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.

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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.

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