Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) showed optimism for the bitcoin and wider cryptocurrency markets in Wednesday’s interim trading statement, citing price recovery and pending regulatory approval of new bitcoin trading products as industry tailwinds.
Revenues decreased from £139,000 in the first half of 2022 to £56,400 in the latest interim period, with losses per share coming to 0.06p.
Cash and cash equivalents at the end of the period totalled £608,300, with other current assets (including cryptocurrencies, tokens and rights to future tokens) held at £1.07 million.
Available-for-sale financial assets at fair value through profit or loss increased to £2.21 million from £2.14 million at the end of 2022.
In terms of operational highlights, Coinsilium successfully bought the Tokenomi Web3 advisory service business and certain intellectual property assets of the group for £116,500.
Post period, investment and advisory portfolio company Indorse unveiled its new Web3 software product ‘Bastion’, an open source, modular wallet and software development kit.
“The digital asset markets have recovered significantly since the start of the period, which has had a markedly positive impact on the company’s cryptocurrency holdings as the loss from continuing operations decreased to £104,247 from a loss of £1,284,830 in the first half of 2022,” read the directors’ statement.
Looking forward, Coinsilium noted that cryptocurrency, especially bitcoin and ether, is witnessing a price surge, instilling confidence in market recovery.
Coinsilium is also betting on US approval of a spot-bitcoin exchange-traded funds, a long-running ambition for the industry, noting that approval would open up far greater pools of capital to the bitcoin market.
“Having managed to remain on the right side of what has been an extremely challenging market throughout the last two-year downturn, Coinsilium now finds itself well positioned and ready to resume its drive for growth with an expanding portfolio of exciting Web3 investments and advisory clients,” said Coinsilium.