May 29, 2023  |  
 | Remer,MN
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By Elizabeth Howcroft

LONDON (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)


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