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CoinShares’ Q1 financial results took a hit amid the crypto market downturn

Last year’s epic crypto bull run helped crypto companies thrive, with many exceeding expectations. However, the current landscape is rooted in sluggish territory, a trend that was reflected in numbers for leading digital asset management firm CoinShares, which announced interim results for the first quarter of 2022.

  • According to the official press release, the company’s total revenue shrank to £27.96 million ($35 million) in the first three months of 2022 from £39.91 million ($50 million) last year, a decline of 42%.
  • Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) also slumped more than 45% in the first quarter of the year to stand at £18.7m compared to £34.2m a year earlier.
  • CoinShares total income fell to £20.2 million in the first quarter of 2022 from £32.1 million in the same quarter last year.
  • The European company’s assets under management (AUM) fell to £3.07 billion as of March 31, 2022, down 10% since March 31, 2021.
  • At the end of the reporting period, the assets under management were Blockchain Global Equity index (BLOCK Index) at £0.88bn.
  • Jean-Marie Mognetti, CoinShares Chief Executive Officer, commented on the first quarter results:

“We have delivered resilient EBITDA of £18.7m while taking significant steps to advance our long-term strategy. This includes working on our forthcoming uplisting to Stockholm’s main market, significantly increasing our headcount including a new Group Head of Marketing and a dedicated team to support the group’s expanded footprint, and integrating our Napoleon consumer platform.”

  • CoinShares also detailed some of its operational highlights, including its long-term strategy, such as:
  • The wealth manager has nearly doubled its employee base to 95 people in just over two years.
  • In addition, the company recently announced that it would increase its stake in online banking platform FlowBank after receiving the go-ahead from the Swiss Financial Market Supervisory Authority. As previously reported, the increased investment will be focused on providing FlowBank’s clients using the CoinShares platform with growing exposure to digital assets.

Source: Crypto News Deutsch

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