CoinShares Announces Revenue of $108M in 2023 Earnings Report
Digital asset investment platform CoinShares announced annual revenue of $108.5 million in 2023 in its fourth quarter report.
In the fourth quarter of 2023 alone, CoinShares reported revenue, profit and other income of $42.12 million. The company added that its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were around $32.51 million and its total comprehensive income was $19.36 million for the quarter.
Compared to its earnings in 2022, CoinShares recorded a significant recovery in 2023. In the fourth quarter of 2022, the company's EBITDA was negative $30.11 million, while total revenue was negative $46.94 million. Overall, its revenue, profit and other income for 2023 was $108.4 million. The company's adjusted EBITDA for the year was $71.98 million, while total revenue was $47.95 million.
The company highlighted that its total assets under management (AUM) as of December 31, 2023 was $3.81 billion. About $3.09 billion is in the balance of the group's exchange-traded products (ETPs) issued by XBT provider and CoinShares Digital Securities.
The company said the 109% increase in AUM since the end of 2022 was driven by a recovery in digital asset prices in 2023 and helped by net inflows into CoinShares physical products.
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In a press release sent to Cointelegraph, CoinShares CEO Jean-Marie Magnetti said the company is taking the right approach after reviewing its strategy. The CEO said he was pleased to see the numbers confirm the effectiveness of the approach and its EBITDA in 2023, particularly in the fourth quarter. Mognetti added:
But it's not just about the numbers; It was the combined efforts of every business unit and corporate function that led to this achievement. 2023 turned out to be the second-best year, confirming the strength of our strategies and the strength of our actions.
The CEO said the company is currently focused on accelerating and expanding globally, positioning itself as a “one-stop shop” for digital asset investments.
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