CoinShares Announces Interim Financial Results and Operational Update for Fourth Quarter and Year-End 2020
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SAINT HELIER, Jersey, Mar 31, 2021 | CoinShares International Limited, (Nasdaq First North Growth Market: CS) ("CoinShares" or the "Group" or the “Company”) today announced preliminary financial results and operational update for the fourth quarter and the year-ended 31 December 2020. The full report, which is attached to this press release, can also be found on the CoinShares website in the Investor Relations section.
The financial information included below has been derived from the unaudited financial information of the Group. The annual report of the Group, inclusive of the audited financial statements will be made available on 31 May 2021, as per the financial calendar published on the Group’s website.
Year ended December 2020
- Management fees generated by CoinShares Passive of GBP 18.4 million, an increase of 62% on 2019 (GBP 11.3 million);
- Trading gains generated by CoinShares Capital Markets of GBP 16.4 million, an increase of 75% on 2019 (GBP 9.4 million);
- Adjusted EBITDA of the Group of GBP 22.4 million, an increase of 100% on 2019 (GBP 11.2 million);
- Total comprehensive income of the Group of GBP 18.7 million, an increase of 109% on 2019 (GBP 8.9 million);
- Level of Group assets under management (“AUM”) has increased over the year to GBP 1.74 billion and increase of 336% on 2019 (GBP 0.40 billion);
- Net asset position of the Group has increased to GBP 56.5 million, an increase of 24% on 2019 (GBP 45.3 million).
Quarter ended December 2020
- Management fees generated by CoinShares Passive of GBP 7.1 million, an increase of 137% on Q4 2019 (GBP 3.0 million);
- Trading gains generated by CoinShares Capital Markets of GBP 5.2 million, an increase of 116% on Q4 2019 (GBP 2.4 million);
- Adjusted EBITDA of the Group of GBP 7.9 million, an increase of 147% on Q4 2019 (GBP 3.2 million);
- Total comprehensive income of the Group of GBP 4.4 million, an increase of 16% on Q4 2019 (GBP 3.8 million).
Post year end
- Completed public listing on Nasdaq First North Growth Market on 11 March 2021;
- AUM has continued to increase since the year end, surpassing both USD 3 billion in January and subsequently USD 4 billion at the start of February, reaching all-time-highs for the Group;
- Average AUM of the Group in the period since year end stands at USD 3.72 billion, with AUM as at 30 March 2020 of USD 4.56 billion;
- Management fees generated on total AUM based on current composition of products in issue (by both XBT Provider AB & CoinShares Digital Securities Limited) stands at a weighted average of 2.48% per annum;
- Trading gains have further strengthened moving into 2021, building on the momentum that was seen over Q4 2020;
Jean Marie Mognetti, CEO of CoinShares, commented on the results:
“2020 was a transformative year for CoinShares. Today, we are proud to mark the closing of what by any financial measure will be the most successful year our Group has ever had. The figures speak for themselves: fees generated by CoinShares Passive are up 62% year on year with record levels of assets under management; and trading gains generated by CoinShares Capital Markets are up 75% year on year without taking on any directional risk. This performance has led to total comprehensive income increasing by 109% year on year, and generated EBITDA of GBP 22.4 million. The performance seen in Q4 2020 has continued into the first quarter of 2021 and, in our view, this bodes well for the overall crypto market outlook.
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.
Our March 2021 public listing on Nasdaq’s First North Growth Market represents CoinShares’ latest commitment to strengthen the transparency and trust in our brand, our products and our people.”
CoinShares is Europe's largest digital asset investment firm, managing over USD 4 billion of assets on behalf of its client base. The Group is focused on expanding investor access to the digital asset ecosystem by pioneering new financial products and services that seek to provide trust and transparency when accessing this new asset class.
For more information on CoinShares, please visit: https://coinshares.com
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This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 8:00am GMT on 31 March 2021.
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in CoinShares in any jurisdiction, neither from CoinShares nor from someone else.
This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States (including its territories and provinces, every state of the united states and the District of Columbia), Australia, New Zealand, Japan, Canada, Hong Kong or South Africa or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
This press release is not a prospectus for the purposes of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. A prospectus in connection with the Offering has been prepared and published by the Company on the Company's website.
In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/ EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.
Information to distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in the Company have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in the Company may decline and investors could lose all or part of their investment; the shares in the Company offer no guaranteed income and no capital protection; and an investment in the shares in the Company is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in the Company.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares in the Company and determining appropriate distribution channels.
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