CoinShares International - A likely beneficial survivor of the crypto winter

CoinShares International (CS) reported a moderate £6.5m EBITDA loss in FY22 (vs a £121.1m profit in FY21), affected by the ‘crypto winter’ (which follows the exuberance of 2021), marked by declining asset prices and high-profile bankruptcies. The turmoil last year (most notably the collapse of the FTX exchange) led CS to wind down its nascent B2C business and take a more cautious approach in its capital markets infrastructure (CSCM) division. Nevertheless, its balance sheet remains sound with total equity of £204.0m at end-2022 (vs £200.9m at end-2021).