Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF) chief executive Malcom Palle told investors that the digital asset firm's resilience is paying off.
The longer-term trend remains supportive of the digital assets market, he said in Wednesday's interim results statement.
"Having successfully overcome and adapted through 3 bear markets in the crypto space since our launch as a public company in 2015, it is with great pleasure that we note that our resilience and perseverance through these difficult times has paid off as the industry now shows signs of becoming substantially more normalised, with significant asset valuation increases over the last year and a broad based expansion in market adoption," Palle said.
According to Palle, Coinsilium has seen an unprecedented level of activity over the last 6 months following the March launch of Bitcoin treasury project Forza! The treasury project saw some £17 million brought in over the summer.
"This phenomenal market reception has secured the foreseeable funding needs for the group’s primary operations whilst also allowing us to add substantial amounts of Bitcoin to our balance sheet in support of future non-dilutive value growth in this asset, which we continue to believe is the ultimate long term trend, notwithstanding the likelihood of future volatility as bitcoin continues to normalise and take its place as a global reserve asset and long term store of value."
"Looking ahead, our ambition to grow our Bitcoin treasury remains undiminished. Market conditions and valuation considerations will always influence the pace of accumulation, but our philosophy is clear: we did not come this far, just to come this far."
At the reporting date, 30 June, Coinsilium held 74 Bitcoin valued at £5.8 million, and subsequent fundraising allowed the purchase of an additional 108 Bitcoin, taking the total to 182 Bitcoin valued at about £15 million.
In terms of financial performance, Coinsilium reported an interim loss of about £600,000 for the six months, and noted that administrative expenses amounted to £500,000 and it also booked foreign exchange losses.