CoinShare, a leading cryptocurrency investment platform, declared its fourth quarter revenue of 2023, reporting a profit of $42.12 Million. The company is focused on turning profitable after facing severe challenges in 2022.
“We continued to execute our strategy and delivered combined revenue, gains and income of £33.3 million in Q4. Our focus on profitability has led to adjusted EBITDA of £25.7 million for the quarter, at a margin of 77%,” the company said in its report.
Following the earnings report, CoinShare emphasized its intentions to expand in European markets in 2024 and its plans to enter the US market with backing from Valkyrie, the asset management giant.
CoinShare Further states that “As we move into 2024, our focus is firmly set on consolidating our leadership in Europe and expanding our reach in the US market through the Valkyrie partnership by building a strong product platform.”
The functional firms in the crypto industry from all across the globe are trying their hardest to enter the US market for a broader user base. Another reason to enter the US market is the recent approval of the Bitcoin spot ETF given by the Securities and Exchange Commission.
Recently released finance statement of CoinShare highlights that it is currently having the equivalent of $5.87 Billion USD in total assets under management (AUM).
Other Recent Partnerships in the Crypto Industry
Ledger, a hardware wallet leader, announced its partnership with one of the prominent cryptocurrency exchanges, Coinbase.
The collaboration between these leading companies aims to streamline the procedure of the trading of cryptocurrencies and will also foresee the transfer of assets from exchange to self-custody.
Web3 development infrastructure solutions provider and a multi-chain NFT network, Ternoa announced a strategic partnership with Avail, an essential modular blockchain base layer for next-generation, trust-minimized applications.
Crypto Market Price Update
The crypto market is giving a bullish outlook across time frames. It recorded a 5% uptick in the past seven days and was $1.84 Trillion as of writing. A major boost to the market cap is largely attributed to the regulatory approval of the BTC spot ETFs.
In the past couple of days, Bitcoin grew more than 9% and most recently broke the resistance level of $50k and is trading at $51,621. Bitcoin’s 4th halving event is expected to give it another shot in the arm.
Among altcoins, Ethereum (ETH) showed a major improvement in its trading price. Breaking its previous 52-week high, ETH was trading at $2766 at press time. Unsurprisingly, the boost in ETH has been attributed to the hype about the yet-to-be-approved ETH spot ETF.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/02/14/coinshare-reports-profits-in-q4-2023-eyes-euro-us-markets/