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CoinShares recently released its first-quarter earnings for 2021 that revealed a massive 334 percent year-over-year increase in its total comprehensive income. The impressive growth is attributed to the crypto bull market which fueled a rise in both management fees and trading gains.
In a press release, CoinShares revealed that total comprehensive income for the first quarter of 2021 rose to £32.1 million ($45.5 million) from £7.4 million ($10.5 million) during the same period a year ago. This represents an increase of £24.7 million ($35 million) in income, which is 334 percent higher than last year’s figure.
One of the contributors to the firm’s spectacular performance is its surge in total management fees which rose to £17.1 million ($24.2 million) in the first quarter of 2021 from £3.2 million ($4.5 million) during the same period in 2020. The increase of £13.9 million represents a 434 percent rise from last year and is primarily driven by the significant increase in the prices of cryptocurrencies.
CoinShares Capital Markets also generated trading gains of £22.7 million ($32.1 million) for the first three months this year from £5.6 million ($7.9 million) during the same period last year or a massive increase of £17.1 million ($24.2 million). The 305 percent year-on-year increase in trading gains “was primarily driven by gains relating to non-directional proprietary trading, fixed income activities, and liquidity provisioning for the Company's own products and for other products and platforms,” the investment firm explained.
The firm's assets under management (AUM) also significantly grew to £3.4 billion as of March 31, 2021, up 794 percent from £380 million ($538 million) as of 31 March 2020. “A significant portion of this increase was experienced in the period post the financial year ended 31 December 2020, with AUM rising 93% (£1.6 billion) in the first quarter of 2021,” the company said.
“The momentum built throughout 2020 has carried into this year, and in Q1 we delivered the strongest quarterly results in our seven-year history,” CoinShares CEO Jean-Marie Mognetti said. “We reported significant increases in trading revenues, AUM, and management fees, and our bottom-line performance in Q1 exceeded the entirety of 2020.”
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