Source: Cointelegraph
Original: “CoinShares Q1 Net Profit Drops to $24 Million”
CoinShares, a digital asset investment firm with offices in the U.S. and Europe, reported that its net profit for the first quarter of 2025 fell to $24 million, a decrease of 42.2% compared to the same period last year.
Although CoinShares maintained positive profit and EBITDA in the first quarter of 2025, profit margins declined compared to the same period in 2024. Last year, CoinShares achieved a net profit of $41.5 million and EBITDA of $35.5 million in the first three months. Year-on-year, CoinShares' net profit decreased by 42.2%, and EBITDA fell by 15.5%.
The company's ETPs (exchange-traded products) contributed to its performance this quarter. In the first quarter of 2025, CoinShares' ETPs saw a net inflow of $268 million, with $202 million coming from its Physical Bitcoin (BITC) ETP. Revenue related to asset management increased from $24.5 million to $29.6 million, a growth of 20.8%.
According to Google Finance, CoinShares' stock price has dropped by 9.4% to date.
In a letter to shareholders, CEO Jean-Marie Mognetti stated that the macroeconomic headwinds this quarter outweighed market volatility. "What we are witnessing is not just market volatility, but a comprehensive transformation of the global economic order."
According to Jean-Marie, Ethereum (ETH) performed poorly this quarter, leading to an outflow of $23 million from its CoinShares Physical Staked Ethereum ETP (ETHE). He also noted, "Due to broader market adjustments—including a 12.1% drop in Bitcoin (BTC) prices—assets under management (AuM) decreased by 10.7%, ending the first quarter at $1.52 billion."
The first earnings reports from crypto companies for the first quarter of 2025 show an overall negative performance, with declines in revenue across various sectors.
For instance, Coinbase's revenue fell by 10% quarter-on-quarter, with trading revenue plummeting 19% to $1.3 billion in the first quarter of 2025. Another U.S. cryptocurrency exchange, Kraken, saw its revenue decline by 7% compared to the fourth quarter of 2024. Michael Saylor's Bitcoin treasury company Strategy and Bitcoin miner Core Scientific also failed to meet Wall Street expectations.
This quarter experienced high volatility in financial markets, with Bitcoin prices dropping to a low of $78,000 after U.S. President Trump imposed global tariffs on trade partners. Ethereum (ETH) also experienced a significant decline.
Related: Dubai Government Partners with Crypto.com to Launch Crypto Payment Channel for Government Services
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