CoinShares posts highest quarterly earnings since Q1 2022
cointelegraph.comCryptocurrency investment group CoinShares recently published its Q1 earnings report for 2023 amid what it’s calling a “return to profitability.”
Highlights of the report include revenue in the amount of $11.73 million (down from $22.46 million in Q1 2022), total comprehensive income of $3.62 million (down from $25.83 million in Q1 2022) and an adjusted earnings before interest, taxes, depreciation, and amortization (EBIDTA) of $10.61 million (down from $25.83 million in Q1 2022).
Overall, for 2022, CoinShares posted an operating loss of $25.21 million, in stark contrast to the company’s operating profit of $126.54 million reported for 2021.
Despite the market conditions, CoinShares has achieved a significant milestone by returning to profitability in the Q1 2023.Amidst a complex landscape, we generated £15.3 million in revenue and gains, showcasing our resilience.Discover our Q1 report: https://t.co/jBJOGu6rNK pic.twitter.com/XBaGPBgf9I
Per the report, this comes after a tumultuous period for the company and the cryptocurrency industry as a whole:
The report cites the recent collapse of “crypto friendly banks such as Silvergate and Signature” and regulatory scrutiny surrounding FTX’s “dramatic decline” as mitigating factors for the earnings, indicating profits may have been diminished by the looming spectre of government oversight.
CoinShares appears cautiously optimistic going forward, stating that “we welcome this additional regulatory activity but hope it does not devolve into a witch hunt or become a consequence of crypto politicisation ahead of the U.S. elections, as some commentators have speculated.”
The earnings report comes directly on the heels of CoinShares’ “Digital Asset Fund Flows Report,” which, as
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