing digital asset investment firm, managing billions of dollars of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class. 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 7:30 am BST on 3 May 2022

PRESS CONTACT

Maitland/amo
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_Q1