CoinShares Q3 earnings show modest recovery following Terra-related losses in Q2
Quick Take
- CoinShares reported adjusted EBITDA of £6.4 million in the third quarter.
- The asset manager’s total assets under management climbed back above £2 billion during the quarter.
Digital asset manager CoinShares has released its third-quarter earnings, showing a marked improvement over its second-quarter performance.
Adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA — a popular measure of a company's financial performance — was £6.4 million (just over $7.3 million). However, this is down from the adjusted EBITDA of £26.1 million a year ago.
The asset manager reported more than $21 million in losses in the second quarter. The losses were attributed to the TerraUSD collapse and the costs related to its ongoing expansion.
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During the second quarter, the firm's assets under management fell below £2 billion; by Sept. 30, it had recovered to £2.02 billion.
The asset manager announced the launch of a Twitter bot that helps traders understand the value of NFTs as well as an algorithmic trading tool for retail investors.
CoinShares' earnings call is set for Nov. 1 at 10 a.m. ET.
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