Q1 CoinShares most successful quarter in history with revenue up 216%

European crypto asset manager CoinShares has revealed that its revenue in Q1 increased by 216% since last year, with total comprehensive income increased by elevenfold.

CoinShares, a European digital asset manager and crypto research firm, saw its “strongest quarter ever” in Q1 2024, driven by a surge in token prices, including Bitcoin hitting a new all-time high in March.

According to the firm’s press release shared with crypto.news, the Jersey-headquartered firm experienced a 216% rise in revenue, with total comprehensive income increasing elevenfold. The firm says the quarter has allowed it to “expand our operations across the Atlantic, further solidifying our presence in the global market.”

“This quarter reflects not only our robust financial performance but also highlights our enhanced strategic growth capabilities, exemplified by the successful acquisition of Valkyrie’s ETF business in March 2024.”

CoinShares CEO Jean-Marie Mognetti

In Q1 2024, CoinShares reported revenue, gains, and other income totaling £43.9 million, compared to £13.9 million in Q1 2023, representing a 216% increase. Additionally, the total comprehensive income for Q1 2024 stood at £34.1 million, a significant rise from £2.9 million in the same period last year, marking a substantial 1,075% increase.

CoinShares’ success in Q1 2024 was not solely driven by market price increases. The company also expanded its offerings through the acquisition of Valkyrie Funds, a digital asset management investment company based in the U.S. Although the financial details of the acquisition remain undisclosed, CoinShares highlighted that Valkyrie Funds has “significantly” enhanced its global market presence and operational footprint across the Atlantic.