Showing posts with label xlm. Show all posts
Showing posts with label xlm. Show all posts

CoinShares reports stellar Q3 on the back of larger crypto market strength

The third-quarter interim results for 2021 were released by CoinShares Group. For the first time in the company's history, it claimed to have had such a successful third quarter.

The financial highlights for the quarter ended 30 September 2021, according to the business release, comprised total comprehensive income of £84.9 million. When compared to the estimates for 2020, which were £14.3 million, this is a massive increase. The quarterly profit is significantly bigger than the £18.4 million profit for the whole year of 2020. CoinShares' Chief Executive Officer, Jean-Marie Mognetti, commented,

“Despite some obstacles in Q3, we were able to retain the momentum we had going into 2021.”


In addition, EBITDA (earnings before interest, taxes, depreciation, and amortization) for the firm was £88.8 million. In Q3, the Asset Management Platform brought in a healthy £55.1 million. A considerable quarter-on-quarter gain from £11.3 million in the same time the prior year.

Gains of £45.9 million from the Group's Capital Markets Infrastructure are notable. Marie Mognetti went on to say,


“...we continue to benefit from the broader industry's transformation and translate it into total comprehensive income and balance sheet growth.”


Until the 22nd of October, the cryptocurrency market recorded a record-breaking $1.5 billion in investment inflow, according to CoinShares' Digital Asset Fund Flows Weekly.

In the larger crypto market, Q3 2021 managed to outperform the lackluster Q2. According to CryptoRank, the third quarter was a bullish one, with market value exceeding $2 trillion. In addition, the overall value of DeFi has topped $180 billion.

According to CoinGecko, the rebound of Bitcoin, the debut of "gaming currencies," and non-fungible tokens (NFTs) were the primary topics of debate throughout the quarter. Trading volume, on the other hand, seems to have dropped in Q3 compared to May's highs.

Square Inc., meantime, has released its quarterly financial results. In Q3, the firm recorded a gross profit of $1.13 billion, which was somewhat lower than in Q2. It was said to be due to a drop in Bitcoin demand, which had regained "strength" in October.

Nonetheless, the State Of Blockchain Q3'21 Report predicted a record-breaking Q3 in terms of crypto venture capital financing.

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