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CoinShares Netted $513.1M Profit in Q2
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion.
Updated Aug 7, 2024, 2:54 p.m. Published Aug 7, 2024, 9:56 a.m.
- However, CoinShares also noted a loss of $481.42 million on the fair value of digital assets.
- Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million.
Crypto asset manager CoinShares (CS) recorded profits after tax of nearly 404 million pounds ($513.1 million) in Q2, a considerable bump from 10 million pounds in the equivalent quarter a year ago.
The firm also noted a loss of $481.4 million on the fair value of digital assets, as the crypto market pulled back from its all-time high levels of Q1. Bitcoin , the largest cryptocurrency, slid 12% during Q2, its biggest drop since fourth-quarter 2022.
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Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million, almost five-times the figure for Q2 2023 of $6.3 million.
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion, according to an earnings announcement on Tuesday.
The firm saw its asset management fees more than double to $28.45 million, helped by its acquisition of he exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie, which gave CoinShares a U.S. arm to its ETP business.
CoinShares' Stockholm-listed shares have risen nearly 8.5% on the day to 56.60 Swedish krona ($5.43).
Read More: Galaxy Digital Second-Quarter Net Loss Widens as Crypto Market Retreats
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