European digital asset manager CoinShares’ revenue up 33% in Q2
Proprietary trading activities contributed heavily to the revenue increase. CoinShares, a manager of Bitcoin (BTC), Ether (ETH) and various altcoin crypto exchange-traded products (ETPs) in Europe, reported total revenue of 20.3 million pounds ($25.9 million) in Q2 2023, a 33% increase compared to the prior year's quarter. According to the Aug. 1 announcement, the firm's 25% year-over-year decline in asset management fees to 10.6 million pounds ($13.52 million) was offset by a 10 million pound ($12.76 million) gain in capital markets operations, such as trading. CoinShares' profits for the quarter were 5.3 million pounds ($6.76 million), compared to a loss of 0.6 million pounds ($0.77 million) in Q2 2022. The group's total asset s under management have remained steady at around 2.1 billion pounds ($2.68 billion). During the quarter, CoinShares implemented the "Ledger Lens" tool backed by an unnamed accounting firm allowing investors to verify the backing ...
