Europe’s Largest Crypto Investment Firm Recorded $42 Million Profit in Q4 2023

Europe’s largest cryptocurrency investment firm, CoinShares, has reported a profit of approximately $42 million in Q4 2023. After a challenging 2022, the firm has experienced growth and focused on profitability, resulting in adjusted EBITDA of £25.7 million for the quarter. CoinShares plans to expand its services across Europe and enter the US market through its acquisition of Valkyrie, which was recently approved as one of 11 spot Bitcoin exchange-traded fund (ETF) applicants by the US Securities and Exchange Commission (SEC). CoinShares currently has $5.87 billion in total assets under management (AUM). The profitability of CoinShares coincides with the increasing adoption of cryptocurrencies in Europe, with a recent Binance survey showing that 73% of European residents are optimistic about the future of cryptocurrencies. However, regulators in Europe are imposing strict regulations on Bitcoin mining, citing environmental concerns and the potential for financial crime. As always, readers are advised to verify facts independently before making any financial decisions.