Crypto market growth positively affects CoinShares’ profits

Get real time updates directly on you device, subscribe now.

Adjusted profit before taxes, interest, depreciation and amortization of digital asset manager CoinShares for the nine months of 2021 was £ 88.8 million (~ $ 120 million) versus £ 14.4 million (~ $ 19.5 million) in the previous period.

In its third-quarter preliminary financial results, the firm noted that it surpassed second-quarter records. This allowed CoinShares to demonstrate the historically highest results in the nine-month period.

“In the third quarter, despite some difficulties, we basically preserved the dynamics that were observed in 2021. These metrics demonstrate the resilience of our business model and its scalability, ”said Jean-Marie Mognetti, CEO of CoinShares.

In nine months, the company generated £ 55.1 million (~ $ 74.4 million) in asset management fees. This is almost five times more than in the comparable period in 2020.

As of September 30, the value of assets under the management of CoinShares reached £ 2.9 billion at the beginning of the year, the figure was £ 1.7 billion.

At the end of 2020, the company doubled its profit from £ 11.2 million to £ 22.4 million.

During 2021, CoinShares released several crypto investment products including ETP based on Ethereum, Litecoin and XRP in Europe, as well as Bitcoin ETF in Canada together with 3iQ Corp.

Stay in touch! Subscribe to World Stock Market in Telegram.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.