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CoinShares International Limited (Nasdaq First North Growth Market: CS; US OTCQX: CNSRF) (“CoinShares”)Europe’s largest and longest standing digital asset investment firm today announced preliminary financial results for its first quarter ended 31 March 2022 and provided an update on its corporate strategy.

Q1 2022 financial highlights

  • Combined revenue, gains and other income of £27.96 million (Q1 2021: £39.91  million)
  • Adjusted EBITDA of £18.7 million (31 March 2021: £34.2 million).
  • Total comprehensive income of £20.2 million (31 March 2021: £32.1 million).
  • ETP assets under Management (“AUM”) as at 31 March 2022 of £3.07 billion (31 March 2021: £3.4 billion)
  • CoinShares Blockchain Global Equity Index (BLOCK Index) assets under Management (“AUM”) as at 31 March 2022 of £0.88 billion.
  • Net asset position of the Group as at 31 March 2022 of £221 million (December 2021: £200.5 million).

Q1 2022 operational highlights

  • Important steps taken towards the Group’s long-term strategy, including progressing plans to uplist to the Nasdaq Stockholm Main Market, hiring a Group Head of Marketing and Communications with a dedicated team and integrating consumer platform, Napoleon.
  • Investment into key growth areas, including growing the staff base, which as at 31 March 2022 stands at 95 individuals (up from 42 as at 1 January 2020).
  • Ongoing diversification of the Group’s asset management platform through the launch of 4 additional products within the CoinShares Physical product suite.
  • A diversification in activities of the Capital Markets team, whose performance was driven by, among other things, the deployment of capital into DeFi protocols to generate staking rewards and yield.
  • Continued deployment of Principal Investments arm, including increased stake in Swiss digital bank, FlowBank.

Commenting on Q1 2022’s results, Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“CoinShares has delivered a good first quarter with strong financial and operational progress. We delivered resilient EBITDA of £18.7 million, all while making considerable steps to advance our long-term strategy. This includes work towards our imminent uplisting to Stockholm’s main market, significantly growing our headcount, including a new Group Head of Marketing and a dedicated team to support the Group’s enlarged footprint, and integrating our consumer platform, Napoleon.

“We are continuing to invest in our long-term future, and the Group is well positioned to navigate the shifting global regulatory landscape for digital assets in 2022.”

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