Q2 2024 CoinShares International Ltd Earnings Call Transcript
Key Points
- CoinShares International Ltd (CNSRF) reported strong investor interest in Spot Bitcoin ETPs, with Q2 inflows reaching USD2.75 billion.
- The company successfully completed the sale of its FTX claim, yielding a recovery rate of 116% net of broker fees, resulting in exceptional revenue.
- CoinShares Physical posted one of its strongest quarters on record, with management fees inclusive of staking fees reaching GBP3.7 million.
- The company's asset management platform showed strong top-line performance and solid margins, with total management fees for the quarter at GBP22.4 million.
- CoinShares International Ltd (CNSRF) declared an exceptional dividend following the successful sale of its FTX claim, rewarding shareholders.
- CoinShares International Ltd (CNSRF) faced a significant challenge with the full impairment of its holding in FlowBank, impacting overall group performance.
- The company experienced a net outflow of approximately $131 million in its XBT provider platform during the quarter.
- Despite positive inflows, the CoinShares Physical product suite saw a decrease in AUM by around 12% due to price declines.
- The UK and Italian markets remain closed to retail investors for certain ETP products, limiting potential market adoption.
- Administrative expenses increased due to larger bonus accruals and costs following the acquisition of Valkyrie, impacting overall cost structure.
Thank you for standing by, and welcome to the CoinShares Q2 earnings broadcast. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your host, Jeri Lea Brown. Thank you.
Thank you, operator. I would like to welcome you all to the CoinShares 2024 Q2 earnings call and webcast. Speaking from management today will be Jean-Marie Mognetti, Chief Executive Officer; and Richard Nash, Chief Financial Officer. All those joining today are encouraged to log into the live event where you'll be able to view the accompanying presentation during today's call. Alternatively, the results and a copy of the presentation are available to download from the Investor Relations section of the CoinShares website.
A replay of the webcast will be available for 30 days following the live call and a transcript will be posted on the company's website as soon as it is available. Following the presentation, we will host a
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