WisdomTree's Q3 Crypto Assets Under Management Falls 36% to $178M
New York-based asset manager WisdomTree's (WETF) average crypto asset holding fell 36% yoy to $178 million in the third quarter of this year, according to Friday's earnings report.
At the end of the third quarter last year, WisdomTree reported a figure of $265 million for its crypto holdings, with the crypto market experiencing a continued correction over the past three months - resulting in an asset depreciation of $87 million for WisdomTree. In the third quarter of 2021, WisdomTree's crypto holding stood at $277 million.
Major crypto assets like bitcoin, ethereum and Solana have suffered the brunt of negative sentiment across equity markets in Q3 amid soaring inflation. Asset managers and venture capitalists involved in crypto have felt the squeeze, with prominent venture firm Andreessen Horowitz's crypto fund losing 40% of its value this year.
But WisdomTree's COO and President Jarrett Lilien remains unperturbed as he focuses on the use-case of blockchain technology.
"Our approach is to bring crypto mainstream, and to bring mainstream exposures, like fixed income, equities and commodities, into the digital world through blockchain-enabled funds and tokenized exposures," he said.
WisdomTree shares are up 1.86% in pre-market trading.
UPDATE (Oct. 28, 13:05 UTC): Corrects comparative figure in headline and text.