(Alliance News) - Coinsilium Group Ltd on Wednesday reported a narrowed loss from continuing operations reflecting a recovery in digital asset markets.

The blockchain and crypto finance venture operator said in the six months ended June 30, revenue decreased to GBP56,417 from GBP138,888 the year prior, while the loss from continuing operations narrowed to GBP104,247 from GBP1.3 million.

Loss per share of 0.06 pence compared to LPS of 0.74p before.

"The digital asset markets have recovered significantly since the start of the period, which has had a markedly positive impact on the company's cryptocurrency holdings," Coinsilium explained.

Whilst the cryptocurrency markets remained highly volatile during the period, overall prices continued to improve, with Bitcoin and Ether ending the period up 85% and 60% respectively from their 2022 year-end lows, the firm added.

Coinsilium said having managed to remain on the "right side of what has been an extremely challenging market" throughout the last two-year downturn, it finds itself well positioned and ready to resume its drive for growth with an expanding portfolio of exciting Web3 investments and advisory clients.

It said the cryptocurrency community and financial markets in general are closely following the potential approval of the first Bitcoin spot ETF in the US and there is a consensus about the positive impact such an approval would have on the crypto markets overall.

"The clock is now ticking, and the SEC is under increasing pressure to approve the first US-based Bitcoin spot ETF," it added.

No dividends were paid.

Shares in Coinsilium up 1.3% at USD0.16 on Wednesday.

By Jeremy Cutler, Alliance News reporter

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