FTX collapse impacts CoinShares revenue, as price plummets to...
CoinShares has released its fourth quarter report for 2022, revealing a combined revenue, profit and other income of £14.5 million.
CoinShares has lost over $21 million as a result of the demise of the Terra crash in the second quarter of 2022. It suffered another setback after returning to profitability in the following quarter when FTX collapsed. The company stated that its performance was significantly impacted by nearly $30 million of assets remaining in a cryptocurrency exchange that blocked customer withdrawals in November before declaring bankruptcy.
Because of the poor market conditions, CoinShares announced the closure of its consumer platform in the fourth quarter. Its revenue during the same time period was minimal, and the company shifted its focus to the core business units of asset management and capital markets.
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