Bitcoin

Digital asset investment platform CoinShares declared $108.5 million in annual revenue in its fourth-quarter report for 2023.
In the fourth quarter of 2023 alone, CoinShares <a href="https://a.storyblok.com/f/155294/x/e65df69754/coinshares_q4_23_report.pdf" target="_blank" rel="noopener nofollow">reported</a>&nbsp;revenue, gains and other income of $42.12 million. The company added that its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was around $32.51 million, and its total comprehensive income was $19.36 million for the quarter. 
Compared with its earnings in 2022, CoinShares recorded a significant recovery in 2023. In the fourth quarter of 2022, the company’s EBITDA was negative $30.11 million, while its total income was negative $46.94 million. Overall, its revenue, gains and other income for 2023 was $108.4 million. The company’s adjusted EBITDA for the year was $71.98 million, while its total income was $47.95 million. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/2e5b3a73-3117-4ed4-8903-59c09797543c.jpg" alt="" title="">
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 Segmental split of revenue, gains and other income and adjusted EBITDA. Source: CoinShares
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The company also highlighted that its total assets under management (AUM) as of Dec. 31, 2023, was $3.81 billion. About $3.09 billion is held on the balance sheet of the group’s exchange-traded products (ETPs) issued by XBT Provider and CoinShares Digital Securities. 
The company said that the 109% increase in its AUM since the end of 2022 was driven by the digital asset price recovery in 2023 and was helped by the net inflows into CoinShares physical products. 
Related: <a href="https://cointelegraph.com/news/bitcoin-drives-digital-asset-market-gains-grayscale-selloff-slows">Bitcoin drives crypto ETP market flows as Grayscale sell-off slows</a>
In a press release sent to Cointelegraph, CoinShares CEO Jean-Marie Mognetti said that the company is now navigating the right course after refining its strategy. The CEO also expressed delight to see the numbers validate the effectiveness of its approach and its EBITDA holding out throughout 2023, especially in the fourth quarter. Mognetti added: 
<blockquote data-ct-non-breakable="true">
 “Yet, it’s not solely about the numbers; it’s the cohesive effort of every business unit and corporate function that has driven this success. 2023 has emerged as our second-best year on record, a confirmation of the solidity of our strategies and operational strength.”
</blockquote>
The CEO also said the company is now focusing on leveraging momentum and expanding globally, and it is positioning itself as a “one-stop shop” for digital asset investments. 
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-etfs-see-high-volume-binance-delists-monero-and-ark-plans-staking-ether-hodlers-digest-feb-4-10/">Bitcoin ETFs see high volume, Binance delists Monero, and ARK plans staking Ether: Hodler’s Digest</a>

CoinShares declares $108M revenue in 2023 earnings report

Cointelegraph

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