As the crypto market recovers, companies in this sector are also doing better. An excellent example of this is the European crypto investment platform CoinShares. The company recently reported annual revenue of $108.5 million.
CEO Jean-Marie Mognetti explains how the company has achieved significant improvements by sharpening its strategy. At the end of the year, CoinShares reached nearly $4 billion in total assets under management. Of that, $3.09 billion came from its exchange-traded products (ETPs).
Since the end of the bear market, CoinShares ETPs have been performing better again. ETPs are financial instruments traded on exchanges, similar to stocks. They track the price of the underlying assets.
The crypto investment platform is recording strong growth
In the last quarter of 2023, CoinShares generated more than $42 million in revenue. Adjusted operating income – earnings before interest, taxes, depreciation and amortization – was about $32.51 million.
Additionally, the company posted total income of $19.36 million during the period. Mognetti notes that these achievements make 2023 the second best year in the company’s history.
Compared to the same period in 2022, the company shows a significant recovery. During this period, it incurred an operating loss of $30.11 million.
The total revenue even amounted to a loss of almost $47 million. Total revenue, profit and other income for 2023 was $108.4 million, adjusted operating income for the year was $72 million, and total revenue was $47.95 million.
US Bitcoin ETFs with record growth
It wasn’t just CoinShares’ ETP products that were a success. According to CoinShares, US spot exchange-traded funds (ETFs) for Bitcoin (BTC) led to significant market growth in mid-January.
Despite some fluctuations, recent price increases resulted in growth almost as strong as the launch week, with an increase of $1.115 million last week – the second largest of the year. The total value of crypto exchange products reached $59 billion, a high since early 2022.