温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ar/57017.html
点击访问原文链接

Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion Ambition | Bee Network

进入原网站 导航首页
Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion Ambition | Bee Network Login الأخبار الشائعة منصة إطلاق ميمي وكلاء الذكاء الاصطناعي ديسي مستكشف السلسلة الأعلى لنوبي 100x عملات معدنية لعبة النحل المواقع الأساسية يجب أن يكون لديك التطبيق مشاهير التشفير ديبين الناشئين الأساسية كاشف الفخ الأدوات الأساسية المواقع المتقدمة التبادلات أدوات NFT أهلاً، خروج عالم الويب 3 ألعاب تطبيق خلية نحل منصة النمو إعلان يبحث إنجليزي إعادة شحن العملات تسجيل الدخول تحميل ويب 3 يوني ألعاب تطبيق خلية نحل إعلان بيت•تحليل•Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion Ambition Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion Ambitionتحليلمنذ 6 أشهرجديدوايت 22٬452 6 Following Coinbase, Galaxy Digital, Circle, Bullish and Gemini, the U.S. stock market is about to welcome another company from the Web 3 industry.

On September 8th, European تشفير asset management company CoinShares will merge with Vine Hill Capital Investment Corp., a Nasdaq-listed special purpose acquisition company, and Odysseus Holdings Limited, a newly established Jersey company. Following the merger, CoinShares will be listed on Nasdaq (or another US exchange) and delisted from Nasdaq Stockholm. Following the successive IPOs of several US-based Web 3 companies, this marks the first European Web 3 enterprise to enter the US capital market.

CoinShares’ predecessor was Global Advisors, a commodities investment firm founded in 1998 by Russell Newton and Danny Masters. Russell Newton spent eight years trading crude oil for companies including Shell starting in 1986 before joining JPMorgan Chase as a commodities strategist in July 1994. Co-founder Danny Masters, current Chairman of CoinShares, served as Global Head of Energy Trading at JPMorgan Chase before co-founding Global Advisors with Russell Newton.

Economist JM Mognetti, current CEO of CoinShares, joined Global Advisors in 2012. Just a year later, global macro investors began to pull out of commodities in favor of equities and fixed income. The three urgently needed new investment opportunities, and Bitcoin, then priced at just a few hundred dollars, caught their eye.

With almost no hesitation, Global Advisors completely turned to the digital asset field in 2014, and later changed its name to CoinShares in 2016. It has gradually developed into today’s crypto asset management company integrating asset management, capital market business and independent investment.

In 2014, Global Advisors launched the first regulated Bitcoin investment fund in Europe. After rebranding, CoinShares acquired XBT Provider, which launched the first Bitcoin-based security on a regulated exchange, and its Bitcoin Tracker One ETP was listed in Sweden in 2015.

In early 2021, CoinShares began launching ETPs (exchange-traded products) with physical assets as the underlying assets. Currently, these products cover not only Bitcoin and Ethereum, but also tokens such as Litecoin (LTC), XRP, Link, and UNI. In March of the same year, CoinShares went public in Sweden, becoming the world’s second publicly listed Web 3 company after Galaxy Digital (which was then listed on the Toronto Stock تبادل in Canada). According to data provided by CoinShares, as of February 19, 2021, CoinShares’ assets under management amounted to US$4.56 billion, including 70,185 Bitcoins and 655,211 Ethereums, making it the largest crypto asset management company in Europe at the time and the second largest globally (after Grayscale).

In comparison, as of February 24, 2021, Grayscale’s total assets under management were US$39.3 billion, Bitwise’s assets under management just exceeded US$1 billion, and Galaxy Digital’s assets under management were US$834.7 million as of January 31, 2021.

In early 2024, after the SEC approved several Bitcoin spot ETFs filed by institutions, CoinShares acquired Valkyrie, one of the issuers of a Bitcoin spot ETF. As of this writing, Valkyrie’s Bitcoin spot ETF assets under management exceeded $650 million.

In addition to asset management, investment is also a key business for CoinShares. At its 2021 IPO, CoinShares disclosed its late-2020 investments in Canadian crypto asset management company 3IQ Corp and the parent company of Kingdom Trust, a US qualified trust institution. In 2021 and 2022, CoinShares invested in Swiss online bank FlowBank twice, reaching a maximum stake of nearly 30%. However, FlowBank went bankrupt and liquidated in 2022 due to insolvency.

After talking about the development history of CoinShares, let’s talk about its financial situation.

