The financial highlights below include reference to changes in the financial position at the end of the second quarter
Operating expenses have increased year-over-year primarily related to hiring additional staff in 2022, a larger investment in investor relations, building capacity to internalize operations that are currently outsourced, and the assessment of potential new business opportunities for the Company. Details are included in the Company's financial statements and the Management Discussion and Analysis (MD&A).
As an asset-oriented entity, the fair market value of the Company's digital assets were materially impacted by the changes in Ether price over the period. Ether ended
The ending cash balance (including marketable securities) did not change materially over the nine-month period but declined approximately
'Cryptocurrencies regained momentum, including Ether, which jumped by nearly 42% over the quarter,' said
'The yield generated from our Staked Ether was 4.67% in the third quarter and averaged 5.9% during the last two weeks of September,' said
About
The content of this document is for informational purposes only and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement, or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times.
Non-GAAP Measures
The Company's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ('IFRS'). In this press release, the Company discloses the gross value of its assets, staking yield, and the net value per basic common share, which are non-GAAP financial measures. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Company has presented such non-GAAP measures as management believes they are relevant measures of the value of the Company's underlying assets. Non-GAAP measures should not be considered as alternatives to the information set out in the Company's financial statements.
Forward-Looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the Ethereum ecosystem. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'on pace', 'anticipates', or 'does not anticipate', 'believes', and similar expressions or state that certain actions, events or results 'may', 'could', 'would', 'should', 'might', or 'will' be taken, occur or be achieved.
Forward-looking statements are based on information available to management at the time they are made, management's current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; market volatility of Ether, uncertainties in regard to the development and acceptance of blockchain technology (including Proof of Stake and Ethereum 2.0), and the Ethereum platform and anticipated timing and impact of the Ethereum network upgrade, timing and terms of proposed transactions related to non-core asset dispositions, assumptions and judgments related to fair value estimates of investment in Wyre, and the other risk factors discussed in the Company's Annual Information Form dated
Contact:
Email: brian@ethcap.co
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