CoinShares doubles 2020 profit on Bitcoin’s record highs

Adjusted EBITDA for 2020 at CoinShares, the digital-asset management firm, rose from £11.2 million to £22.4 million (~$30.8 million).

Total revenue rose by 109% to £18.7 million (~$25.7 million).

The driver of the improved financial performance was the growth in assets under management (AUM). The figure rose 336% to £1.74 billion (~$2.4 billion).

Currently, AUM stands at $4.5 billion. Investors allocated $1.3 billion and $2 billion respectively to Bitcoin Tracker One and Bitcoin Tracker Euro — CoinShares’ key exchange-traded products.

‘The fourth quarter of 2020 marked a turning point in Bitcoin’s recognition as an asset class by institutional clients,’ commented CoinShares chief Jean-Marie Mognetti.

On March 11, the company placed its shares on Nasdaq First North Growth Market in Stockholm, Sweden. The unaudited results for Q4 and the year as a whole are in line with commitments to greater investor transparency.

Earlier in January, CoinShares launched an exchange-traded product based on the first cryptocurrency with physical collateral. In February, a similar instrument based on Ethereum.

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