Comparing CoinShares’ first and second quarter financial reports this year, Q1 revenue was $39.958 million, a year-on-year decrease of approximately 15.88%. EBITDA (earnings before interest, taxes, depreciation, and amortization) was $29.781 million, a year-on-year decrease of approximately 15.7%. However, the profit margin reached 75%, a slight year-on-year increase. Taking into account fluctuations in the price of the company’s own crypto assets, taxes, and other factors, CoinShares’ comprehensive income for the first quarter was approximately $24.79 million, a year-on-year decrease of 42.1%.

CoinShares’ asset management business, which accounts for the largest portion of its revenue, generated $29.566 million in revenue in the first quarter, representing approximately 74% of total revenue and a year-on-year increase of approximately 20.8%. Profit after deducting direct costs and administrative expenses was approximately $22.714 million, a slight year-on-year increase of approximately 5%.

CoinShares’ capital markets infrastructure business generated approximately $11.911 million in revenue in the first quarter, a year-on-year decrease of approximately 15.4%. CoinShares’ so-called capital markets infrastructure business includes income from providing liquidity, delta-neutral trading strategies, digital asset lending, and staking. After deducting direct costs and administrative expenses, profit was approximately $9.335 million, a year-on-year decrease of approximately 18.7%.

In its proprietary investment business, CoinShares lost approximately $1.519 million in the first quarter, compared with a profit of approximately $8.942 million in the same period last year, a year-on-year plunge of approximately 117%.

Due to the overall decline in cryptocurrency prices in the first quarter, all other business segments experienced declines, with the exception of asset management, which is not significantly affected by price fluctuations. A closer look at the financial report reveals that within the capital markets infrastructure business, revenue from providing liquidity, lending, and staking was significantly impacted by falling prices and sluggish trading. However, Delta-neutral trading offset some of these losses, while the investment business was primarily impacted by the overall market price decline. Overall, CoinShares has not seen a decline in its core business and is actively adjusting its investment strategy.

In the second quarter, cryptocurrency prices rose overall, but CoinShares’ business did not see significant growth.

CoinShares recorded revenue of $41.519 million in the second quarter, up approximately 3.8% quarter-over-quarter and a significant 258.3% year-over-year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were $26.299 million, down 11.7% quarter-over-quarter and approximately 22.7% year-over-year, with a profit margin falling to 63%. CoinShares’ comprehensive income for the second quarter was approximately $25.578 million, up slightly by approximately 3.2% quarter-over-quarter and 1.1% year-over-year.

For the entire first half of the year, the data is somewhat distorted due to the inclusion of losses from FlowBank’s bankruptcy and revenue from the sale of FTX bonds in 2024 (the significant year-on-year increase in revenue is also abnormal). Excluding this part of the data, CoinShares’ performance in the first half of this year has not changed much compared with the same period last year.

In its asset management business, CoinShares’ second-quarter revenue exceeded $30 million, a slight increase of 1.6% quarter-over-quarter and a 6.1% year-over-year increase. Operating profit was $21.748 million, a decrease of approximately 4.3% quarter-over-quarter and 10.3% year-over-year. For the first half of the year, CoinShares’ asset management business generated approximately $59.613 million in revenue, a year-over-year increase of 12.4%, while operating profit was $44.462 million, a year-over-year decrease of 3.5%.

CoinShares said that its XBT products saw a net outflow of $126 million in the second quarter. In addition, the company allocated more expenses and fees to its asset management department, resulting in an increase in asset management income but a continuous decline in profits.

In its capital markets infrastructure business, CoinShares generated approximately $11.346 million in revenue in the second quarter, a 2% decrease from the previous quarter and a 22.3% decrease from the previous year. Excluding the additional revenue from the sale of FTX bonds, both the profit amount and profit margin declined.

CoinShares’s proprietary investments generated only a profit of approximately $125,000 in the second quarter. While this represents a slight increase compared to the approximately $1.519 million loss in the first quarter, investment losses and gains are somewhat random and therefore not very reliable. It is worth noting that CoinShares has been in the red throughout 2024 and 2025 to date, despite achieving a profit of nearly $3.7 million in 2023.

Although CoinShares stated in its roadshow materials that its total assets under management (AUM) have exceeded $8 billion, making it the fourth-largest crypto asset manager globally after BlackRock, Grayscale, and Fidelity, and the largest in EMEA (Europe, Middle East, and Africa), with approximately 34% market share, the aforementioned data suggests that CoinShares’ growth has been slow. Aside from steady, modest growth in its asset management business, the performance of its other businesses has been highly volatile. CoinShares’ acquisition of Valkyrie and its US IPO are essentially aimed at expanding its US presence, but its home base does not appear to offer any unique moat.

