CoinShares International (CS) Q4 2024 earnings summary

Executive summary

• Q4 2024 and early 2025 marked a transformative period for the digital asset industry, driven by major U.S. policy shifts, regulatory changes, and successful launches of Bitcoin and Ethereum ETFs in the U.S.

• The group achieved one of its strongest quarters on record, with significant top-line growth, operational improvements, and a 37% year-over-year rise in EBITDA to £33.6m.

• Asset management and capital markets divisions delivered record revenues, supported by product diversification and robust market activity.

• Combined Q4 revenue, gains, and other income totaled £48.3m, with net profit for Q4 at £31.9m, up from £23.5m.

• EPS (basic) for Q4 was £0.48 (Q4 2023: £0.35); diluted EPS was £0.45 (Q4 2023: £0.34).

Financial highlights

• Q4 top-line revenue reached GBP 48.3 million, with full-year revenue at GBP 126.8 million, up 66% year-over-year.

• Full-year net profit was £104.4m, more than double 2023's £46.6m.

• Group AUM at year-end was £5.50bn, up 44% in Q4 and 82% year-over-year, the highest in company history.

• Asset management fees for Q4 were GBP 25.3 million, the highest on record, with full-year fees at GBP 87.1 million.

• Capital markets generated GBP 21.2 million in Q4, with full-year top-line at GBP 57.4 million, excluding a GBP 28.8 million exceptional item from the FTX claim sale.

Outlook and guidance

• Management anticipates continued diversification of revenue streams and strong positioning for 2025, regardless of market direction.

• Pro-crypto U.S. policies and regulatory clarity are expected to foster further innovation and market growth.

• The company is positioned to leverage robust platforms in Europe and the U.S. for new product offerings and strategic growth.

• Monitoring for potential yield compression in staking, but robust on-chain activity supports current yields.

• Forthcoming financial calendar includes the 2024 annual report on April 30, 2025, and Q1 2025 earnings on May 13, 2025.