European asset manager CoinShares has announced a substantial 110% increase in revenue for the second quarter of 2024.
According to its earnings report on August 6, the company’s revenue jumped to £22.5 million ($28.5 million) from £10.7 million ($13.5 million) in the same period last year.
One major factor in this growth was CoinShares’ sale of its claim in the FTX bankruptcy case which was initially valued at £26.6 million ($33.78 million). The sale brought in £31.32 million ($39.78 million), giving CoinShares a 116% return.
However, the quarter experienced some challenges as CoinShares faced a setback with its investment in FlowBank Holdings SA after the Swiss Financial Market Supervisory Authority (FINMA) declared it bankrupt. This resulted in a loss of £21.8 million ($27.6 million).
Despite this setback, CoinShares reported an adjusted EBITDA of £26.6 million ($33.7 million) for the second quarter, contributing to a year-to-date total of £60.8 million ($77.2 million). This represents a 133% increase compared to the same time last year and a 235% growth year to date.
The company also saw strong performance in its European physical exchange-traded products (ETPs), with $67 million in net inflows. The Physical Bitcoin ETP alone brought in $55 million, the highest among all Bitcoin ETPs in Europe for the quarter. However, the Physical Staked Ethereum ETP saw $15 million in outflows, a trend seen across most ETP issuers in Europe.
Moreover, CoinShares’ spot Bitcoin ETP, recently acquired from Valkyrie Funds, added another $44 million in inflows during the quarter. While this was lower than the inflows in Q1, it was consistent with a general slowdown in the industry.
Also Read: Aave Earns $6 Million in Revenue While Crypto Market Crash
