Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Coinshares International / Equity Bottom-Up

<p>CoinShares International (CS) operated under difficult market conditions in Q122, marked by lower digital asset prices versus Q421, muted market volatility and trading volumes, as well as a flat term structure. This has reduced the assets under management (AUM) of its exchange traded products (ETP) and, in turn, management fees versus Q421 (although fees were broadly stable y-o-y). It also meant scarcer opportunities for CS’s delta neutral and fixed income strategies, which were only partially offset by solid decentralised finance (DeFi) income. We note however, that CS will report a £17m exceptional loss in Q222 arising from its exposure to the Anchor protocol due to the collapse of the UST stablecoin.</p>

CoinShares International (CS) operated under difficult market conditions in Q122, marked by lower digital asset prices versus Q421, muted market volatility and trading volumes, as well as a flat term structure. This has reduced the assets under management (AUM) of its exchange traded products (ETP) and, in turn, management fees versus Q421 (although fees were broadly stable y-o-y). It also meant scarcer opportunities for CS’s delta neutral and fixed income strategies, which were only partially offset by solid decentralised finance (DeFi) income. We note however, that CS will report a £17m exceptional loss in Q222 arising from its exposure to the Anchor protocol due to the collapse of the UST stablecoin.

CoinShares - Q1 results affected by subdued crypto sentiment

<p>CoinShares International (CS) continued to broaden its business model by 1) entering the business to customer (B2C) segment with the acquisition of Napoleon Crypto, 2) commencing decentralised finance (DeFi) yield farming operations, as well as 3) launching new exchange traded products (ETPs). CS’s new investments (both in new business verticals and capital markets activities) are fuelled by strong cash generation, primarily from XBT Provider unit redemptions and CSCM gains (with FY21 cash inflows of £28.8m and £62.2m, respectively). While digital asset prices have retraced visibly from the November 2021 highs, we see continued signs of mainstream crypto adoption, representing an important secular tailwind.</p>

CoinShares International (CS) continued to broaden its business model by 1) entering the business to customer (B2C) segment with the acquisition of Napoleon Crypto, 2) commencing decentralised finance (DeFi) yield farming operations, as well as 3) launching new exchange traded products (ETPs). CS’s new investments (both in new business verticals and capital markets activities) are fuelled by strong cash generation, primarily from XBT Provider unit redemptions and CSCM gains (with FY21 cash inflows of £28.8m and £62.2m, respectively). While digital asset prices have retraced visibly from the November 2021 highs, we see continued signs of mainstream crypto adoption, representing an important secular tailwind.

CoinShares - Strong earnings and new activities in Q421

Sweden

Coinshares International Limited provides financial services. The Company focuses on digital asset investments. Coinshares International serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coinshares International (CS SS)

CoinShares - Q1 results affected by subdued crypto sentiment

CoinShares International (CS) operated under difficult market conditions in Q122, marked by lower digital asset prices versus Q421, muted market...

Edison Investment Research

CoinShares - Strong earnings and new activities in Q421

CoinShares International (CS) continued to broaden its business model by 1) entering the business to customer (B2C) segment with the acquisition of...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)