By Elizabeth Howcroft
LONDON, Feb 21 (Reuters) - European crypto asset manager
CoinShares blamed market turbulence for a 97% fall in full-year
income and said it lost 26 million pounds ($31 million) in the
collapse of major exchange FTX, CoinShares said on Tuesday.
The crypto market plummeted in 2022, as rising rates and a
series of bankruptcies at high-profile crypto firms prompted
investors to ditch risky crypto assets.
CoinShares' "total comprehensive income", a measure which
includes expected losses, fell to 3 million pounds in 2022 from
113.4 million in 2021, its fourth quarter earnings report
showed.
CoinShares had previously said it had around $30 million
worth of crypto assets stuck on FTX, which froze customer
withdrawals in November before filing for bankruptcy.
"The collapses and frauds that plagued the industry in 2022
have brought a newfound sense of caution to the market, with
investors now seeking trusted, regulated institutional players,"
said CoinShares CEO Jean-Marie Mognetti.
CoinShares describes itself as Europe's biggest digital
asset investor and trading group, with 1.4 billion pounds of
assets under management at end-2022.
($1 = 0.8339 pounds)
(Reporting by Elizabeth Howcroft, editing by Sinead Cruise and
Jason Neely)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.