Connect with us
Active Currencies 13975
Market Cap $2,454,962,190,855.82
Bitcoin Share 51.76%
24h Market Cap Change $5.17

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

2min Read

Share this article

CoinShares Group announced the third-quarter interim results for 2021. And for the first time, the company claimed to have achieved such a strong Q3.

According to the company statement, the financial highlights for the period ended 30 September, 2021 included the total comprehensive income of £84.9 million. This is a huge surge when compared to the figures for 2020, which stood at £14.3 million.

The quarterly income is even higher than the income from the entire year of 2020, which was £18.4 million. Jean-Marie Mognetti, Chief Executive Officer of CoinShares stated,

“Over Q3 and despite some headwinds, we have largely maintained the momentum that was seen moving into 2021.”

Additionally, the company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were recorded at £88.8 million. Out of this, the Asset Management Platform generated a strong £55.1 million in Q3. A significant quarter-on-quarter increase from £11.3 million in the previous year during the same period.

What is noteworthy is gains of £45.9 million from the Group’s Capital Markets Infrastructure. Marie Mognetti added,

“…we continue to take advantage of the evolution seen in the wider industry and translate it into total comprehensive income and balance sheet growth.”

According to CoinShares’ Digital Asset Fund Flows Weekly until 22 October, the cryptocurrency industry also saw a record-breaking investment inflow of $1.5 billion.

In the context of the wider crypto market, Q3 2021 managed to subside the sluggish Q2. According to a report by CryptoRank, Q3 was a bullish quarter, with market capitalization rising above $2 trillion. Moreover, the total value locked in DeFi also surpassed $180 billion.

CoinGecko’s report noted that Bitcoin’s recovery, the introduction of “gaming coins,” and non-fungible tokens (NFTs) mainly drove the quarter in discussion. On the contrary, the trading volume seemed to have taken a hit in Q3 compared to the highs in May.

Meanwhile, Square Inc. has also reported its quarterly revenue. The company reported a gross profit of $1.13 billion in Q3, slightly less than what it clocked in Q2. It was reportedly on the back of slowing Bitcoin demand, which gained back “strength” in October.

Having said that, the State Of Blockchain Q3’21 Report also pointed towards a record-breaking Q3 in terms of crypto venture funding too.


Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.