Ether Capital Corporation, a company focused on the development of Ethereum and Web3 ecosystem, released its financial results for the first quarter of 2022 on Monday. According to the report, the total value of Ether (ETH) and Staked Ether held by the company was $180.5 million.
Additionally, the total value of the company’s assets was $193.2 million. Moreover, the total shareholders’ equity of the firm was $192.7 million. Ether Capital Corporation had a revenue during the quarter of $1.2 million and operating expenses of $0.8 million. After incorporating non-operating expenses of $8.17 million, its net loss was $7.76 million or $0.23 per share. Also, the net book value per share was $5.74.
“We had a strong start to the year and our revenue exceeded operating expenses in the quarter. We brought on two executives who are highly experienced in traditional finance and key to our growth strategy. Their expertise, combined with our insider knowledge of the Ethereum ecosystem, is exactly what we need as we continue to build out our business and pursue new opportunities in the space. We exited non-core assets this past quarter and are focusing on building products that support the Ethereum ecosystem, while making it more accessible to the traditional finance community,” Brian Mosoff, the CEO of Ether Capital, commented.
During Q1 of 2022, Ether Capital started a transition from passive ownership of Ether and minority investments to an operating business that holds yield -generating Ether. In addition to selling non-core assets, the firm has increased its allocation of Ether to Staked Ether and increased the headcount of its senior management team. The company’s revenue for the quarter included both consulting revenue from Purpose Investments in relation to its crypto ETFs (BTCC and ETHH) and revenue from Staked Ether.
New CFO and COO Appointed
In March, Ether Capital Corporation announced the appointment of Ian McPherson as the President and Chief Financial Officer and Jillian Friedman as the Chief Operating Officer.
