CoinShares International (CS) continues to benefit from the overall benign environment for digital assets. While lower trading volumes in the broader market translated into more limited income/gains from its capital market infrastructure in Q321 compared to the particularly strong Q121 and Q221, the rebound in digital asset prices versus end-June 2021 assisted its management fee income. Moreover, net outflows from XBT Provider Trackers have eased lately and in October were offset by net inflows into its institutional-grade CoinShares Physical ETPs.
