CoinShares International - Q322 profitable, FTX impact manageable
CoinShares International (CS) posted Q322 EBITDA of £6.4m vs £26.1m in Q321 as asset prices, trading volumes and volatility in digital asset markets remained subdued amid a persistent ‘crypto winter’. Having said that, the Q322 profit shows that CS can be profitable even in an adverse market environment. CS reported £4.5m in gains and income in its capital market infrastructure operations. Total comprehensive income of £20.0m (Q321: £26.2m) was assisted by FX gains on consolidation from a higher US$/£ rate. More recently however, the digital assets market has been shaken by the collapse of FTX and Alameda Research.
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