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Bailey McCann, Opalesque New York:

Swedish asset manager Hilbert Group posted mixed second quarter results. It's fee-paying assets and management fee revenue grew 74% quarter over quarter even has Bitcoin had one of its weakest stretches in years.

Bitcoin fell roughly 14% in the quarter and about 26% over the first half on a month-end basis, including June, its worst month since 2022. Over the same period the crypto hedge fund composite was down more than 11% year to date according to data from Galaxy VisionTrack through the end of June.

The company's shares fell 21.75% to $2.95 from a previous close of $3.77, leaving the stock at the bottom of its 52-week range of $2.95 to $14.90.

'Markets may continue to be volatile. The underlying signals - rising commission income, assets under management that generate commissions and that increased in five of the first six months, deepened relationships with institutional clients and a broadening of our business engines - all point in the same direction. We will benefit from this momentum by maintaining strict cost discipline: we will scale up the operations that already generate revenue and subject new initiatives to the same scrutiny,' CEO Barnali Biswal said during a presentation on fund performance.

Hilbert reported ongoing institutional interest in digital assets including Bitcoin, despite recent performance issues. Biswal said Hilbert's approach shows that there is still resilience in digit......................

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