CoinShares International (CS) concluded its latest financial year with Q423 adjusted EBITDA of £25.7m, which brought its FY23 earnings to £56.9m (the second-best result in its history). The company is now introducing a dividend policy, aiming to pay out 20–40% of its total comprehensive income adjusted for currency translation differences. We calculate that, based on the FY23 results and current share price, this implies a healthy dividend yield of c 3.4–6.8%. CS is looking to expand into the US by exercising its option to acquire Valkyrie Funds (which has a US spot bitcoin ETF in its offering) and through its newly launched Hedge Fund Solutions business.

Edison