CoinShares reported $55.2 million in total revenue, gains, and other income for the first quarter, marking a significant 216% increase compared to the previous year. The company also disclosed comprehensive income of $42.9 million, an elevenfold rise year-over-year. It achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of $43.0 million and adjusted earnings per share (EPS) of $0.63.

The firm held a crypto portfolio totaling $4.0 billion, including $2.3 billion in Bitcoin (BTC), $1.6 billion in Ethereum (ETH), and $35 million in other cryptocurrencies. CoinShares described this first quarter as its "strongest quarter ever," surpassing performance since 2021 in nearly all aspects.

CEO Jean-Marie Mognetti highlighted favorable market conditions, such as the launch of spot Bitcoin ETFs in the US, which he viewed as validating CoinShares' investment thesis. However, he acknowledged challenges competing with major US spot Bitcoin ETF issuers like BlackRock and Fidelity. Mognetti emphasized the company's goal to break even on its spot Bitcoin ETF while generating profits from other products.

CoinShares also discussed its acquisition of Valkyrie Investment's US-based ETF business, which attracted $452.5 million in net inflows for its spot Bitcoin ETF (BRRR) and $44.6 million for its Bitcoin Futures Leveraged Strategy ETF (BTFX).

In Europe, CoinShares Digital Securities observed $51 million in outflows from its CoinShares Physical Bitcoin (BITC) ETP, attributed to hedge funds exiting a popular long European ETP short CME trade. The firm responded by reducing BITC fees due to increased competition from US ETFs. On a positive note, it noted $35 million in inflows into other crypto products, with significant contributions from Ethereum, Solana, and Polkadot.

XBT Provider, CoinShares' Nordic-focused crypto ETP, ended the quarter with $3.6 billion in assets, experiencing reduced losses of $240 million compared to $400 million in the first quarter of 2021 amidst the ongoing crypto bull market. CoinShares's BLOCK Index, which tracks listed blockchain companies, returned 12.4% and managed assets worth $877.3 million.