Toronto-based Ether Capital Corporation has released its unaudited financial report for the first quarter of 2023, detailing a decline in revenue from the previous year, but a significant increase in its digital asset holdings.

The company reported revenue of $1.18 million for the first quarter of 2023, down 1% from $1.2 million for the same period in 2022.

However, the company’s operating expenses rose 59% to $1.26 million in the same period from $0.8 million in the first quarter of 2022.

Despite the decline in revenue, Ether Capital Corporation’s digital asset holdings increased by 44% in the first three months of 2023, from $73.1 million on December 31, 2022 to $105.5 million by March 31, 2023.

The significant increase in the company’s digital asset holdings can be attributed to its investment strategy of holding a diversified portfolio of digital assets, including Bitcoin and Ethereum, among others.

In addition, Ether Capital Corporation also receives advisory fee income from Purpose Investments, which is tied to the management of Purpose Investments’ crypto ETF assets.

However, the company reported a 51% decline in consulting fee revenue from the first quarter of 2022, with revenue of $220,000 compared to $450,000 a year earlier.

Despite the challenging market environment in the first quarter of 2023, Ether Capital Corporation remained focused on its long-term investment strategy, which resulted in a significant increase in digital asset holdings.

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Filed under: Bitcoin - @ May 14, 2023 3:41 pm