Losing $ 22 Million to Earth (LUNA) Crash: CoinShares Announces Losses

A company that holds up – Also with devoured for $ 3 billion worth of bitcoin (BTC), the stablecoin UST of the project Land he could not be saved from disaster. Following this disaster and Domino effect, many other crypto projects have been affected. Some to the point of getting involved failure. Without reaching the latter end, the CEO of CoinShares he just explained how much his company has suffered from this affair.

Tens of millions of dollars lost on Earth

the bear market (bear market) on Bitcoin and cryptocurrencies is doing a lot of damage to companies in the ecosystem. It particularly affects the most fragile and / or less well managed. Self CoinShares International is not one of them, and has a solid seniority in the cryptocurrency sector (since 2014), the investment company has nevertheless been hit from the descent into hell ofUST of Earth.

In fact, CoinShares has just published, via a press release, its second quarterly report of the year 2022. He is the CEO of the company, Jean-Marie Mognetti, who personally announces the bad news. The loss of the FSO’s anchor to the cost of the US dollar £ 17.7 million (£) to CoinShares. This represents the equivalent of $ 21.7 million.

“(…) Despite the current turmoil in the digital assets sector (…) our asset management business has continued to generate strong earnings. (…) However, we suffered a one-off loss of £ 17.7 million following the loss of the TerraUSD indexation. This episode, although relatively small compared to the losses suffered by other players in our sector, obviously had a significant impact on our quarterly result. “

Jean-Marie Mognetti, CEO of CoinShares

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CoinShares (partially) offsets the losses due to UST

Fortunately, as the CoinShares leader suggests, the other assets of the crypto-company have made it possible to do so limit breakage. The balance of the second quarter is therefore negative for £ 8.2 million in total (about $ 10 million).

The CEO thus explains that his company has suffered a “more defensive mode” for the times to come. Jean-Marie Mognetti therefore believes so “Sufficient resources” to survive this new crypto winter.

Even to the point that CoinShares is still planning to do insert actions in the main market NASDAQ of Stockholm (Sweden). Nothing to be alarmed about despite the painful event on Earth (which has since become Terra Classic / LUNC)

Another sign that CoinShares isn’t doing so badly: it’s recent acquisition of Napoleon Asset Management. In fact, at the beginning of July 2022, CoinShares received the green light from the AMF to proceed with the acquisition of this French crypto-company.

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