CoinShares International Limited

Thank you for standing by and welcome to the CoinShares Q4 earnings broadcast. All participants dialing in are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. You can submit your questions via the postbox below the video on the platform. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host, Jerry Lee Brown. Thank you.

Thank you, Operator. I would like to welcome you all to CoinShares 2024 Q4 Earnings Call and Webcast. Speaking from management today will be John-Marie Magnetti, Chief Executive Officer, and Richard Nash, Chief Financial Officer. All those joining today are encouraged to log into the live event where you'll be able to view the accompanying presentation during today's call. Alternatively, the results and a copy of the presentation are available to download from the investor relations section of the CoinShares website. A replay of the webcast will be available for 30 days following the live call and a transcript will be posted on the company's website as soon as it is available. Following the presentation, we will host a short Q&A via the webcast platform. Should you wish to submit a question to the management team, please provide your name and company affiliation. We will do our best to get to as many as we can within the allotted time. Lastly, our safe harbour statement. CoinShares would like to remind everyone that, except for historical information contained herein, statements made on today's call and webcast that would constitute forward-looking statements are based on currently available information. The company assumes no responsibility to update such forward-looking statements, and I would like to appoint you to the risk factors associated with our business, which are detailed in our prospectus. At this time, I will turn the call over to John-Marie.

Good afternoon, everyone. I'm pleased to welcome you all to Co-Chair Q4 2024 Earnings Call. This quarter and the beginning of 2025 has marked what I believe to be the most transformative period in our industry history. The United States has started to execute a dramatic policy shift that has fundamentally reshaped the digital asset landscape. The U.S. presidential election outcome, followed by several pivotal developments, are all illustrative of the profound transformation at play. Not to mention them all, but one will notably remember the end of Operation Showpoint 2.0, which, by the way, was a real thing if anyone doubted it, the Bitcoin Strategic Reserve or Stockpile Initiative, David Sachs' appointment as a crypto czar, the implementation of Crypto 2.0 Task Force under Commissioner Esther Pierce's leadership, or the nomination of crypto-fluent chairman at the SEC and the CFTC. All these developments, coupled with the successful launch of Bitcoin and Ethereum US ETF in 2024, validate our long-held conviction about US market leadership. A view we maintain even during a period of extreme bearish sentiment. America's extraordinary strengths lie in its ability to execute decisive shifts when determined at the highest level of state. This is precisely what we are witnessing right now in the US, with profound global implications. Just as Paris and Bernard Arnault made influence in France's global fashion, the US dictates new financial paradigms. We are experiencing a fundamental paradigm shift in how crypto is perceived, and this transformation carries global influence beyond the US borders. The US are executing and the world is taking note. The recent surge in Trump and Millennium meme coins, regardless of one's personal views, further exemplifies this transformation and reinforce a clear reality. Tokens are eating the world. A remarkable parallel can be drawn between Bitcoin and digital asset popularity and Trump popularity, both affecting specific paradigm shifts in our time. Both embody the response to institutional distrust, positioning themselves as an alternative to the establishment. Bitcoin challenging the traditional financial system and fiat money, while Trump positioned itself as an alternative to the conventional political class. However, while there is clearly a zeitgeist around Bitcoin and digital assets in general, maintaining perspective is crucial. As market enthusiasm and a sense of urgency grip the industry, Coinshare, with our decade-plus experience spanning multiple market regimes, must continue to plan ahead and position itself as a beacon for investors, both retail and institutional, helping them navigate these transformative times, which is part of our stewardship duty. This philosophy is reflected in our new brand tagline, delivering reason to digital asset investing, a statement that encapsulates our DNA. As I have mentioned many times, our objective is to build a market cycle resistance investment company. The only way to achieve this is to embrace and provide reason, helping our client navigate with a higher degree of certainty through peaks and through. On that note, let's dive into our Q4 financial. And for that, I'm joined by Richard Nash, our CFO. Richard, over to you.