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CoinShares' Preliminary Q1 Earnings Slump 45% From Year Ago
The stagnant crypto market has hit the digital asset manager.
Updated May 11, 2023, 5:33 p.m. Published May 3, 2022, 10:26 a.m.
Digital asset manager CoinShares recorded preliminary adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $23.4 million (18.7 million British pounds) for the first quarter, down 45% compared with the equivalent figure a year ago.
- Comprehensive income, a profit measure that includes the change in the value of its digital assets, fell to $23.4 million from $42.9 million a year earlier, the Channel Islands-based firm announced on Tuesday.
- Assets under management of CoinShares' exchange-traded products (ETPs) stood at $3.85 billion as of March 31, compared with $4.26 billion a year earlier.
- The relative slump can be attributed to the conditions of the broader crypto market. In the first quarter of last year, the market was in the midst of a bull run which saw bitcoin surge to a peak of just under $60,000. This year, however, the market has been treading water by comparison.
- During the first quarter, CoinShares took "important steps" to up list on Nasdaq Stockholm Main Market, the firm said. CoinShares has traded on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized growth companies in Europe, since March of last year.
Read more: The UK's FCA Says It Has Been Focused on the More Negative Side of the Crypto Debate
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