CoinShares switches stock listing to Nasdaq Stockholm’s main market

abdelaziz Fathi

European cryptocurrency investment firm CoinShares has successfully changed the trading venue for the company’s shares from Nasdaq First North Growth Market to Nasdaq Stockholm’s main market.

CoinShares

CoinShares said the move provides investors with new ways to gain exposure to the digital asset class. The approval was conditional upon customary conditions being fulfilled, including liquidity requirements and registration with the Swedish Financial Supervisory Authority.

Trading on the most senior marketplace in Sweden is said to enhance CoinShares’ regulatory profile and credibility as it increases awareness among analysts, prospective investors and the media. It also facilitates investments form institutional players who may be restricted to invest in companies listed on a MTF.

“We welcome CoinShares to Nasdaq Stockholm’s main market and the increased opportunities the uplisting will bring. We look forward to seeing the company’s further growth and development supported by increased investor visibility and international exposure within the cryptofinance community,” said Jean-Marie Mognetti, Chief Executive Officer of CoinShares said: ‍

Europe’s largest crypto asset manager posted revenue of £20.0 million in the third quarter, up 41 percent from Q2 2022’s £14.2 million. However, the figure was down by 24 percent when weighed against £26.2 million in the comparable period of 2021.

Adjusted EBITDA also dropped to £6.4 million from £8.2 million in the second quarter and £26 million in the three months through September 2021.

CoinShares’ net asset position has increased 20% year-to-date, to £240.6 million at the end of Q3. This compares to £200 million it reported on December 31, 2021. The company says this increase places it in “the perfect position” to emerge stronger from this consolidation phase and navigate recent external market turbulence thanks to a resilient strategy.

Coinshares reported a loss of £0.1 million in the quarter ending June 30 from a positive income of £26.6 million the previous year. That was Coinshare’s first negative quarter since going public in March 2021.

The company attributed the net loss to its TerraUSD (UST) holdings. The London-based firm recorded an “exceptional” loss of £17 million (roughly $21.4 million) from its exposure to Terra’s token when it exited its UST position.

Meanwhile, the group continues diversification of its asset management platform through the launch of additional products within the CoinShares Physical product suite. Europe’s largest digital asset investment firm also introduced an automated trading product for retail crypto investors, aiming for a market niche not well served by robo advisors.

The platform, which is marketed in the European Union and UK, connects to users’ preferred exchanges then automatically executes their chosen trading strategies.

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