Coinshares Reports Q4 Results, Loses £37 Million, Revenue Declines

European digital asset manager Coinshares (Nasdaq Stockholm: CS) has reported Q4 results. According to the company, Q4 revenue was £14.5 million versus Q4 2021 of £41.9 million. For the full year, revenue was £72.6 million versus 2021 at £151.8 million.

Income for the quarter was a loss of £37.0 million versus Q4 2021 income of £28.6 million. For the full year, income was £3.0 million in comparison to 2021 of £113.4 million.

The results are representative of the challenging global market in crypto, which experienced multiple challenging events in 2022, including the collapse of FTX.

Jean-Marie Mognetti, CEO of CoinShares, issued the following statement on the company’s performance:

“We are pleased to announce that, despite the challenges faced in the last quarter, the firm has remained financially robust and is proud to have closed the year by graduating to Nasdaq Stockholm’s main market.  After returning to profitability in Q3, CoinShares, as announced on 22nd November, was dealt a blow with the collapse of FTX in Q4. As previously disclosed, at the time FTX halted withdrawals, £26 million of our assets remained there. While the Group’s financial health remained solid, providing for these amounts in full has understandably impacted our financial performance for both Q4 and 2022 as a whole. We move into 2023 with clear goals that we are looking to achieve. We remain committed to expanding our digital asset management business and are looking at opportunities to become a global player. We are refocusing on our core competencies, meaning digital asset management and institutional, knowing that the big institutional players will come in 2024 after further clarification of regulations.”

Coinsharesd highlighted that despite wider market conditions which resulted in many experiencing Q4 outflows, CoinShares Physical recorded $17.2 million in inflows.

Coinshares shuttered its Consumer Platform during Q4.

Coinshares said it was uncertain if it would be able to recover the funds that remain on FTX.

Coinshares is headquartered in Jersey, with a presence in France, Sweden, the UK, and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

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