CoinShares: Highest AUM to date - ABG

CoinShares reported its best quarter ever on AUM
Beat on Capital Markets, miss on Asset Management
Underlying better than reported, limited est. revisions


Q4 adj. EBIT of GBP 33m, above ABGSCe at GBP 22m

CoinShares adj. Revenues of GBP 48m, beat ABGSCe by 23%. The revenue beat was mainly driven by the Capital Markets segment, with revenues 64% above ABGSCe. There was a beat on liquidity provisioning and delta neutral trading activities, showcasing CoinShares ability to profit from volatile crypto prices. Staking and fixed income activities were just below our expectations. CoinShares has also recognised gains on its net long Bitcoin position in the Capital Markets segment under the item other, leading to a 4.5m beat vs. ABGSCe for other items. The Principal Investments segment came in above ABGSCe. The revenue from the Asset Management segment was 4% lower than expected compared to ABGSCe. This was driven by a slight miss on AUM. Costs were 7% lower than ABGSC expectations, adjusting for non-anticipated one-offs (GBP 1.5m loan loss provision) costs were 17% below ABGSCe. There was also a GBP 2.5m bonus accrual, we had however anticipated bonus costs. This lead to an adj. EBIT of GBP 33m, 48% above ABGSCe. The AUM came in 4% below ABGSCe.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/coinshares/Equity-research/2025/2/coinshares---highest-aum-to-date/