European crypto asset manager CoinShares has announced its most successful quarter to date, reporting a staggering 216% increase in revenue compared to the same period last year. The firm’s total comprehensive income also experienced an elevenfold increase, marking a significant milestone for the company.
Driven by a surge in token prices, particularly with Bitcoin reaching a new all-time high in March, CoinShares saw unprecedented growth in Q1 2024. According to a press release shared with crypto.news, the Jersey-based firm capitalized on market opportunities, allowing it to expand operations and strengthen its presence in the global market.
CoinShares CEO Jean-Marie Mognetti expressed satisfaction with the quarter’s performance, highlighting not only the robust financial results but also the strategic growth initiatives undertaken by the company. Mognetti pointed out the successful acquisition of Valkyrie’s ETF business in March 2024 as a key milestone contributing to CoinShares’ expansion strategy.
In Q1 2024, CoinShares reported a total revenue, gains, and other income of £43.9 million, a significant increase from £13.9 million in the same period the previous year. This represents a remarkable 216% growth in revenue year-over-year. Additionally, the firm’s total comprehensive income soared to £34.1 million in Q1 2024, compared to £2.9 million in Q1 2023, marking an impressive 1,075% increase.
CoinShares attributed its exceptional performance not only to market price movements but also to strategic initiatives such as the acquisition of Valkyrie Funds, a digital asset management company based in the U.S. Although specific financial details of the acquisition were not disclosed, CoinShares emphasized that the addition of Valkyrie Funds significantly bolstered its global market presence and operational capabilities across the Atlantic.
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