CoinShares reported that they are “financially robust” despite $31 million worth of its assets being stuck on the FTX exchange.
. The fund manager remains unsure if they will ever be able to recover the funds and how much of the assets can potentially be recovered.
During the quarter, the firm also made the decision to wind down its CoinShares Consumer Platform. The firm wrote: “Market conditions gave rise to a situation that did not allow us, with our existing capital structure, to support a consumer activity that required significant upfront investment in marketing.”
Within the report, CoinShares CEO Jean-Marie Mognetti also wrote that FTX’s bankruptcy “had a significant impact” on the firm’s capacity to deploy its algorithmic trading platform HAL in Europe. Despite this, Mognetti also wrote that the firm would move into 2023 with clear goals, such as focusing on expanding its digital asset management business and institutional offerings.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US regulatory crackdown leads to $32M digital asset outflows: CoinSharesInstitutional investors have bucked the market trend with $32 million of outflow from digital asset investment products in the wake of the SEC’s war on crypto.
Read more »
Former FTX exec will plead guilty to federal charges with a deal: ReportNishad Singh, the co-founder and former chief engineer of bankrupt cryptocurrency exchange FTX, is reported to be close a deal with federal prosecutors.
Read more »
Top Cars of 2023 According to Consumer Reports🚗To find the top vehicles of 2023, CR drove hundreds of thousands of miles on more than 200 vehicles.
Read more »
Crypto Hedge Fund Galois Shuts Down After Losing $40 Million to FTX: FTCrypto hedge fund Galois_Capital is calling it quits after losing $40 million in FTX_Official's bankruptcy, according to a report. thesamreynolds reports.
Read more »