Aquis-listed blockchain company Coinsilium increased year-on-year revenues by 74% to £139,000 according to its latest interim report.
The group ended the period with £1.1mln of cash in the bank and approximately £1.3mln in crypto treasury reserves denominated in bitcoin (BTC) and ether (ETH).
Losses for the period came to £1.3mln largely due falling value of the company’s digital asset holdings.
While volatile crypto markets did impact Coinsilium’s accounts, the company is not leveraged in crypto and does not lend to third parties, reducing exposure to market conditions.
Coinsilium’s forward strategy is focused on decentralised finance (DeFi), NFTs, and increasingly, Web3 and metaverse opportunities.
“We are also seeing a tremendous level of motivation, stoic resilience, and professionalism across the growing pipeline of talented project teams we are currently invested in and working with,” the company stated.
“This provides us with a high level of confidence in their ability to deliver on their ambitious objectives and return long-term value to Coinsilium and our shareholders, irrespective of current market conditions.”