CoinShares Q1 net profit falls to $24M

In a letter to shareholders, the companys CEO, Jean-Marie Mognetti, said macroeconomic headwinds during the quarter exceeded market movements. “What we are witnessing is not mere market volatility — it is a wholesale transformation of the global economic order.”

According to Mognetti, Ethers underperformance over the quarter led to $23 million in outflows from its CoinShares Physical Staked Ethereum ETP (ETHE). “Due to broader market corrections — including a 12.1% decline in Bitcoin prices — assets under management (AuM) fell 10.7%, closing Q1 at $1.52 billion.”

Crypto companies show mixed results during market upheaval

The first wave of Q1 2025 earnings from crypto firms suggests a broadly negative quarter, with revenue declines across sectors.

Coinbase revenue, for instance, fell 10% quarter-over-quarter in Q1 2025, as transaction revenue plummeted 19% to $1.3 billion. Kraken, another US-based cryptocurrency exchange, saw its revenue decline 7% from Q4 2024. Michael Saylor‘s Bitcoin treasury company, Strategy, also missed Wall Street’s estimates, alongside Bitcoin miner Core Scientific.

The quarter was marked by high volatility across financial markets after US President Donald Trump unleashed global tariffs on trade partners, dragging the BTC price to lows of $78,000 over the period. Ether (ETH) also experienced a significant pullback.