CoinShares International


Market CapSEK1,773m

Last Close SEK26

CoinShares International develops innovative infrastructure, financial products and services for the digital asset class.

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Investment summary

CoinShares International (CS) posted Q322 EBITDA of £6.4m vs £26.1m in Q321 as asset prices, trading volumes and volatility in digital asset markets remained subdued amid a persistent ‘crypto winter’. Having said that, the Q322 profit shows that CS can be profitable even in an adverse market environment. CS reported £4.5m in gains and income in its capital market infrastructure operations. Total comprehensive income of £20.0m (Q321: £26.2m) was assisted by FX gains on consolidation from a higher US$/£ rate. More recently however, the digital assets market has been shaken by the collapse of FTX and Alameda Research.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 18.4 22.1 20.7 28.0 7.4 N/A
2021A 80.9 121.7 113.8 164.0 1.3 N/A
2022E 51.1 (6.5) (15.3) 31.7 6.5 N/A
2023E 39.0 20.3 9.6 13.2 15.7 0.2
Industry outlook

Digital assets are a new, distinct asset class, with growing acceptance among retail and now also institutional investors, including corporates. We also note a significant change in the narrative of major investment banks and asset managers, which are now offering their wealthy clients access to crypto investments. We forecast global allocations to digital assets of 2.0% by FY25 and 2.5% by FY30 (<1.0% currently), although the early adoption stage, high volatility and susceptibility to material price de-ratings during bear markets (like the current one) suggest that growth may not be entirely smooth.

Last updated on 30/11/2022
Content on CoinShares International
CoinShares International – Q322 profitable, FTX impact manageable
Financials | research Update | 17 November 2022
New virtual money concept, Gold Bitcoins ( btc ) is Digital crypto-currency use blockchain Technology for
CoinShares International – executive interview
Financials | Edison TV | 1 November 2022
View more
Share price graph
Balance sheet
Forecast net debt (£m) 78.2
Forecast gearing ratio (%) 35
Price performance
Actual (31.6) (30.9) (68.5)
Relative* (35.7) (34.0) (60.7)
52-week high/low SEK86.8/SEK22.6
*% relative to local index
Key management
Daniel Masters Chairman
Jean-Marie Mognetti CEO
Richard Nash CFO

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