CoinShares reported a net profit of $24 million in the first quarter of 2025, a 42.2% decline compared to the same period last year, impacted by challenging macroeconomic conditions. In Q1 2024, the firm had a net profit of $41.5 million and an EBITDA of $35.5 million, which also fell by 15.5% year-over-year. The firm's exchange-traded products (ETPs) contributed positively, with net inflows of $268 million for the quarter, mainly driven by $202 million in its Physical Bitcoin ETP. Revenue from assets under management increased from $24.5 million to $29.6 million, marking a 20.8% rise. The CEO attributed the underperformance in the market to macroeconomic headwinds that surpassed typical market fluctuations, leading to a 10.7% drop in assets under management, closing Q1 at $1.52 billion. Similar trends were seen across the crypto industry during this turbulent quarter, with other firms like Coinbase and Kraken also reporting significant revenue declines.

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