CoinShares Reports 33% Increase in Revenue for Q2 2023
CoinShares, a manager of Bitcoin (BTC), Ether (ETH), and various altcoin crypto exchange-traded products (ETPs) in Europe, reported a total revenue of 20.3 million pounds ($25.9 million) in the second quarter of 2023, representing a 33% increase compared to the previous year’s quarter. The firm’s profits for the quarter were 5.3 million pounds ($6.76 million), a significant improvement from the loss of 0.6 million pounds ($0.77 million) in Q2 2022. CoinShares CEO Jean-Marie Mognetti sees the recent regulatory developments in the cryptocurrency space as potential positive developments for traditional finance firms.
Key Points:
- Total revenue for Q2 2023: 20.3 million pounds ($25.9 million)
- Profit for Q2 2023: 5.3 million pounds ($6.76 million)
- Total assets under management: 2.1 billion pounds ($2.68 billion)
- Implementation of the “Ledger Lens” tool to verify the backing of ETPs in real time
- Revenue from decentralized finance, staking, and lending activities: 9 million pounds ($11.48 million)
Hot Take: CoinShares’ strong performance in Q2 2023, with increased revenue and profitability, highlights the growing demand for cryptocurrency investment products in Europe. The implementation of the “Ledger Lens” tool demonstrates the company’s commitment to transparency and investor protection. Despite regulatory challenges, CoinShares remains optimistic about the potential positive impact of recent regulatory actions on traditional finance firms. The significant revenue from decentralized finance activities reflects the company’s diversification strategy in the evolving crypto market.
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