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.

AccessTimeIconFeb 21, 2023 at 12:31 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC
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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.

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  • 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

    Jamie Crawley is a CoinDesk news reporter based in London.


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