CoinShares, the famous cryptocurrency investment group, recently put out its first quarter earnings report for the current year, and experts have been considering it a return to mass profitability.
The highlights of the report also included multiple revenue factors in the amount of $11.73 million, total comprehensive income of around $3.62 million, and adjusted earnings before taxes, interest, depreciation, and amortization of around 10.61 million. For 2022, the group also posted an operating loss of around $25.21 million, which is in stark contrast to the operating profit for the company of $126.54 million- which was reported for 2021.
CoinShares Has Uploaded Its Earnings Report
According to this report, this comes after a very dangerous period for CoinShares, as well as the industry of cryptocurrency as a whole. The report has also cited the immediate collapse of certain crypto friendly banks like Signature and Silvergate, and continued regulatory scrutiny surrounding the dramatic decline of FTX as a massively mitigating factor for the earnings- which also indicates profits which could have been diminished by the looming specter of oversight from the government.
The investment group also appears to be very cautious and optimistic in its forward approach, as they stated that they welcome this increasing regulatory activity but they also hope it does not devolve into a witch hunt.
The report of earnings comes directly on CoinShares heels’ Digital Asset Fund Flows Report, where it was revealed that the digital asset investment product had a total outflow of $54 million for this week- which meant that much was transferred from exchanges to wallets.