CoinShares International (OMX: CS)

Currency in SEK

Last close As at 25/09/2023


−1.45 (−3.41%)

Market capitalisation


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

Despite the regulatory crackdown on key crypto players (combined with still pending US congress legislation for the sector) in the US, there are further signs of interest from traditional finance players in the digital assets space, as illustrated by recent US filings for a Bitcoin spot ETF from BlackRock and Invesco, as well as PayPal’s launch of its own Ethereum-based stablecoin. Near-term adoption may be dampened by low market liquidity and gaps in infrastructure left by the collapse of some service providers. Still, digital assets have grown ‘too big to ignore’, even if the current adoption rate varies by investor group.

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Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Daniel Masters


  • Jean-Marie Mognetti


  • Richard Nash


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (19.4) 5.3 8.0
Relative (19.5) 8.9 (5.2)
52 week high/low SEK55.9/SEK19.0


CoinShares International (CS) is a fintech created to support the emergence of digital assets as a new investible asset class. However, it is more than a simple beta play on the bitcoin price as its proprietary technology facilitates regulated issuance platforms (with CS’s ETP assets under management at £1.66bn at end-June 2023) and gains derived from capital markets activities, including liquidity provisioning, non-directional trading, decentralised finance income and fixed income activities. We consider CS an attractively priced option on the prospective adoption of digital assets.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 80.8 121.1 112.7 162.0 1.8 N/A
2022A 51.5 (6.5) (15.8) 4.0 74.6 0.4
2023E 40.9 41.8 32.3 31.4 9.5 0.4
2024E 53.2 52.3 41.6 60.3 4.9 0.3

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CoinShares International – executive interview