CoinShares International Limited

Thank you for standing by and welcome to the CoinShares Q1 earnings broadcast. All participants dialing in are in a listen-only mode. After the speaker's presentation, there'll 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'd 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 the CoinShares 2025 Q1 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 Jean-Marie.

Good afternoon, and thank you for joining our Q1 2025 earnings call. This is our 18th earnings call since we listed the company in March 2021. From the very first one, where we had no analyst question, to today, we have kept adjusting. After the last earning call, we had a follow-up discussion with one of our long-time analysts in the US, who suggested we continue to adjust by removing repetition in the main earning call and leaving more space for a non-rush discussion slash Q&A at the end. This is our first attempt at doing so, and we will continue to improve. As usual, constructive feedback are always welcome. Before we dive into the financial results with Richard, I'd like to take a moment to address a broader economic context in which we are operating as a scaling company. What we are witnessing today is not mere market volatility. It is a wholesale transformation of the global economic dynamics. We are experiencing a shift from one epoch to another, and this is not just computational science language. Indeed, it requires us to challenge our very own approaches and strategies. Several structural undercurrents are accelerating. Global fragmentation is deepening with a flavor of mercantilism, de-dollarization is on the agenda, sovereign debts keep rising, and monetary expansion continues. The Federal Reserve now, more than ever, faces a dilemma. Manage inflation, sustain growth, and maintain market confidence. One will need to decide what comes first. Perhaps most telling is the US dollar decoupling from Treasury yields, a historic warning sign that reflects growing skepticism over institutional stability. In this environment, superficial narratives are being stripped away. Only fundamentals enter, which is good news for coin shares. It's no coincidence that capital is flowing back to gold, pushing it to record highs. But gold is no longer alone in this space. A new star of value has emerged, purpose-built for the digital age, Bitcoin. Finite, decentralized, and incorruptible by design, Bitcoin is increasingly regarded as a systemic hedge. Its growing independence from risk assets, evidenced in the recent decorrelation from the Nasdaq 100, marked a crucial turning point. Today, Bitcoin's annual inflation rate is lower than gold's, reinforcing its position as a superior store of value amid widespread monetary debasement. At Coinshare, we fully grasp the magnitude of this shift. As pioneers in digital assets, we are not simply adapting, we are actively shaping this transformation. Our responsibility to our clients remains clear, to inform, to guide, and to provide access to the next frontier of capital markets. The market signals speak plainly. Bitcoin volatility has dropped during Q1 to record lows, its price remained well above previous cycle highs, and institutional interests continue to grow rapidly. As an illustration, CoinShare welcomed in Q4 2024 its very first pension fund client. Bitcoin is evolving and is evolving into a strategic resource in the current economic landscape. Seller recent accumulation of 538,000 Bitcoin and the launch of 21 capital, a $3.6 billion joint venture between Comtor, Fidgerald and Tether, Bitfinex and SoftBank signal a race for absolute scarcity, echoing deeply with previous mercantilist theory. Like nations once upon a time competing for gold, land, and other mineral resources, institutions are now competing for Bitcoin, generating what we might call synthetic halvings that further constrain supply. This is not speculation. It is a strategy which will reshape geopolitical equilibrium. Coinshare is built for that moment. Our platform offers institutional-grade access. Our research anticipates rather than reacts. Our resilience has been tested and proven across market cycles. We remain disciplined, forward-looking, and resolutely committed to empowering investors in this new paradigm we foresaw 10 years ago. So keeping it short, and so just one last point on investor relations before I let Richard comment on our financial, or maybe three points on investor relations. Since our listing in March 2021 in Stockholm, CoinShares has affirmed repeatedly our clear and consistent strategic ambition to secure a listing on the U.S. exchange and expand our strategic presence in the largest market for digital asset companies. This ambition is becoming increasingly attainable as the U.S. regulatory environment continues to evolve positively. In parallel, we are actively advancing initiatives to enhance liquidity in our shares, which increased in 2024 by 3.3x. These include expanding analyst coverage and intensifying institutional engagement through targeted non-dealer brochures. These actions are aimed not only at raising coin share profile among investors, but also at improving our average daily trading volume, an essential metric for potential inclusion in passive index funds, further extending our global reach and market visibility. To that point, there are already some positive signs with passive ETF issuers like Fidelity, BlackRock, Dimensional or Invesco disclosing, albeit still small, but yet exposure to our stock. On the second note, the first quarterly tranche of the 2024 dividend was distributed on the 6th of May, reaffirming our commitment to shareholder value in all market conditions. And finally, before turning to our Q1 performance in detail, I would like to highlight that effective January 1st, 2025, the group has adopted the US dollar as its functional and presentation currency, replacing the British pound. This transition reflects the increasing role of US dollar-denominated transaction in our operation and financing activities. It also improves the comparability and clarity of our financial reporting for our global investor base. Now, on this technical note, or let's call it accounting note, it is a perfect time to hand over to Richard Nash, our CFO, to walk through our quarterly results. Richard, over to you.