Coinshares Reports $513.1 Million Profit for Q2

Crypto asset manager CoinShares (CS) recorded a post-tax profit of around £404 million ($513.1 million) in Q2, down £10 million from the profit reported in the second quarter of last year.

At the same time, the firm recorded a $481.4 million loss in the fair value of digital assets amid the crypto market’s pullback from all-time Q1 highs. The largest cryptocurrency, bitcoin (BTC), lost 12% in Q2, its biggest decline since Q4 2022.

After accounting for this write-down, CoinShares’ comprehensive income for the quarter was $32.6 million, nearly five times the $6.3 million figure in Q2 2023.

According to yesterday’s earnings announcement, CoinShares’ total assets under management have nearly doubled from $2.7 billion to $5.3 billion.

The firm more than doubled its asset management fees to $28.45 million, helped by its acquisition of the exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie.

CoinShares’ Stockholm-listed shares rose nearly 8.5 percent on the day to 56.60 Swedish crowns ($5.43).