Big Four accounting firm KPMG says that investors are warming up to crypto as a way to hedge against the debasement of fiat currencies by central banks. In a new report, KPMG looks at the Canadian market and says that in 2023, half of financial service providers polled in the country offered crypto asset services, […]
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CoinShares found a significant increase in hedge funds and wealth managers survey respondents who have allocated to Solana compared to earlier this year.
Institutional investors appear to be “broadening their exposure to altcoins” including Solana (SOL), which has seen a “dramatic increase in allocations” from wealth managers and hedge funds, says CoinShares.
“Investors are more optimistic for Solana,” the asset manager’s head of research, James Butterfill, wrote in an April 24 report based on its survey of 64 investors with a combined $600 billion in assets under management.
Nearly 15% of surveyed investors said they had invested in SOL, a significant bump from CoinShares’ January survey which showed none of the respondents had any investment in the altcoin.
Institutions are keen on DeFi, and its use among them is growing, but on-chain risks are hamstringing further adoption, says Fireblocks’ Shahar Madar.
Institutional investors have a “growing interest” in decentralized finance (DeFi) but are held back by the risks of on-chain transactions, says a Fireblocks executive. The company aims to address these concerns by introducing new features to its platform.
“For institutional investors navigating DeFi transactions, the risks are significant,” Fireblocks security and trust products vice president Shahar Madar told Cointelegraph. “They manage significantly more funds than the average consumer trader.” Madar added:
Despite the risks, Madar said institutional DeFi trading on Fireblocks rose 75% in the first quarter of 2024, reaching “nearly $4.5 billion.”
Digital assets manager CoinShares says crypto product institutional investments suffered their second consecutive week of outflows last week. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products lost $206 million in outflows last week, bringing the two-week total outflows to nearly $312 million. According to CoinShares, investor interest in crypto exchange-traded […]
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Digital assets manager CoinShares says institutions dumped a new weekly record of $942 million in crypto products last week. In its latest Digital Asset Fund Flows report, CoinShares says the new record outflow breaks a seven-week run of record-setting inflows. “Digital asset investment products saw record weekly outflows totaling US $942 million, the first outflow following […]
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Digital assets manager CoinShares says institutions poured a record $2.7 billion into crypto investment products last week for a sixth consecutive week of inflows. In its latest Digital Asset Fund Flows report, CoinShares says that year-to-date inflows for crypto investment products are also nearing the record mark. “Digital asset investment products saw record weekly inflows totaling […]
The post Institutional Investors Set New Weekly Record With $2,700,000,000 in Crypto ETP Inflows: CoinShares appeared first on The Daily Hodl.
Digital assets manager CoinShares says institutions poured $598 million into crypto investment products last week for a fourth consecutive week of inflows. In its latest Digital Asset Fund Flows report, CoinShares says that year-to-date inflows for crypto investment products are nearing the $6 billion mark. “Digital asset investment products saw weekly inflows totaling US$598m, marking the […]
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Digital assets manager CoinShares says institutions poured $2.45 billion into crypto investment products last week, the largest weekly inflow ever recorded. In its latest Digital Asset Fund Flows report, CoinShares says that crypto investment products’ assets under management (AUM) are now at their highest level since December 2021. “Digital asset investment products saw record weekly inflows, […]
The post Institutions Pour All-Time Record $2,450,000,000 of Capital Into Crypto ETPs in One Week; CoinShares appeared first on The Daily Hodl.
Digital assets manager CoinShares says institutions poured $1.1 billion into crypto investment products one month after the U.S. Securities and Exchange Commission (SEC) approved spot BTC exchange-traded funds (ETFs). In its latest Digital Asset Fund Flows report, CoinShares finds that crypto investment products saw over a billion dollars in inflows last week and show no signs […]
The post Ethereum and Cardano Lead Institutional Altcoin Inflows As $1,100,000,000 Hits Crypto ETPs: CoinShares appeared first on The Daily Hodl.
Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out.
Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as notched a year-on-year increase in revenue despite lower trading volumes.
The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.
Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.
Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.
Our Q3’23 update is in.
— Coinbase ️ (@coinbase) November 2, 2023
Read the full shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx
Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.
Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.
These volumes have been trending downwards for five consecutive quarters.
Despite this, Coinbase said in a statement it was pleased with how the quarter played out:
“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”
The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.
Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.
Related: Coinbase launches regulated crypto futures services for US retail traders
Coinbase’s share price (COIN) spiked 8.7% to $84.6 during trading hours but then fell 3.7% to $81.5 in after-hours trading,following the results filing, according to Google Finance.
Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal
