2024

Strong

Bitcoin

Gains

Leading European investment company CoinShares has revealed strong financial results for the second quarter of 2024. The company’s revenue more than doubled from the same period in 2023.
According to the earnings<a href="https://investor.coinshares.com/pressreleases/coinshares-announces-q2-2024-results" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"> report</a>, CoinShares recorded revenue of £22.5 million ($28.5 million) in Q2 2024, representing 110% year-over-year growth from the £10.7 million ($13.5 million) seen in Q2 2023.
<h2 id="coinshares-sees-513m-profit-for-q2">CoinShares Sees $513M Profit for Q2</h2>
After paying taxes, CoinShares’ operations netted profits of £403.9 million (over $510 million). Within the same period last year, the firm’s revenue after tax stood at £10 million ($12.7 million).
One of the major factors behind CoinShares’ financial growth last quarter was the firm’s claims on FTX bankruptcy proceedings, which yielded a recovery rate of 116% and a return of £28.8 million ($36.7 million) after the sale. Another factor was CoinShares’ acquisition of rival asset manager Valkyrie Funds, which increased its exchange-traded products and management fees.
CoinShares’ said it focused on product development and marketing initiatives for the Valkyrie spot Bitcoin exchange-traded fund (ETF), BRRR, and the Bitcoin mining ETF, WGMI, which saw continuous net inflows despite the market drawdown in the quarter.
Due to the increased gain and total comprehensive income in Q2, CoinShares’ Board of Directors voted to amend a policy allowing shareholders to receive special dividends in recognition of their longstanding trust in the business.
CoinShares’ CEO, Jean-Marie Mognetti, said:
<blockquote>
 “Our strong financial performance has enabled a new dividend policy, delivering tangible shareholder value on a quarterly basis. The recent special dividend following the disposal of our FTX claim further underscores our commitment to this goal. Simultaneously, we’re driving growth by expanding in the US and enhancing our European distribution.”
</blockquote>
<h2 id="crypto-prices-impair-q1-gains">Crypto Prices Impair Q1 Gains</h2>
Amid the remarkable profits in Q2, CoinShares also recorded some losses. The <a href="https://cryptopotato.com/crypto-investment-products-saw-outflows-of-528m-weekly-as-us-recession-fears-grow-coinshares/" data-wpel-link="internal" rel="noopener noreferrer nofollow">decline</a> in crypto prices removed some Q1 gains in the company’s principal investments, bringing the year-to-date gains down to £1.8 million ($2.29 million).
In addition, CoinShares wrote down its investment in the neobank FlowBank after the Swiss Financial Market Supervisory Authority declared it bankrupt. The firm’s decision to fully impair its stake in the bank resulted in a loss of £21.8 million ($27.6 million).
The post <a href="https://cryptopotato.com/coinshares-reveals-strong-financial-results-for-q2-2024/" rel="noopener noreferrer nofollow">CoinShares Reveals Strong Financial Results for Q2 2024</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

CoinShares Reveals Strong Financial Results for Q2 2024

Table of Contents

CryptoPotato_News

Other articles published on Aug 11, 2024

New Altcoins Pegged by Analysts as ‘Solana Killers’ with Over 300% Growth Potential

Overview of Decentralisation in Social Media: How it works.

Grayscale Expands Crypto Offerings with Bittensor and Sui

Top Cryptos To Watch As The Market Declines

Could This Be the Top Crypto Presale Happening Now? Discover the Big Opportunity With Avail DA

Parody Meme Coins in Focus: $ZYN, $TREMP, $BODEN, and $JEFF

Join our free newsletter for daily crypto updates!