CoinShares, a European asset management firm, has announced a record-breaking first quarter in 2024, thanks to the successful launch of Bitcoin ETFs. The company's revenue soared to 19.5 million pounds ($24.5 million), a staggering 216% increase from the same period in 2023.

Additionally, CoinShares reported a remarkable 78% EBITDA margin, with earnings before interest, taxes, depreciation, and amortization (EBITDA) quadrupling to 34.2 million pounds ($43 million).The company's asset management division was a significant contributor to this success, accounting for approximately 45% of the overall gains and other revenue.

The capital markets and major investment portfolio also played a crucial role, with management fees reaching a remarkable 19.5 million pounds ($24.5 million), the second-highest ever recorded.CoinShares' acquisition of Valkyrie Funds, following the US SEC's approval of Bitcoin ETFs, has also been a key factor in the company's growth.

The transaction, finalized on March 12, included the purchase of related products and sponsor rights, resulting in a goodwill value of around 1.6 million pounds ($2 million) for CoinShares. Overall, CoinShares' impressive Q1 2024 performance is a testament to the growing demand for cryptocurrency investment products and the company's strategic expansion into this space.