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CoinShares Q2 2024: Extends strong performance from Q1 - Redeye

Redeye states that CoinShares’ (CS) report was solid and came in better than expected on most metrics, although end-of-quarter AUM was lower than expected. Total revenues were 20% ahead of Redeye estimates (RRe), while EBITDA was 16% ahead of estimates. Profitability remained solid, with an EBITDA margin of 67%. Redeye expects to make negligible revisions while raising the bear case. Based on Redeye's adjusted financials, CS trades at EV/EBIT of 2.6x on Q2 2024 annualized results.

Redeye states that CoinShares’ (CS) report was solid and came in better than expected on most metrics, although end-of-quarter AUM was lower than expected. Total revenues were 20% ahead of Redeye estimates (RRe), while EBITDA was 16% ahead of estimates. Profitability remained solid, with an EBITDA margin of 67%. Redeye expects to make negligible revisions while raising the bear case. Based on Redeye's adjusted financials, CS trades at EV/EBIT of 2.6x on Q2 2024 annualized results.
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