Company delivers strong top- and bottom-line results; Q1 results exceed Full Year 2020 results as demand continues to grow for its suite of digital asset products and services
Commenting on today’s announcement, Jean-Marie Mognetti, Chief Executive Officer of
Mr. Mognetti continued, “In recent weeks, the cryptocurrency market has reached as high as
2021 First Quarter Results
The Company reported total management fees of £17.1 million in the first quarter 2021 compared to £3.2 million reported in the comparable 2020 period, an increase of £13.9 million. The year-on-year improvement was primarily driven by the significant price increases in digital assets for the comparable periods. Total management fees also increased by £10.0 million on a sequential basis when compared to the fourth quarter ended
Trading gains generated by
Taken together, total management fees and trading gains in the first quarter 2021 were £39.9 million compared to £8.8 million in the first quarter 2020, a year-on-year improvement of £31.1 million, and increased £5.2 million or 15% when compared to the full year ended
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for the first quarter 2021 was £34.1 million compared to £5.8 million in the first quarter 2020, a year-on-year increase of £28.3 million. Adjusted EBITDA includes unrealised gains/(losses) on digital assets held by the Group, which, under FRS102 are recognized in other comprehensive income. When compared to the full year ended
Total comprehensive income for the first quarter 2021 was £32.1 million compared to £7.4 million reported in the comparable prior year period, a year-on-year improvement of £24.7 million or 334%. On a sequential basis when compared to the fourth quarter ended
Group assets under management (“AUM”) as of
The Company’s net asset position as of
2021 First Quarter and 2021 Second Quarter YTD Milestones
January 2021 : With more than$202 million in XBT certificates changing hands3 on the market’s first day of trading in 2021,CoinShares had the highest volume traded in any European listed crypto ETP. CoinShares Physical Bitcoin, the first product released on the Group’s new institutional-grade ETP platform, was launched to provide investors with passive exposure to Bitcoin. This product, traded on the regulatedSIX Swiss Exchange under the ticker symbol BITC, initially launched with approximately$200 million in AUM.4
February 2021 :CoinShares aligned with theMassachusetts Institute of Technology (MIT) Media Lab , making a four-year,$0.5 million donation to the Digital Currency Initiative to help support open-source software development and advance the security of the Bitcoin protocol.5 CoinShares Physical Ethereum, the second product released on the new ETP platform, was launched with$75 million in AUM, and is traded on theSIX Swiss Exchange under the ticker symbol ETHE.6
March 2021 :CoinShares successfully completed its public listing on the Nasdaq First North Growth Market. The Company raised151.1 million Swedish krona , which equates to approximately$17.8 million , prior to listing related costs, and received retail subscriptions of more than 20x the retail offering and overall subscriptions of more than 4x the total offering, bringing in over 2,000 new shareholders and highlighting market demand. 7 As of11 March 2021 , the Company’s shares began trading under the ticker symbol CS.8
April 2021 :CoinShares extended its alliance with theDeFi Alliance and launched a new chapter inEurope as a founding partner.9 This alliance brings together other leading European crypto companies with a vision of supporting European DeFi startups with capital and liquidity and collaboration with partners to build a robust DeFi ecosystem inEurope . Additionally, CoinShares Physical Litecoin10 and CoinShares Physical XRP11 commenced trading on theSIX Swiss Exchange under the ticker symbols LITE and XRPL, respectively, providing eligible institutional and individual investors throughoutEurope access to an expanded range of digital asset products. The 3iQ CoinShares Bitcoin12 and Ethereum13 ETFs also launched on theToronto Stock Exchange (TSX), following a strategic investment made into 3iQ inDecember 2020 .CoinShares joined the Crypto Climate Accord (the “Accord”)14, an initiative designed to make the cryptocurrency industry run entirely on renewable energy by 2025. Led by Energy Web and theAlliance for Innovative Regulation (AIR), and inspired by the Paris Climate Agreement, the Accord is aiming to decarbonize the entire cryptocurrency industry, while developing an open-source accounting standard for measuring emissions for players in the industry to adopt.CoinShares also surpassed$5 billion in AUM on its two ETP platforms,XBT Provider and CoinShares Physical (together, “CoinShares ETPs”).15
On Wednesday,
The full Q1 2021 Earnings Report can be found here.
The Company will hold a webcast on Monday,
About the
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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.
1 Data retrieved from www.coingecko.com.
2 The
3 Source: https://coinshares.com/news/coinshares-xbt-provider-etps-reach-record-trading-volumes
4 Source: https://coinshares.com/news/coinshares-launches-new-physically-backed-bitcoin-exchange-traded-product-etp
5 Source: https://coinshares.com/news/coinshares-contributes-to-mit-digital-currency-initiative-to-fund-independent-research-and-open-source-development
6 Source: https://coinshares.com/news/coinshares-launches-new-physically-backed-ethereum-exchange-traded-product-etp
7 Source: https://coinshares.com/investor-relations/press-releases/coinshares-announces-outcome-of-offering-in-connection-with-its-intended-listing-on-nasdaq-first-north-growth-market
8 Source: https://coinshares.com/investor-relations/press-releases/formal-approval-of-coinshares-listing-application-and-first-day-of-trading-on-nasdaq-first-north-growth-market
9 Source: https://coinshares.com/news/coinshares-joins-defi-alliance-europe
10 Source: https://coinshares.com/news/coinshares-launches-litecoin-exchange-traded-product-etp
11 Source: https://coinshares.com/news/coinshares-launches-xrp-exchange-traded-product-etp
12 Source: https://coinshares.com/investor-relations/press-releases/coinshares-announces-strategic-collaboration-3iq-coinshares-bitcoin-etf
13 Source: https://coinshares.com/investor-relations/press-releases/coinshares-and-3iq-have-collaborated-to-launch-the-3iq-coinshares-ether-exchange-traded-fund-etf
14 Source: https://www.nasdaq.com/articles/ripple-coinshares-consensys-join-crypto-climate-accord-2021-04-08
15 Source: https://coinshares.com/news/coinshares-celebrates-5-billion-aum
16 Source: https://real-time-attest.trustexplorer.io/coinshares
17 Source: https://coinshares.com/news/real-time-audit-launched-for-xbt-provider-etps
18 Source: https://coinshares.com/news/coinshares-etps-reach-record-trading-volumes
Attachment
- COINSHARES_Q1_2021_REPORT
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