European crypto asset manager CoinShares has reported that its revenue in the first quarter of 2024 increased by 216% compared to the same period last year, with total comprehensive income rising elevenfold.
CoinShares, a leading digital asset manager and crypto research firm based in Europe, experienced its “strongest quarter ever” in Q1 2024, fueled by a surge in cryptocurrency prices, including Bitcoin reaching a new all-time high in March.
According to the firm’s press release, the Jersey-headquartered company saw a 216% rise in revenue, with total comprehensive income increasing elevenfold. This growth has enabled CoinShares to “expand our operations across the Atlantic, further solidifying our presence in the global market.”
“This quarter reflects not only our robust financial performance but also highlights our enhanced strategic growth capabilities, exemplified by the successful acquisition of Valkyrie’s ETF business in March 2024,” said CoinShares CEO Jean-Marie Mognetti.
In Q1 2024, CoinShares reported total revenue, gains, and other income of £43.9 million, compared to £13.9 million in Q1 2023, marking a 216% increase. Additionally, total comprehensive income for Q1 2024 was £34.1 million, up from £2.9 million in the same period last year, representing a remarkable 1,075% increase.
CoinShares’ success in Q1 2024 was not solely due to rising market prices. The company also expanded its offerings by acquiring Valkyrie Funds, a digital asset management company based in the U.S. Although the financial details of the acquisition were not disclosed, CoinShares emphasized that Valkyrie Funds has “significantly” enhanced its global market presence and operational reach across the Atlantic.
Summary Review: CoinShares’ record-breaking performance in Q1 2024 underscores its strong financial health and strategic growth. The significant increase in revenue and comprehensive income, coupled with the acquisition of Valkyrie Funds, highlights the company’s expanding influence in the global crypto market. As CoinShares continues to solidify its presence across the Atlantic, it is well-positioned for further growth and success in the rapidly evolving digital asset landscape.
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