CoinShares Q3 earnings show modest recovery following Terra-related losses in Q2
Digital asset manager CoinShares has released its third-quarter earnings, showing a marked improvement over its second-quarter performance.
Adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA — a popular measure of a company’s financial performance — was £6.4 million (just over $7.3 million). However, this is down from the adjusted EBITDA of £26.1 million a year ago.
The asset manager reported more than $21 million in losses in the second quarter. The losses were attributed to the TerraUSD collapse and the costs related to its ongoing expansion.
During the second quarter, the firm’s assets under management fell below £2 billion; by September 30, it had recovered to £2.02 billion.
The asset manager announced the launch of a Twitter bot that helps traders understand the value of NFTs as well as an algorithmic trading tool for retail investors.
CoinShares’ earnings call is set for tomorrow, November 1, at 10 am ET.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam Morgan McCarthy
