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CoinShares Posts $21.7 Million Loss Linked to Terra Crash

NFT, crypto
Published 1 week ago
ID #1820
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CoinShares Posts $21.7 Million Loss Linked to Terra Crash
NFT, crypto,
Published 1 week ago

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CoinShares launches Algorand staked ETP on Deutsche Boerse Xetra

Compared to the prior year quarter, the firm's revenue decreased from 19.6 million pounds $23.89 million to 14.2 million pounds $17.31 million. At the same time, its net income fell from 26.6 million pounds ($32.42 million) in the first quarter of 2021 to 0.1 million pounds $0.12 million.

CoinShares explained that the losses were largely tied to its exposure to the Terra ecosystem, which crashed in May of this year:

European cryptocurrency investment firm CoinShares published its interim results for the second quarter of 2022.

While our Asset Management business continued to generate strong profits, the Capital Markets business experienced a one-time loss of £17.7m following the Terra Luna spin-off. The financial impact of this episode, despite being relatively small in Compared to the losses suffered by other players in our sector, it had a material impact on our quarter.

The company was carrying a ledger pegged to the TerraUSD stablecoin, which was an exceptional loss.

CoinShares Capital Markets does not typically take directional positions and was not directly exposed to the Terra Luna crash.


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    NFT, crypto
    CoinShares Terra Luna Crash Lost Markets Capital