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CoinShare Faces Significant Revenue Drop in Second Quarter

CoinShare Faces Significant Revenue Drop in Second Quarter

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It looks like CoinShare has lost some of its revenue due to the collapse of Terra (LUNA).

Founded in 2017, CoinShare, the European leader in digital asset management, has reviewed its second quarter interim results, which significantly lower compared to previous years.

By overview shared on August 2 total revenue has fallen by around £5 million. When comparing the net income of the first quarter of 2021, the loss is even more significant. In 2021, the company posted net income of £26.6 million, down from just £0.1 million in the second quarter of 2022.

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CEO Jean-Marie Mognetti, speaking about the reasons for such losses, highlighted the company’s connection to Terra (LUNA)now known as Terra Classic (LUNAC):

Our wealth management business continued to deliver solid profits, but the capital markets business suffered a one-off loss of £17.7m following the spin-off of US Terra. The financial impact of this period, although relatively small compared to the losses of other players in our industry, has naturally had a material impact on our quarter.

At the time of the Terra (LUNA) debacle, Coinshare had no direct exposure to this public blockchain protocol. However, the company had an order book related to TerraUSD stablecoin.

Therefore, when the company highlighted the key elements of its Q2 overview on Twitter, it stressed that going forward The aim is to “ensure greater transparency”.

The CEO ended part of his report with a loud voice saying:

CoinShares is well-resourced to navigate the market in these volatile times thanks to an effective strategy, a solid balance sheet and an experienced, world-class team. Our experience with digital assets ensures that we can take a long-term view as we continue to build the future of investing.

In May, Terra (LUNA) began experiencing a significant accident. It is worth mentioning that Do Kwan tried to save the brand, however, his efforts were unsuccessful.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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