Cryptocurrency investment group, CoinShares, has reported a return to profitability in its first quarter earnings report for 2023, despite the crypto industry’s recent challenges. As per the report, CoinShares generated $11.73 million in revenue for the first quarter of 2023, resulting in adjusted EBITDA of $10.61 million. This comes after a loss of $25.21 million in operating income reported by the company for 2022. CoinShares stated that the collapse of crypto-friendly banks including Silvergate and Signature, as well as regulatory scrutiny of FTX, may have affected earnings. However, the group remains optimistic, indicating that it welcomes regulatory activity, but hopes that it does not become a consequence of crypto politicisation ahead of the U.S. elections. CoinShares’ earnings report is accompanied by its Digital Asset Fund Flows Report, which indicates that $54 million in digital asset investment products outflows resulted in $200 million being transferred from exchanges to wallets. The group partially attributes outflows to speculation around Federal Reserve interest rate hikes, which may have contributed to recent BTC volatility.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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