CoinShares International (OMX: CS)

Currency in SEK

Last close As at 26/01/2023


−0.20 (−0.66%)

Market capitalisation


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

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.



Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Daniel Masters


  • Jean-Marie Mognetti


  • Richard Nash


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 54.0 (14.8) (59.9)
Relative 42.8 (24.5) (56.7)
52 week high/low SEK84.0/SEK19.0


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) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 18.4 22.1 20.7 28.0 8.4 N/A
2021A 80.9 121.7 113.8 164.0 1.4 N/A
2022E 51.1 (6.5) (15.3) 31.7 7.5 N/A
2023E 39.0 20.3 9.6 13.2 17.9 0.3


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