Digital asset manager CoinShares recorded preliminary adjusted earnings before interest, taxes, depreciation and amortization of £18.7 million in Q1, a decrease of 45% compared to the equivalent figure a year ago.
Comprehensive income, a profit measure that includes the change in the value of its digital assets, also declined from £34.2 million in Q1 2021 to £18.7 million this year, theAssets under management of CoinShares' exchange-traded products stood at £3.07 billion as of March 31 2022, compared to £3.4 billion a year earlier.
The relative slump can be attributed to the conditions of the broader crypto market. In Q1 2021, the market was in the midst of a bull run which saw bitcoin surge to a then all time high of just under $60,000. This year however the market has beenDuring Q1, CoinShares took"important steps" to up list on Nasdaq Stockholm Main Market, the firm said.
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