Aave

Crash

2024

Bitcoin

European asset manager CoinShares has announced a substantial 110% increase in revenue for the second quarter of 2024.&nbsp;
According to its <a href="https://investor.coinshares.com/pressreleases/coinshares-announces-q2-2024-results?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=Corporate_Earnings_0824&amp;utm_content=coinshares-announces-q2-2024-results" target="_blank" rel="noopener noreferrer nofollow">earnings report</a> on August 6, the company’s revenue jumped to £22.5 million ($28.5 million) from £10.7 million ($13.5 million) in the same period last year.
One major factor in this growth was CoinShares’ sale of its claim in the FTX bankruptcy case which was initially valued at £26.6 million ($33.78 million). The sale brought in £31.32 million ($39.78 million), giving CoinShares a 116% return.
However, the quarter experienced some challenges as CoinShares faced a setback with its investment in FlowBank Holdings SA after the Swiss Financial Market Supervisory Authority (FINMA) declared it bankrupt. This resulted in a loss of £21.8 million ($27.6 million).&nbsp;
Despite this setback, CoinShares reported an adjusted EBITDA of £26.6 million ($33.7 million) for the second quarter, contributing to a year-to-date total of £60.8 million ($77.2 million). This represents a 133% increase compared to the same time last year and a 235% growth year to date.
The company also saw strong performance in its European physical exchange-traded products (ETPs), with $67 million in net inflows. The Physical Bitcoin ETP alone brought in $55 million, the highest among all Bitcoin ETPs in Europe for the quarter. However, the Physical Staked Ethereum ETP saw $15 million in outflows, a trend seen across most ETP issuers in Europe.
Moreover, CoinShares’ spot Bitcoin ETP, recently acquired from Valkyrie Funds, added another $44 million in inflows during the quarter. While this was lower than the inflows in Q1, it was consistent with a general slowdown in the industry.&nbsp;
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/05/aave-earns-6-million-revenue-while-crypto-market-crash/" rel="noopener noreferrer nofollow">Aave Earns $6 Million in Revenue While Crypto Market Crash</a>
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CoinShares Sees 110% Revenue Surge in Q2 2024

The Crypto Times

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