WisdomTree Q3 Reports Reveal Declining Crypto Holdings
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.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at firstname.lastname@example.org if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.