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CoinShares' Q1 Earnings Slide, Retail Remains in Focus, Executives Say
After reporting record profits in the fourth quarter of 2021, CoinShares has seen a significant pullback in 2022. An ongoing sell-off in digital assets combined with increased costs led the company to report a 45% year-over-year decline in its EBITDA Digital asset manager CoinShares has become the latest publicly traded company to be hit by the markets' overall risk appetite, its latest earnings report shows. After a record quarter in which the asset manager posted its highest quarterly profits and assets under management, the first quarter of 2022 was a notable decline. CoinShares' adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)...
CoinShares' Q1 Earnings Slide, Retail Remains in Focus, Executives Say
- Nach der Meldung von Rekordgewinnen im vierten Quartal 2021 hat CoinShares im Jahr 2022 einen deutlichen Rückzug erlebt
- Ein anhaltender Ausverkauf digitaler Assets in Verbindung mit gestiegenen Kosten führte dazu, dass das Unternehmen einen Rückgang seines EBITDA um 45 % gegenüber dem Vorjahr meldete
Digital asset manager CoinShares has become the latest publicly traded company to be hit by the markets' overall risk appetite, its latest earnings report shows.
After a record quarter in which the asset manager posted its highest quarterly profits and assets under management, the first quarter of 2022 was a notable decline.
CoinShares' adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the First quarter of 2022 was 18.7 million British pounds ($23.4 million), a decrease of 45% from the previous year.
The decline is primarily due to an overall decline in capital market performance and an increase in the cost base, driven primarily by the discontinuation and launch of new investment products, CoinShares Chief Financial Officer Richard Nash said on Tuesday's earnings call.
“As would be expected, group performance was of course impacted by the market conditions everyone is experiencing in the first quarter of 2022,” Nash said.
Total income, which takes into account the change in the value of the company's digital asset holdings, fell to £20.2 million, compared to £32.1 million a year ago. Assets under management for its ETP suite were £3.07 billion in the first quarter, down slightly from the fourth quarter of 2021.
Across CoinShares' product range, the company generated combined management fees of £17.2 million, relatively unchanged from 2021 levels. The company continues to focus on diversifying its revenue streams away from management fees while expanding its product offerings and offering fee-free options, Nash said.
In the first quarter, the asset manager launched the first-ever staked ETPs (exchange-traded products), which have no management fees. The products allow investors to take a portion of staking rewards each day, which has paid off, Nash said, as CoinShares ETPs saw the largest net inflows among alternative coins in the first quarter.
“There has been a big issue around institutional adoption, especially in the US,” said Jean-Marie Mognetti, CEO of CoinShares. “But... the institutional demand is not clearly there in Europe yet, we need to focus on something else, which is a retail model.”
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The post CoinShares Q1 Earnings Slide, Retail Remains Focus, Execs Say is not financial advice.