• CoinShares released its Q4 2022 financial report, showing a continued focus on institutional offers and managing digital assets.
• The company experienced a setback due to the insolvency of FTX and needs to find out how much of its assets can be recovered or if they can collect their funds.
• Galois Capital, a hedge fund, announced it was ceasing operations due to losses brought on by the collapse of FTX.
CoinShares Releases Financial Results
CoinShares, a digital asset investment group, has shared its Q4 2022 financial report, showing a continued focus on institutional offers and managing digital assets. The fund manager is still unsure of possible asset recovery efforts after FTX collapsed at the end of 2022 after returning to profitability in Q3 of the same year.
The FTX Effect
Following FTX’s bankruptcy filing, CoinShares claimed over $31 million in funds were trapped in the exchange. The fund manager needs to find out how much of the assets can be recovered or if they can collect the funds. CEO Jean-Marie Mognetti also claimed that the insolvency of FTX derailed the company’s ability to introduce its algorithmic trading platform, HAL, across Europe. Despite this, Mognetti believes that CoinShares will enter 2023 with specific objectives including focusing on growing its institutional products and digital asset management business.
Galois Capital Closes Its Doors
Although CoinShares survived the FTX storm, Galois Capital did not fare as well. The hedge fund informed investors on Feb 20th that it was ceasing operations due to losses brought on by the collapse of FTX and decided to sell off its claims to bidders better equipped to pursue bankruptcy claims and return remaining funds to investors .
Despite difficult financial conditions following FTX’s insolvency filing in late 2022, CoinShares remains financially stable with strong levels of inflow into their physical ETPs recorded for Q4 2023. Similarly Galois Capital closed down which led investors selling their claim better equipped for bankruptcy claims and returning remaining funds back them
•CoinShare’s Q4 Financial Report shows an increased focus towards Institutional Offers & Digital Asset Management
•FTX Insolvency impacted both CoinShare’s & Galois Capital’s finances
•CoinShare graduated Nasdaq Stockholm’s primary market despite difficult market conditions •Galois Capital ceased operation & sold off their claims