The firm’s book-making took a huge hit after being exposed to the TerraUSD collapse.
On Tuesday, European cryptocurrency investment firm CoinShares posted its interim Q2 2022 results. Compared to the prior year’s quarter, the firm’s revenue declined 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 Q1 2021 to 0.1 million pounds ($0.12 million).
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, saying:
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 ($269.15 million) in net assets at the end of Q2.
The price of TerraUSD in the past year. Source: CoinGecko