CoinShares, Europe’s largest crypto asset manager, doubled its earnings in 2020 after surging crypto markets drove significant growth in its assets under management. CoinShares, which recently went public through a listing on Sweden’s Nasdaq First North Growth Market, has filed financial results for the year ended December 31, 2020. The filings show that CoinShares’ adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew to $30.8 million, doubling from $15.4 million the previous year.
CoinShares witnessed a 109% increase in 2020.
Europe’s largest asset manager, CoinShares’ total comprehensive income for 2020 was £18.7 million ($25.7 million), a 109% increase on the £8.9 million ($12.25 million) reported in 2019. The key driver of the increased earnings was a surge in assets under management across the company’s range of exchange-traded bitcoin products (ETPs). Group assets under management grew 336% to £1.74 billion ($2.4 billion) in 2020. Asset manager firm’s growth has continued into 2021. Several other major companies have also invested in cryptocurrencies in the last few months as bitcoin’s price continued to surge.
CoinShares currently has more than $4.5 billion in assets under management.
The Europe asset manager firm currently has more than $4.5 billion in assets under management. Bitcoin Tracker One and Bitcoin Tracker Euro, its flagship ETPs, hold $1.3 billion and $2 billion, respectively. Last year’s results state that trading gains have “further strengthened” in 2021, which corresponds with the wider crypto rally trajectory. Bitcoin reached an all-time high of $60,000 earlier this month. Asset manager firm’s CEO Jean Marie Mognetti said 2020 was “by any financial measure” the most successful year in the company’s history. “Q4 2020 will be remembered as a tipping point in the journey of bitcoin and digital assets towards being recognized as a genuine asset class. This utterly transformative way to create, use and consume financial services has started to attract institutional capital at scale,” he added.