Coinshares net profit drops to $24 million in Q1

Coinshares, a digital asset investment company with offices in the U.S. and Europe, said its net profit fell to $24 million in the first quarter of 2025, down 42.2% from the same period last year.

Although Coinshares’ profits and EBITDA remained positive in Q1 2025, profit margins fell by the same period in 2024. Last year, Coinshares had a net profit of $41.5 million, while EBITDA had a net profit of $35.5 million in the first three months. Year-on-year, Coinshares’ net profit fell 42.2%, and its EBITDA fell 15.5%.

The company’s ETP contributed to performance in the quarter. In the first quarter of 2025, Coinshares had net net inflows of $268 million and its physical Bitcoin (BITC) ETP of $202 million. Revenue related to asset management increased from $24.5 million to $29.6 million, an increase of 20.8%.

All year round, Coinshares’ stock fell 9.4%, according to for Google Finance.

The company’s CEO Jean-Marie Mognetti said in a letter to shareholders that quarterly macroeconomic headwinds outperformed market changes. “What we witness is not just market fluctuations, but a wholesale shift in the global economic order.”

According to Mognetti, Ether’s poor performance in the quarter resulted in an outflow of $23 million in its Coinshares physically fixed Ethereum ETP (ETHE). “Assets under management (AUM) fell 10.7% to close in the first quarter of $1.52 billion due to market corrections, including a 12.1% decline in Bitcoin price.”

Related: Cryptocurrency trading declines beat first-quarter estimates despite revenue

Crypto companies show different results during market turmoil

Crypto’s Q1 2025 revenues indicated that negative quarters were negative and its revenue fell across the entire sector.

For example, Coinbase revenue fell 10% in the first quarter of 2025 as transaction revenue fell 19% to $1.3 billion. Kraken, another U.S.-based cryptocurrency exchange, has seen revenue drop 7% from 2024 in the fourth quarter. Michael Saylor’s Bitcoin Treasury corporate strategy, also missed Wall Street estimates, and the core science of Bitcoin miners.

The quarter was marked by high volatility across the financial market after U.S. President Donald Trump released global tariffs on trading partners, dragging BTC prices to a low of $78,000 during the period. Ether (ETH) has also experienced a major callback.

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