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CoinShares reports $21.7M loss tied to Terra implosion

Published 08/02/2022, 03:00 PM
Updated 08/02/2022, 04:40 PM
CoinShares reports $21.7M loss tied to Terra implosion
LUNAt/USD
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On Tuesday, European cryptocurrency investment firm CoinShares posted its interim Q2 2022 results. Compared to the prior year's quarter, the firm's revenue declined from 19.6 million pounds ($23.89 million) to 14.2 million pounds ($17.31 million). At the same time, its net income fell from 26.6 million pounds ($32.42 million) in Q1 2021 to 0.1 million pounds ($0.12 million).

CoinShares explained that the losses were largely tied to its exposure to the Terra (LUNA) — now called Terra Classic (LUNC) — ecosystem, which collapsed in May of this year:

The price of TerraUSD in the past year. Source: CoinGecko

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