Redeye states that CoinShares’ Q4 2024 report was strong, with beats across all segments. CSCM beat Redeye Research estimates (RRe) by 80%, driven by successful trading activity following the US election, while Asset management came in 9% ahead of RRe. EBITDA was 29% ahead of RRe or 8%, adjusting for BTC treasury holdings. CoinShares showed even greater beats versus consensus. Redeye expects to tweak its estimates and fair value range following the report.
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