CoinShares Q3 Earnings Exceeds Estimates, Shares Soar
- Shares of the digital asset firm rose on the news, ahead 21.17% on-day
- CoinShares manages roughly $3.9 billion in assets, according to its Q3 report
CoinShares, the cryptocurrency asset manager, reported higher-than-expected third-quarter earnings on Thursday.
The company’s total comprehensive income for the period ending on September 30 was reported at almost $114.5 million, up from $19.3 million on the year. The Q3 results were CoinShares’ strongest-ever performance over a nine-month period, according to the company’s filing.
CoinShares (CS) has $3.9 billion assets under management (AUM), according to the report. In December of last year, the company posted $2.2 billion AUM.
The stronger-than-anticipated performance comes as the crypto market recovers after a sharp downturn for ethereum and bitcoin during the summer months.
“Over Q3 and despite some headwinds, we have largely maintained the momentum that was seen moving into 2021,” Jean-Marie Mognetti, Chief Executive Officer of CoinShares, said in a statement.
Shares of the digital asset firm rose on the news, ahead 21.17%, as of press time.
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Morgan ChittumMorgan Chittum is a New York-based reporter covering markets, NFTs, the metaverse and digital assets. Before Blockworks she was a street reporter at New York Daily News, where she wrote about homicide, extremist groups, state politics and other critical topics in New York. She was a Media and Journalism Fellow at the Poynter Institute, where she dabbled in data and investigative journalism. She is published in American Banker, Yahoo News, Chicago Tribune and more.