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CoinShares Q3 2024: Positive surprise in asset management - Redeye

Redeye states that the CoinShares Q3 2024 report was solid, with asset management fees above RRe, while CSCM underperformed expectations. Redeye views asset management fees as higher valued earnings, and thus more than offset lower CSCM's performance. Still, EBITDA was 12% below forecast. Management expects CSCM to improve in Q4 2024 based on price action in liquidity provisioning quarter-to-date while Staking and Fixed income continue stabilising the segment. Redeye expects to increase Q4 2024 estimates for asset management but reduce the fair value range following the payout of the special dividend on 3 October.

Redeye states that the CoinShares Q3 2024 report was solid, with asset management fees above RRe, while CSCM underperformed expectations. Redeye views asset management fees as higher valued earnings, and thus more than offset lower CSCM's performance. Still, EBITDA was 12% below forecast. Management expects CSCM to improve in Q4 2024 based on price action in liquidity provisioning quarter-to-date while Staking and Fixed income continue stabilising the segment. Redeye expects to increase Q4 2024 estimates for asset management but reduce the fair value range following the payout of the special dividend on 3 October.
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