According to the third quarter report of billion-dollar asset manager WisdomTree, its earnings estimates were met, revealing that it earned $0.06 per share. However, the report also showed that its cryptocurrency investments have dropped to less than $200 million.
The cryptocurrency assets of WisdomTree under management dropped from $265 million to $178 million within the third quarter period. In addition, the fund’s cryptocurrency assets have decreased 56% since January this year, from $406 million.
In his reaction to the recent report, WisdomTree’s president and COO, Jarret Lillien, “Our move is to bring cryptocurrency mainstream.” Jarret Lillien added that the company wants to bring mainstream exposures like equities, commodities, and fixed income into the digital asset world through tokenized exposures and Blockchain-based funds.
“We are now setting up the foundation that will allow us to lead in the upcoming evolution of financial services and set claim to the highest exposures in the digital industry. In addition, this move places us in a position to get an even bigger opportunity, to move more into blockchain-enabled finance, where spending, saving, and investing are combined,” Jarret Lillien added.
The drop in their crypto holdings is a response to the decline in crypto asset prices and the general crypto market cap. It has also declined from $2.3 trillion in January to around the $1 trillion region.
Jono Steinberg’s Comments On The Announcement
After acknowledging that the approval from SEC was another milestone for WisdomTree, Jono Steinberg commented on the drop in crypto holdings. He said via a blog post: “we are still very focused on offering investors the best product outline to access several assets classes.
Previously, the asset management firm had to deal with intense price pressure last quarter as the SEC rejected its application for a spot bitcoin ETF. Earlier this month, the SEC didn’t approve the WisdomTree Bitcoin Trust proposal despite rolling over the decision from March and August 2022.
Still working on the recent rejections, the financial watchdog stated that WisdomTree did not correctly match up to its responsibility to secure investors’ funds and avoid illegal activities and price movement manipulation.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.