CSNasdaq StockholmFinancialsIFRS · SEK

CoinShares International

CoinShares International is a leading digital asset investment firm, providing innovative financial products and services in the cryptocurrency space. The company operates primarily through its Asset Management and Capital Markets segments, offering a range of exchange-traded products (ETPs) and hedge fund solutions. CoinShares has established a strong presence in both Europe and the United States, leveraging its platforms to capitalize on the growing interest in digital assets. With a focus on strategic growth initiatives, CoinShares aims to expand its offerings and enhance its market positioning in the rapidly evolving digital asset industry.

Revenue110m SEK
+154.4 %y/y
Operating profit (EBIT)143m SEK
+131.4 %y/y
EBIT margin130.7%
+1,190.7 ppy/y
Net income131m SEK
+128.9 %y/y
Free cash flow-89.1m SEK
+16.7 %y/y

Fiscal year 2024 · change from previous year

Development 2022–2024

-500-2500250500750m SEK2022: 51 m SEK2022: EBIT 550 m SEK20222023: 43 m SEK2023: EBIT -457 m SEK20232024: 110 m SEK2024: EBIT 143 m SEK2024110143
RevenueOperating profit (EBIT)

Business

Share of revenue
Asset Management50 %

Includes ETPs and management fees from digital assets.

Capital Markets40 %

Involves trading, liquidity provisioning, and treasury management.

Principal Investments10 %

Investments in digital assets and related technologies.

Customers

CoinShares serves a diverse range of clients, including institutional investors, hedge funds, and retail investors seeking exposure to digital assets. The company's products are designed to meet the needs of those looking for secure and regulated access to cryptocurrency markets. Institutional clients benefit from CoinShares' expertise in asset management and capital markets, while retail investors are attracted to the transparency and ease of access provided by the company's ETP offerings. The firm's strategic focus on innovation and market leadership positions it as a preferred partner for clients navigating the digital asset landscape.

Institutional Investors

Purchase ETPs and use capital markets services for regulated exposure to digital assets.

Hedge Funds

Utilize trading and liquidity provisioning services to enhance returns.

Retail Investors

Invest in ETPs for easy access to cryptocurrency markets.

Strategy

CoinShares is focused on leveraging its established platforms in Europe and the United States to drive growth through new product offerings and strategic initiatives. The company aims to capitalize on the paradigm shift towards digital assets by expanding its ETP suite and enhancing its capital markets capabilities. CoinShares is committed to maintaining its market leadership by investing in innovation and aligning its teams to seize emerging opportunities. The firm's strategic priorities are designed to strengthen its competitive position and deliver value to shareholders in the rapidly evolving digital asset landscape.

Expand ETP offeringsMedium term

To capture growing interest in digital assets.

Enhance capital markets capabilitiesShort term

To improve client service and returns.

Invest in innovationLong term

To maintain market leadership.

Geography

CoinShares has established a robust presence in both Europe and the United States, leveraging these markets to drive growth and innovation. The company's headquarters are located in Jersey, Channel Islands, providing a strategic base for its operations. CoinShares' products are available across multiple jurisdictions, offering clients global access to digital asset investment opportunities. The firm's geographic diversification helps mitigate regional risks and positions it to capitalize on favorable regulatory developments in key markets.

Risks

CoinShares faces several risks, including market volatility, regulatory changes, and technological disruptions in the digital asset space. The company's reliance on favorable market conditions for trading activities exposes it to fluctuations in asset prices. Regulatory developments, particularly in key markets like the United States and Europe, can impact the firm's operations and product offerings. Additionally, the rapid pace of technological change in the cryptocurrency industry presents both opportunities and challenges for CoinShares. The firm must navigate these risks to sustain its growth and maintain its competitive edge.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory changes1Market volatility2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory changesImpact: CriticalLikelihood: Medium

    Can impact operations and product offerings.

  2. Market volatilityImpact: HighLikelihood: Medium

    Affects asset prices and trading returns.

  3. Technological disruptionsImpact: Medium

    Present challenges and opportunities in the digital asset space.

Accounting

Judgemental items
Digital assets accounting policy

Reflects fair value movements in profit and loss.

Impact: Improves clarity of financial performance

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

CoinShares International (XSTO) – Financials | Financial Analysis – Clarifo