Record beat driven by Capital Markets and PI
CoinShares beat ABGSCe adj. revenue by 43%. However, this revenue beat included Principal Investment gains of GBP 7m vs ABGSCe of -3m and an FX hedge gain in Capital Markets of GBP 5.8m vs ABGSCe of 0.5m. Adjusting for these two items, the adj. revenue came in slightly below our expectations. The adj. EBIT came in 66% above ABGSCe, which resulted in an adj. EBIT margin of 76.5%, highlighting the scalability of CoinShares' business model. The AUM came in below ABGSCe due to us having included seed capital in the forecasted AUM. On the other hand, the average fee level was higher than our expectations due to yields from staking. Another positive highlight in the report was the progress on the FTX claim, which seems to be going according to plan. This claim is marked to zero in the balance sheet and if CoinShares were to recuperate the full amount and distribute the proceeds it would entail a DPS of SEK ~6.3, equalling a 10% yield.
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