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WisdomTree's Q2 Average Crypto Assets Down Nearly 12% on Year, to $265M
The figure is also a decline of 22% compared with the $324 million WisdomTree reported for Q1 2022.
Updated May 11, 2023, 6:49 p.m. Published Jul 29, 2022, 12:52 p.m.
Asset manager WisdomTree's (WETF) managed crypto assets worth an average $265 million in Q2, a decrease of nearly 12% compared to the equivalent figure of $300 million a year ago.
- The figure is also a decline of 22% compared with the $324 million WisdomTree reported for Q1 2022.
- In the three-month period, WETF's crypto assets depreciated by some $235 million. This coincided with a sharp downturn across the digital asset markets with bitcoin slumping 37.7% in June, its biggest drop since 2011.
- Across all aspects of its business, WisdomTree managed $74.3 billion worth of assets at the end of the quarter.
- The asset manager reported quarterly net income of $8 million, a drop of nearly 55% compared with a year ago. However, it does compare favorably to the loss of $10.3 million in Q1 this year.
- Nasdaq-listed WisdomTree provides crypto investment vehicles, most recently listing exchange-traded products (ETPs) tracking Solana's SOL, Cardano's ada and Polkadot's DOT on major stock exchanges in Europe.
- It is also one of the large number of firms to have its attempts to list a spot bitcoin exchange-traded fund (ETF) in the U.S. frustrated by the Securities and Exchange Commission (SEC).
- Shares of WisdomTree were up nearly 5% at $5.55 during pre-market trading.
Read more: SEC Rejects Grayscale’s Spot Bitcoin ETF Application
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