CoinShares delivers strongest full-year & fourth quarter financial results in the Group’s history
22 February 2022 | SAINT HELIER, Jersey | CoinShares International Limited (Nasdaq First North Growth Market: CS; US OTCQX: CNSRF) (“CoinShares”), Europe's largest and longest standing digital asset investment firm today released its financial results and operational updates for the twelve-months ended 31 December 2021.
The full report, which is attached to this press release, can also be found on the CoinShares Investor Relations site.
Financial Results Summary
Following on from the Group’s record Q3 results announced on 4 November 2021, CoinShares achieved a record Q4, resulting in the strongest annual results in the Group’s history.
The financial highlights for the year ended 31 December 2021 include:
- Total comprehensive income of £114.3 million
(2020 full-year: £18.6 million);*
- Adjusted EBITDA of £121.7 million, achieving a margin of 80%
(2020 full-year: £22.3 million / 61%);*
- Management fees generated by the Group’s Asset Management Platform of £80.6 million
(2020 full-year: £18.4 million);
- Income and gains generated by the Group’s Capital Markets Infrastructure of £62.1 million
(2020 full-year: £16.8 million);
- Fair value gains on Principal Investments of £9.6 million
(2020 full-year: £1.0 million);
- ETP assets under Management (“AUM”) as at 31 December 2021 of £3.3 billion
(31 December 2020: £1.7 billion);
- CoinShares Blockchain Global Equity Index AUM as at 31 December 2021 of £880.5 million
(31 December 2020: N/A); and
- Net asset position of the Group as at 31 December 2021 of £200.9 million
(31 December 2020: £56.5 million).
*Previously reported Total comprehensive income and Adjusted EBITDA of £18.4 million & Adjusted EBITDA of £22.1 million have been revised to the figures disclosed above as a result of adjustments arising from the Group’s transition from FRS102 to IFRS. Please see notes 1.2 and 12 within the full report for further information.
Commenting on today’s results, Jean-Marie Mognetti, Chief Executive Officer of CoinShares stated:
“CoinShares has maintained the momentum we experienced moving into 2021 over the entire year, including this most recent quarter. Adjusted EBITDA for Q4 was £32.9 million, whilst adjusted EBITDA for the year sits at £121.7 million, an increase of more than 400% versus the year ended December 2020.
This performance confirms the CoinShares business model’s resilience and ability to scale. As a reminder, our structure allows us to perform under a variety of market conditions. We have taken advantage of the evolution occurring in the wider industry and translated it into earnings and balance sheet growth.”
We are looking forward to expanding CoinShares' value proposition in 2022.
The Company will hold a webcast on Tuesday, 22 February 2022 at 3:00 pm GMT (10:00 am ET) to discuss the results for the period ended 31 December 2021. The live webcast of the earnings conference call can be accessed on the Investor Relations section of the CoinShares website at http://coinshares.com/investor-relations. A replay of the webcast will be available online approximately 2 hours following the live call for a period of 30 days.
About CoinShares
CoinShares is Europe's largest and longest standing digital asset investment firm, managing billions of dollars of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class. CoinShares is publicly listed on the Nasdaq First North Growth Market under the ticker CS and the OTCQX under the ticker CNSRF.
For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com
Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se
This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 8:00am GMT on 22 February 2022.
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Forward looking statements
The report contains certain forward-looking statements and opinions. Forward looking statements are statements that do not relate to historical facts and events, and such statements and opinions pertaining to the future that, for example, contain wordings such as "believes", "estimates", "anticipates", "expects", "assumes", "forecasts", "intends", "could", "will", "should", "would", "according to estimates”, “is of the opinion", "may", "plans”, "potential", "predicts", "projects", "to the knowledge of” or similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements and opinions in the report concerning future financial returns, plans and expectations with respect to the business and management of the Company, future growth and profitability, and the general economic and regulatory environment, and other matters affecting the Company.
Forward-looking statements are based on current estimates and assumptions made according to the best of the Company's knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, including the Company's cash flow, financial position, and operating profit, to differ from the information presented in such statements, to fail to meet expectations expressly or implicitly assumed or described in those statements or to turn out to be less favourable than the results expressly or implicitly assumed or described in those statements. Accordingly, prospective investors should not place undue reliance on the forward-looking statements contained herein and are strongly advised to read the entire report. The Company cannot give any assurance regarding the future accuracy of the opinions set forth herein or as to the actual occurrence of any predicted developments.
In light of the risks, uncertainties and assumptions associated with forward-looking statements, it is possible that the future events mentioned in the report may not occur. Moreover, the forward-looking estimates and forecasts derived from third party studies referred to in the report may prove to be inaccurate. Actual results, performance or events may differ materially from those presented in such statements due to, without limitation, changes in general economic conditions, in particular economic conditions in the markets in which the Company operates, changes affecting interest rate levels, changes affecting currency exchange rate, changes in levels of competition and changes in laws and regulations.
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