CoinShares International Limited, renowned for its expertise in digital asset management, recently set a soaring benchmark with its first-quarter financial performance in 2024, surpassing all previous records. Revealing its Q1 financial results for the current year, CoinShares reported remarkable growth and success during this period, establishing a new standard in the company's financial trajectory.

CEO Jean-Marie Mognetti unveiled the staggering financial accomplishments of CoinShares in the first quarter of 2024, notably proclaiming it as the strongest quarter ever. Reflecting on the exceptional strides made, the company's revenue, gains, and overall income surged to £43.9 million, indicating a remarkable 216% increase compared to the same period last year. Mognetti expressed, "Q1 2024 is our strongest quarter ever, with combined revenues, gains, and income of £43.9 million (+216% YoY) for an adjusted EBITDA of £34.2 million (78% margin)."

Beyond the financial triumph, Mognetti emphasized that CoinShares' success also mirrors its global expansion efforts, highlighted by the recent acquisition of Valkyrie's ETF business in March 2024. This strategic move aligns with CoinShares' vision to fortify its international presence and leverage opportunities for growth, affirming its position as a frontrunner in the asset management sector on a global scale.

Integral to CoinShares' unprecedented financial success in Q1 2024 was the notable contribution from its CoinShares Physical division. The segment showcased its stellar performance, specifically in management fees, registering a record-breaking £3.3 million during the quarter, a substantial surge compared to £0.6 million in the corresponding period of 2023. The introduction of staking services for CS Physical Ethereum further propelled CoinShares' performance, bolstering a remarkable 64% increase in Asset Under Management (AUM) from £567.2 million to £932.1 million.

In addition to the commendable performance of CoinShares Physical, XBT Provider made a significant impact on the overall financial standing of the company. Despite facing a net outflow of approximately US$238.3 million (£188.6 million) during the quarter, compared to US$27.4 million (£21.7 million) in Q1 2023, XBT Provider generated substantial fee income, tallying £15.7 million in fees for the first quarter, a substantial surge from £8.3 million in the same period of the previous year. Consequently, the AUM experienced a noteworthy 54% rise, escalating from US$2.38 billion (£1.87 billion) to a closing AUM of US$3.65 billion (£2.89 billion). The Capital Market & Hedge Fund Solutions division also witnessed robust performance, driven by vibrant market activities and notable gains from staking and trading initiatives.

Commencing a new dividend policy for the fiscal year 2023, CoinShares' board of directors affirmed a commitment to an annual dividend amounting to 20% to 40% of the group's total comprehensive income. The inaugural disbursement was executed on May 3rd, with three additional payments slated throughout the year, underscoring the company's dedication to rewarding shareholders and ensuring sustainable financial growth and robust return on investments.