CoinShares Sees 2022 Income Plunge 97% to $3.6M
CoinShares said it had GBP 26 million of its assets on FTX at the time the exchange halted withdrawals.
Feb 21, 2023 at 12:31 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VDYJWQPUQZHNNHJBLPBC55VUVE.jpg)
CoinShares CEO Jean-Marie Mognetti (CoinShares)
European digital asset manager CoinShares (CS.ST) recorded total comprehensive income of GBP 3 million (US$3.63 million) in 2022, down 97% compared to 2021, as the firm felt the pinch of FTX's collapse and its ramifications across the crypto industry.
A particularly trying fourth quarter, coinciding with FTX's bankruptcy, saw CoinShares record losses of GBP 37 million to finish the year in the black to the tune of just over GBP 3 million. The firm recorded income of GBP 113.4 million in 2021.
CoinShares said it had GBP 26 million of its assets on FTX at the time the crypto exchange halted withdrawals. Sam Bankman-Fried's exchange collapsed in November, filing for bankruptcy and owing its top 50 creditors a combined $3.1 billion.
"While the Group’s financial health remained solid, providing for these amounts in full has understandably impacted on our financial performance for both Q4 and 2022 as a whole," CoinShares CEO Jean-Marie Mognetti said.
At the time of writing, CoinShares' Stockholm-listed stock was up 1.64% on the day at 34.15 Swedish krona.
CoinShares is also listed on the OTCQX of the OTC Markets under the ticker CNSRF.
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Jamie Crawley is a CoinDesk news reporter based in London.
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