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CoinShares Netted $513.1M Profit in Q2
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion.
Updated Aug 7, 2024, 2:54 p.m. Published Aug 7, 2024, 9:56 a.m.
- However, CoinShares also noted a loss of $481.42 million on the fair value of digital assets.
- Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million.
Crypto asset manager CoinShares (CS) recorded profits after tax of nearly 404 million pounds ($513.1 million) in Q2, a considerable bump from 10 million pounds in the equivalent quarter a year ago.
The firm also noted a loss of $481.4 million on the fair value of digital assets, as the crypto market pulled back from its all-time high levels of Q1. Bitcoin , the largest cryptocurrency, slid 12% during Q2, its biggest drop since fourth-quarter 2022.
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Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million, almost five-times the figure for Q2 2023 of $6.3 million.
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion, according to an earnings announcement on Tuesday.
The firm saw its asset management fees more than double to $28.45 million, helped by its acquisition of he exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie, which gave CoinShares a U.S. arm to its ETP business.
CoinShares' Stockholm-listed shares have risen nearly 8.5% on the day to 56.60 Swedish krona ($5.43).
Read More: Galaxy Digital Second-Quarter Net Loss Widens as Crypto Market Retreats
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Yang perlu diketahui:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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