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Third party research

CoinShares: Solid operating performance - ABG

CoinShares International

This is a third party research report and does not necessarily reflect our views or values

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Crypto prices have rebounded
Solid quarter, adj. EBIT beat vs. consensus on lower costs
'25e adj. EV/EBIT below 4x with '25e-'27e dividend yield of 5%-8%


Underlying costs continue to surprise positively

CoinShares reported a Q1'25 adj. EBIT that was 6% above FactSet consensus. The sequential drop in AUM was ~24%, driven partly by a broad decline in crypto prices and partly by net outflows. This appeared to be primarily driven by better underlying cost, which surprised positively once again. The company changed its reporting currency from GBP to USD, making comparisons to consensus less meaningful. With that said, readers should note that we have restated the historical, reported figures from GBPm to USDm (based on historical FX rates) while we are awaiting official, translated historical figures in USD. Therefore, the historical figures in our tables are subject to change as well.
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