Prophecy DeFi Announces Q1 2022 Financial Results
Not for Distribution to United States Newswire Services or for Dissemination in the United States
TORONTO, May 30, 2022 /CNW/ - Prophecy DeFi Inc. ("Prophecy DeFi" or the "Company") (CSE: PDFI), a publicly traded investment firm focused on the decentralized finance sector, is pleased to announce its financial results for the three months ended March 31, 2022 ("Q1").
Q1 2022 HIGHLIGHTS
- Cash & Digital Assets of $9,821,748
- Realized Liquidity Mining Rewards of $462,678
- Net loss per share of $(0.03)
Cryptocurrency markets experienced tremendous volatility during the first quarter of 2022, which persists into the current quarter. Prophecy DeFi's wholly owned subsidiary, Layer2 Blockchain Inc. ("Layer2") navigated this environment well, as a result of its diversified portfolio consisting of 15 active positions and assets that include fiat-collateralized stablecoins and blue-chip digital assets. During Q1, Layer2's management team rebalanced its portfolio to maximize risk-adjusted returns and will continue to do so on an ongoing basis. The liquidity mining rewards that Layer2 realized in Q1 were strong and the portfolio continues to realize these rewards notwithstanding the broader price depreciation of cryptocurrency assets, globally.
"Under the backdrop of a significant compression in the value of digital assets, Layer2's portfolio continued to generate liquidity mining yields and Prophecy DeFi advanced another $3M, which was deployed into crypto assets during the period," said John McMahon, CEO, Prophecy DeFi. "As we move forward into 2022, Prophecy DeFi will continue to seek out new organic and inorganic growth opportunities that will add value and diversify our revenue and asset composition. Additionally, in light of recent market conditions, the Company has taken significant actions to eliminate operating costs through salary reductions and cuts relating to all non-essential services."
Additional information concerning the Company, including our unaudited consolidated interim financial statements and related Management's Discussion and Analysis ("MD&A") can be found under the Company's profile on SEDAR at www.sedar.com.
About Prophecy DeFi
Prophecy DeFi (CSE: PDFI) provides retail and institutional investors with access to the decentralized finance sector by bridging the gap between DeFi and traditional finance. Prophecy DeFi invests in diverse DeFi and Web 3.0 startups to create new business opportunities in a coherent ecosystem.
Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals and the possibility that the completion of the transaction may not occur. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Prophecy DeFi Inc.
John McMahon, CEO, Tel: (416) 764-0314, Email: [email protected]
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