CoinShares reports earnings gain amid crypto market resurgence
November 4, 2021, 11:03AM EDT
1 min read
European crypto asset manager CoinShares has published its interim Q3 financials.
The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to £88.8 million ($120.2 million) in the period, up from £62.8 million ($85 million) in the previous quarter.
The continuation of the firm’s positive financial performance in Q3 comes as the cryptocurrency market posted significant value recovery after a 50% decline in May.
“This performance demonstrates our business model’s resilience and ability to scale; we continue to take advantage of the evolution seen in the wider industry and translate it into total comprehensive income and balance sheet growth,” said Jean-Marie Mognetti, CoinShares’ CEO.
The firm's performance is also indicated in the company’s earnings from management fees with £55.1 million recorded in the filing — almost three times the size of the revenue collected from fees in 2020.
Institutional inflow into crypto investment positions has been on the rise in 2021 with more big-money players allocating funds to cryptocurrency products.
CoinShares’ assets under management (AUM) also grew in Q3 with and stands at £2.9 billion ($3.9 billion) as of the period ending September 30. The company’s AUM at the end of 2020 stood at £1.7 billion ($2.3 billion).