Earnings beat driven by Capital Markets, AUM below ABGSCe
CoinShares reported Q4'24 numbers far above our expectations, mainly driven by the Capital Markets segment. Adj. EBIT was 50% above ABGSCe. Asset Management revenues missed our expectations by 4% while missing on AUM by 4%, indicating that the entire Asset Management miss was driven by AUM. The earnings beat in Capital Markets was quite broadbased, as liquidity provisioning, delta neutral trading and other/FX all beat our expectations. Staking income was just below our expectations. Costs were 7% lower than ABGSCe, but adjusting for non-anticipated one-offs (GBP 1.5m loan loss provision and one-off costs relating to Valkyrie of GBP 1.3m) costs were 21% below ABGSCe. Finally, CoinShares decided to propose a dividend to be paid in 2025 of GBP 20m.
