How exactly did FTX’s collapse impact CoinShares’ revenue

ambcrypto.com:

CoinShares has released its fourth quarter report for 2022, revealing a combined revenue, profit and other income of £14.5 million. This was a massive 65% drop from its revenue of £41.9 million in the fourth quarter of 2021.

CoinShares has lost over $21 million as a result of the demise of the Terra crash in the second quarter of 2022. It suffered another setback after returning to profitability in the following quarter when FTX collapsed. The company stated that its performance was significantly impacted by nearly $30 million of assets remaining in a cryptocurrency exchange that blocked customer withdrawals in November before declaring bankruptcy.

In 2022, CoinShares’ revenue, profit, and other income totaled £72.6 million, a fall of more than half from its previous financial year when it stood at £151.8 million. Its total comprehensive income for 2022 fell by over 97% to £3 million due to market volatility, down from £113.4 million the previous year, according to its quarterly earnings report.

CoinShares CEO Jean-Marie Mogenetti further stated that the collapse and fraud that afflicted the industry in 2022 has heightened investor scepticism, with investors now looking to trusted and regulated institutional players. CoinShares provides a conventional risk policy for traditional financial players and a commitment to providing a solution to these problems.

Because of the poor market conditions, CoinShares announced the closure of its consumer platform in the fourth quarter. Its revenue during the same time period was minimal, and the company shifted its focus to the core business units of asset management and capital markets.

Mogenetti also said that the collapse of FTX significantly altered the landscape, affecting the level