Last year’s epic crypto bull run helped crypto companies thrive, many beyond expectations. However, the current landscape is entrenched in a sluggish territory, a trend that has translated into figures for the prominent digital asset management firm, CoinShares, which announced the interim results for the first quarter of 2022.
According to the official press release, the firm’s total revenue during the first three months of 2022 has shrunk to £27.96 million ($35 million) from the previous year’s £39.91 million ($50 million), a decrease of 42%.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also slumped by more than 45% in the first quarter of the year, recording £18.7 million compared to £34.2 million a year ago.
CoinShares’ total comprehensive income took a hit from £32.1 million in the same quarter last year to £20.2 million in Q1 2022.
Assets under management (AUM) for the European firm as of 31st March 2022 came down to £3.07 billion, a 10% decline since 31st March 2021.
At the end of the period, the AUM for Blockchain Global Equity Index (BLOCK Index) stood at £0.88 billion.
Jean-Marie Mognetti, Chief Executive Officer of CoinShares commented on the Q1 results,
“We delivered resilient EBITDA of £18.7 million, all while making considerable steps to advance our long-term strategy. This includes work towards our imminent uplisting to Stockholm’s main market, significantly growing our headcount, including a new Group Head of Marketing and a dedicated team to support the Group’s enlarged footprint, and integrating our consumer platform, Napoleon.”
CoinShares also detailed some of its operational highlights that include its long-term strategy, such as progressing plans to uplist to the Nasdaq Stockholm Main Market.
The asset manager nearly doubled its staff base to 95 individuals in a little over two years.
Additionally, it recently announced increasing its stake in the online banking platform – FlowBank – the following receiving a green light from the Swiss Financial Market Supervisory Authority. As reported earlier, the increased investment will focus on facilitating growing digital asset exposure for FlowBank’s clients leveraging the CoinShares platform.
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