European crypto investor CoinShares reports sharp drop in 2022 income

European crypto asset manager CoinShares blamed market turbulence for a 97% fall in full-year income and said it lost 26 million pounds ($31 million) in the collapse of major exchange FTX, CoinShares said.

The crypto market plummeted in 2022, as rising rates and a series of bankruptcies at high-profile crypto firms prompted investors to ditch risky crypto assets.

CoinShares’ “total comprehensive income”, a measure which includes expected losses, fell to 3 million pounds in 2022 from 113.4 million in 2021, its fourth quarter earnings report showed.