CoinShares, a European asset manager, achieved record revenue of 43.9 million pounds ($55 million) in the first quarter of 2024, marking a significant 216% increase year-over-year.

This surge in revenue was propelled by the recovery in markets and the debut of Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs).

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) also experienced a fourfold increase, reaching 34.2 million pounds ($43 million).

CoinShares attributed approximately 45% of its gains and revenue to its asset management business, with the remaining percentage split between capital markets and its principal investment portfolio.

Additionally, CoinShares recently completed the acquisition of Valkyrie Funds, a move aimed at bolstering its position as a global investment company specialising in digital assets.