According to ISS سوق Intelligence data, as of the end of May this year, the assets managed by US fund companies in Europe had increased from US$2.2 trillion a decade ago to US$4.9 trillion. If US asset management giants intend to expand their crypto asset management business to Europe, CoinShares will have to face strong competition.

Assuming the SEC approves more cryptocurrency ETFs in the future, CoinShares’ current advantage could be gradually eroded. Based on yesterday’s closing price of European stocks, CoinShares’ market capitalization is approximately 8.228 billion Swedish kronor, or approximately $877 million, with a price-to-earnings ratio of approximately 7.97. However, its valuation after a backdoor listing reached $1.2 billion, representing a premium of nearly 37%.

Compared to BlackRock, the world’s largest asset management company, which managed $12.5 trillion in assets as of the end of the second quarter, CoinShares significantly surpasses BlackRock in terms of asset management to market capitalization ratio, yet its price-to-earnings ratio is significantly lower than BlackRock’s, which is nearly 27. This creates a rather contradictory valuation for CoinShares. While crypto asset management will remain a hot commodity for a considerable period of time, whether CoinShares’ market capitalization can achieve significant growth, from a rational perspective, likely depends on whether its asset management business can achieve unexpected growth, whether it can establish a competitive advantage in non-US markets, and whether it can capture a share of the domestic market.

هذا المقال مصدره من الانترنت: Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion AmbitionRecommended Articles

Related: Bitget Wallet Research Institute: Trump’s “Pension Pandora’s Box”: How will the $8.7 trillion 401(k) leverage the crypto Introduction: On August 7, 2025, Eastern Time, an executive order from the White House could become another historic event, following the Bitcoin spot ETF, to ignite the crypto market. US President Trump signed an executive order directing the Department of Labor to revise its rules to formally include alternative assets such as cryptocurrencies, real estate, and private equity as investment options in 401(k) retirement plans. This not only concerns the $8.7 trillion in American life savings, but also potentially paves an unprecedented regulatory highway for the second wave of institutional capital inflow. With the retirement accounts of tens of millions of Americans directly linked to crypto assets, a profound transformation is brewing. Next, let’s join Bitget Wallet Research Institute to explore this transformation. 1. The $8.7 Trillion “Golden Key”: Why…

تحليل ## بيتكوينعملة # المشفرة# ايثريومتبادل ## السوقرمز ## ويب 3© 版权声明المصفوفة 上一篇 Re-examining different DAT strategies in the context of tightened Nasdaq regulation 下一篇 Aqua Scam Warning: "Rug Pull" Is Getting More Advanced 相关文章 CoinEx 2025 Annual Report: The Four-Year Cycle is Over – Where is the Institutionally-Driven Crypto Era Heading? 6086cf14eb90bc67ca4fc62b 18٬091 2 Perhaps the market has not yet entered a bear market phase. 6086cf14eb90bc67ca4fc62b 17٬945 OKX Boost’s First X Launch Project: Cost-Benefit Analysis and Subsequent Participation Strategies 6086cf14eb90bc67ca4fc62b 23٬785 تقلبات عملة البيتكوين: اجتماع اللجنة الفيدرالية للسوق المفتوحة 6086cf14eb90bc67ca4fc62b 41٬874 2 Stablecoins are breaking out of the circle: In-depth analysis of the stablecoin regulatory policy race in 12 countries 6086cf14eb90bc67ca4fc62b 24٬573 In-depth analysis of Perp DEX: Hyperliquid, Aster, Lighter, edgeX (3) 6086cf14eb90bc67ca4fc62b 23٬733 بدون تعليقات يجب عليك تسجيل الدخول لتترك تعليق! تسجيل الدخول على الفور بدون تعليقات... أحدث المقالات Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing منذ 17 ساعة 548 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock منذ 17 ساعة 650 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound منذ 17 ساعة 603 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ منذ 17 ساعة 537 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations منذ 17 ساعة 585 المواقع الشعبيةTempoLighterGAIBطائرة شراعيةبلانكرايلزبوكر BCPokerفوي Bee.com أكبر بوابة Web3 في العالم الشركاء كوين كارب بينانس CoinMarketCap كوين جيكو كوين لايف الدروع قم بتنزيل تطبيق Bee Network وابدأ رحلة web3 ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة تحميل تطبيق Bee Network وابدأ رحلة web3 أكبر بوابة Web3 في العالم الشركاء CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة يبحث يبحثفي الموقععلى تشيناجتماعيأخبار العنوان: صيادو الإنزال الجوي تحليل البيانات مشاهير التشفير كاشف الفخ العربية English 繁體中文 简体中文 日本語 Tiếng Việt 한국어 Bahasa Indonesia हिन्दी اردو Русский العربية

智能索引记录