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.

Read this next

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

Institutional FX

ViewTrade celebrates record growth with launch of carrying broker services offering

“We have been at the center of the empowerment of the retail investor for decades, supplying the technology to facilitate cross-border access to U.S. markets. Our demonstrated ability to provide a full-service, end-to-end solution to a diverse global customer base continues to prove its value every day.”

<