Q2 adj. underlying EBIT of GBP 19m, below ABGSCe at GBP 25m
To understand the underlying development of CoinShares it is worth adjusting for the Flowbank impairment and FTX claim sale, which one might consider to be of a one-off nature. CoinShares underlying adj. Revenues of GBP 31m, missed ABGSCe by 14%. The revenue miss was mainly driven by the Capital Markets segment and in particular FX/other effects. The Principal Investments segment also came in slightly below ABGSCe, reversing some gains seen in Q1'24. The revenue from the asset management segment was higher than expected at 12% above ABGSCe. This was driven by a higher than expected fee level from the XBT Provider products. Costs were higher than ABGSCe expectations which lead to an underlying adj. EBIT of GBP 19m, 24% below ABGSCe. We believe the cost miss was driven by investments into the Valkyrie brand. The AUM came in 7% below ABGSCe, mainly driven by CoinShares Physical. Since the fee level is higher in XBT provider than CoinShares Physical the mix was favourable and facilitated the Asset management beat.
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