During Q1, CoinShares took “important steps” to uplisting to Nasdaq Stockholm Main Market.
Digital asset manager CoinShares (CS) recorded preliminary adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of £18.7 million ($23.4 million) in Q1, a decrease of 45% compared to the equivalent figure a year ago.
Comprehensive income, a profit measure that includes the change in the value of its digital assets, also declined from £34.2 million in Q1 2021 to £18.7 million this year, the Channel Islands-based firm announced on Tuesday.
Assets under management (AUM) of CoinShares’ exchange-traded products (ETPs) stood at £3.07 billion as of March 31 2022, compared to £3.4 billion a year earlier.
The relative slump can be attributed to the conditions of the broader crypto market. In Q1 2021, the market was in the midst of a bull run which saw bitcoin surge to a then all time high of just under $60,000. This year however the market has been treading water by comparison.
During Q1, CoinShares took “important steps” to up list on Nasdaq Stockholm Main Market, the firm said. CoinShares has traded on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growth companies in Europe, since March last year.