CoinShares International Ltd (CNSRF) Q1 2025 Earnings Call Highlights: Strong Revenue Growth ...
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
CoinShares International Ltd (CNSRF) reported a solid Q1 2025 performance with revenue from asset management fees increasing to $29.6 million, up from $24.5 million in Q1 2024.
The company successfully transitioned its functional and presentation currency to USD, reflecting its growing exposure to US-denominated transactions.
CoinShares Physical platform led the European crypto ETP space in Q1, bringing in $269 million in net inflows, three times more than the nearest competitor.
The company maintained a strong EBITDA margin of 75% despite a challenging market environment.
CoinShares International Ltd (CNSRF) is actively pursuing a US listing, which could enhance its market presence and investor base.
The company faced a significant quarterly decline in digital asset prices, marking the most substantial drop since Q2 2022.
Gains and other income within capital markets decreased to $11.9 million from $14.1 million in Q1 2024.
The company's principal investments showed a negative movement of $1.5 million, with a Treasury loss of $3 million.
CoinShares International Ltd (CNSRF) experienced net outflows of $288 million from its US platform, primarily from the SOT BTC ETF.
The company's gross margin declined slightly to 89% due to a reallocation of certain marketing costs into direct costs.
Warning! GuruFocus has detected 3 Warning Signs with CNSRF.
Q: How much of CoinShares' physical inflows are from existing markets versus new geographies? A: Our European market is primarily focused on European customers, with a strong concentration of investors in Stockholm and Milan. The distribution of our products is spread throughout Europe.
Q: What can CoinShares do to capitalize on the US crypto market besides listing? A: Listing in the US has been a long-term commitment for us. The US regulatory environment is becoming more open to crypto, and we are hopeful to execute on our mission to list there.
Q: How has CoinShares' staking income held up despite falling Ethereum prices and yields? A: Staking income has declined approximately 20% from $7.3 million in Q4 2024 to $5.6 million in Q1 2025. The decline is largely equivalent to the price movement of Ethereum over the quarter.
Q: What is the typical loan book size and maturity for CoinShares? A: The total amount of outstanding loans at the end of Q1 was approximately $100 million, with 4 or 5 counterparties. Loans are typically short-term and can be recalled on demand to adhere to our risk framework.
Q: How does CoinShares view the competition in the European markets, and has it changed your strategy? A: We focus on our own execution rather than worrying about competitors. We continue to concentrate on our own affairs and execution strategies.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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