Earnings miss driven by one-offs, AUM below ABGSCe
Adjusting for the Flowbank impairment and the FTX claim sale, 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 12% above ABGSCe, driven by a higher than expected fee level from the XBT Provider products. Costs were higher than ABGSCe, which led to an underlying adj. EBIT of GBP 19m, 24% below ABGSCe. AUM came in 7% below ABGSCe, mainly driven by CoinShares Physical and Valkyrie.
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