CoinShares registers drop in revenues in Q1 2022
Digital asset investment firm CoinShares International Limited today announced its preliminary financial results for the quarter ended 31 March 2022 and provided an update on its corporate strategy.
CoinShares noted the negative price action in digital assets in the first half of the quarter and ongoing regulatory uncertainty across Europe and the US.
- In the first quarter of 2022, combined revenue, gains and other income amounted to £27.96 million, down from £39.91 million registered in the equivalent period a year earlier.
- Adjusted EBITDA for the first quarter of 2022 were £18.7 million, down from £34.2 million in the year-ago period.
- Total comprehensive income amounted to £20.2 million, compared with £32.1 million a year earlier.
- Net asset position of the Group as at 31 March 2022 was £221 million (December 2021: £200.5 million).
The company noted that it has taken steps taken towards the implementation of its long-term strategy, including progressing plans to uplist to the Nasdaq Stockholm Main Market, hiring a Group Head of Marketing and Communications with a dedicated team and integrating consumer platform, Napoleon.
The highlights include the continued deployment of Principal Investments arm, including increased stake in Swiss digital bank, FlowBank.
Commenting on Q1 2022’s results, Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:
“CoinShares has delivered a good first quarter with strong financial and operational progress. We delivered resilient adjusted EBITDA of £18.7 million, all while making considerable steps to advance our long-term strategy. This includes work towards our imminent uplisting to Stockholm’s main market, significantly growing our headcount, including a new Group Head of Marketing and a dedicated team to support the Group’s enlarged footprint, and integrating our consumer platform, Napoleon.
“We are continuing to invest in our long-term future, and the Group is well positioned to navigate the shifting global regulatory landscape for digital assets in 2022.”