CoinShares reports profit growth as market recovers

Adjusted EBITDA for the first nine months of 2021 was £88.8m (~$120m), compared with £14.4m (~$19.5m) in the prior period.

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In the preliminary results for the third quarter, the firm noted that it surpassed the second-quarter records. This allowed CoinShares to report historically high results for the nine-month period.

«In the third quarter, despite some challenges, we largely maintained the momentum that was seen in 2021. These metrics demonstrate the resilience of our business model and its scalability», — заявил CEO CoinShares Jean-Marie Mognetti.

Over the first nine months, the company earned £55.1m (~$74.4m) in asset-management fees. This was almost five times the level achieved in the comparable period in 2020.

As of 30 September, assets under management reached £2.9bn. At the start of the year, the figure stood at £1.7bn.

In 2020, the company doubled its profit from £11.2m to £22.4m.

During 2021, CoinShares issued several crypto-investment products, including a ETP based on Ethereum, Litecoin and XRP in Europe, as well as bitcoin ETF in Canada in partnership with 3iQ Corp.