In its recently published fourth-quarter report for 2023, CoinShares disclosed an annual revenue of $108.5 million and assets under management (AUM) of $3.8 billion as of December 31, 2023.
CoinShares reported that its profits and other revenues amounted to $42.12 million during the fourth quarter of 2023. Additionally, the firm disclosed adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $32.51 million, with an overall comprehensive income of $19.36 million for the quarter.
CoinShares’ earnings improved significantly in comparison to 2022. In 2022, the firm reported a total EBITDA of -$30.11 million and an overall income of approximately -$46.94 million. However, in 2023, CoinShares’ adjusted EBITDA soared to $71.98 million, with an overall inflow of $47.95 million.
The report attributed the 109% growth in its AUM since 2022 to the price recovery of multiple virtual assets in 2023 and the influx of new investments into CoinShares’ physical products. Notably, the group’s exchange-traded products (ETPs), issued by XBT Provider, hold over $3.09 billion. During the fourth quarter, the company repurchased 299,074 shares, amounting to approximately $1.1 million in total consideration.
CEO Jean-Marie Mognetti reportedly expressed excitement regarding the positive results of CoinShares’ business approach, highlighting the strong EBITDA performance throughout 2023 and, more specifically, in the year’s fourth quarter. He described 2023 as the company’s second-best year on record and thus affirms the “solidity of its strategies and operational strength:
Meanwhile, Mognetti also stated the company is currently seeking ways to refine its business strategy. According to the CEO, the company wants to leverage this momentum, expand globally, and position itself as a “one-stop-shop” for digital asset investments.
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