Europe’s largest crypto asset manager, CoinShares, doubled its profits in 2020 after emerging crypto markets saw significant growth in their assets under management.
The company, which recently went public through a listing in Sweden’s Nasdaq First North Growth Market, announced its financial results for the year ending December 31, 2020.
Submissions show CoinShares’ adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) doubled from £ 11.2 million in the previous year to £ 22.4 million. The group’s total comprehensive revenue for 2020 was £ 18.7 million, up 109% from £ 8.9 million reported in 2019.
The main driver of increased profits is an increase in assets under management across the range of the company’s stock-traded bitcoin products (ETPs). Group assets under management increased by 336% in 2020 to £ 1.74 billion.
This growth continued until 2021. CoinShares currently has more than $ 4.5 billion in assets under management. Bitcoin Tracker One and its flagship ETP’s Bitcoin Tracker Euro costs $ 1.3 billion and $ 2 billion, respectively.
CoinShares CEO Jean Marie Mognetti said 2020 was the most successful year in company history.