CoinShares posted its interim Q2 2022 results. Compared to the prior year’s quarter, the firm’s revenue declined from 19.6 million pounds to 14.2 million pounds. At the same time, its net income fell from 26.6 million pounds in Q1 2021 to 0.1 million pounds. The losses were mainly tied to its exposure to the Terra now called Terra Classic ecosystem, which collapsed in May of this year
Coinshare Capital Markets typically does not take directional positions and was not directly exposed to the Terra Luna collapse. However, at the time of the incident, the firm was carrying a book linked to the TerraUSD stablecoin, resulting in an exceptional loss. CoinShares CEO Jean-Marie Mognetti has nevertheless expressed optimism about the firm’s future operations.
For its next steps, CoinShares plans to uplist into the Nasdaq Stockholm Main Market after gaining an Alternative Investment Fund Manager license. During the second quarter, CoinShares launched five new physical products, including CoinShares Physical FTX Token, CoinShares Physical Chainlink, CoinShares Physical Uniswap, CoinShares Physical Staked Polygon and CoinShares Physical Staked Cosmos. The firm possessed 220.8 million pounds in net assets at the end of Q2.
