CoinShares International (CS) Q1 2025 earnings summary

Executive summary

• Q1 2025 demonstrated resilience and stable profits with EBITDA at $29.8M and net profit at $23.8M, despite the largest digital asset price decline since Q2 2022.

• Revenue for Q1 2025 was $29.6M, up from $24.5M in Q1 2024, while gains and other income fell to $10.4M from $23.0M.

• Strategic focus included expanding U.S. presence, enhancing share liquidity, and increasing institutional engagement.

• Transitioned functional and presentation currency to USD from GBP effective January 1, 2025.

• Distributed first 2024 dividend in May, reaffirming commitment to shareholder value.

Financial highlights

• Asset Management fees reached $29.6M, up from $24.5M in Q1 2024.

• Capital Markets income and gains totaled $11.9M, down from $14.1M year-over-year.

• EBITDA margin was 75%; net profit margin was 60%; EPS (basic) was $0.36.

• Group AUM ended at $5.23B, down from $6.91B at year-end, driven by price action, not outflows.

• Treasury loss of $3M and principal investments loss of $1.5M, both showing recovery post-quarter.

Outlook and guidance

• Confident Q1 2025 provides a solid foundation for the year, with expectations of renewed momentum and product/geographic expansion.

• Post quarter-end, digital asset prices rebounded significantly, with BTC and ETH rising to $104.3K and $2.5K, respectively, as of May 10, 2025.

• Collaboration with BoursoBank expected to expand ETP access to 7M+ new investors in France.

• Continued focus on U.S. listing and leveraging evolving regulatory environment.

• Upcoming financial events include the AGM on May 30, 2025, and Q2 2025 earnings on August 19, 2025.