Ether Capital Corporation Reports 149% Increase in Revenue for 2022

04/02/2023 23:46 • Blockchain Briefs • 90 views

It is reported that the Canadian listed company Ether Capital Corporation (NEO: ETHC) has released its audited comprehensive financial performance report for the year ended December 31, 2022. The company’s revenue increased by 149% from $1.5 million in 2021 to $3.7 million in 2022, mainly due to the significant increase in Stacked Ether awards. In addition, the company receives consulting fee income from its related party, Purpose Investments, which is associated with assets managed by Purpose Investments’ crypto ETF (“crypto asset management scale”). The cash on the balance sheet as of December 31, 2022 was $440000, compared to $3.4 million as of December 31, 2021. However, the increase of $2.45 million was invested in cash equivalents and marketable securities. As mentioned above, significant changes occurred in the valuation of the company’s digital assets during 2022. The value of digital assets decreased by $137.3 million to $73.1 million, mainly due to a 65% decline in Ethereum prices during the year. As of December 31, 2022, the valuation of the company’s digital assets exceeded the cost base of these assets by $15.5 million.

Listed company Ether Capital’s revenue in 2022 was $3.7 million

Introduction

Ether Capital Corporation (NEO: ETHC) has released its audited comprehensive financial performance report for the year ended December 31, 2022. The report indicates a significant increase in revenue, mainly due to the Stacked Ether awards. Additionally, the company received consulting fee income from its related party, Purpose Investments’ crypto ETF.

Company Revenue and Income

According to the report, the company’s revenue increased by 149% from $1.5 million in 2021 to $3.7 million in 2022. This increase is attributed to the significant rise in Stacked Ether awards. In addition, the company received consulting fee income from its related party, Purpose Investments, which is associated with assets managed by Purpose Investments’ crypto ETF.

Balance Sheet and Cash Equivalents

As of December 31, 2022, the cash on the balance sheet was reported at $440,000, compared to $3.4 million as of December 31, 2021. However, the $2.45 million increase was invested in cash equivalents and marketable securities.

Changes in Digital Asset Valuation

Significant changes occurred in the valuation of the company’s digital assets during 2022. The value of digital assets decreased by $137.3 million to $73.1 million, mainly due to a 65% decline in Ethereum prices during the year. As of December 31, 2022, the valuation of the company’s digital assets exceeded the cost base of these assets by $15.5 million.

Conclusion

Ether Capital Corporation reported a substantial increase in revenue for 2022, with the Stacked Ether awards contributing to the rise. Despite the significant decrease in digital asset valuation, the company still managed to maintain a positive balance sheet.

FAQs

1. What is Ether Capital Corporation?

Ether Capital Corporation is a Canadian listed company associated with crypto and blockchain-based assets.

2. What caused the decline in digital asset valuation for Ether Capital Corporation in 2022?

Ether Capital Corporation’s digital asset valuation declined mainly due to a 65% decline in Ethereum prices during the year.

3. How much did the company’s revenue increase in 2022?

The company’s revenue increased by 149% from $1.5 million in 2021 to $3.7 million in 2022, mainly due to the significant increase in Stacked Ether awards.

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