By Nathan Ferguson
CoinShares, a prominent crypto investment company, has begun its trading activities on Nasdaq Stockholm (known as the top securities exchange across the Nordic nations. The trading operations of the platform are being carried out under “CS” as its ticker.
CoinShares Begins Trading Activities after Its Listing on Nasdaq Stockholm
The new trading debut of the company indicates a modification of the listing forum for the stocks of CoinShares. Formerly, the shares of the firm were traded through the Nasdaq First North Growth Market (known as a substitutive stock exchange providing its services to medium and small-sized entities working across Europe. CoinShares initially went public after its shares got listed on the Nasdaq First North Growth Market back in March last year.
As mentioned in the exclusive declaration, no issuance or offering exists in the case of the latest shares in line with the shares of CoinShares being allocated to be traded on Nasdaq Stockholm. There is no requirement for the shareholders to take any actions in the case of the shift that took place in the listing platform, as noted by the firm.
Jean-Marie Mognetti, the chief executive officer (CEO) of CoinShares, the modification in the trading platform is targeted to enhance the commitment of the company to turn the company into a prominent trading and investment group dealing with the complete services related to digital assets. The executive added that they are hopeful about the positive outcome of the listing platform’s shift.
As per him, this will permit CoinShares to take advantage of the enhanced visibility as well as the investor exposure in addition to making efforts to achieve their determination to expand the market share of the company. Adam Kostyál, the chief of European listings at Nasdaq, additionally expressed great expectations in the case of a variety of opportunities to be seen in the coming time as the listing has been carried out.
He disclosed that the international exposure as well as the mounted investor visibility of CoinShares will support the platform in its development and that the crypto community will be of great help in this respect. The earliest public offering of CoinShares was organized in March of the previous year. At that time, its fixed price was nearly 44.9 Swedish kronor (SEK) – equal to $5.3 per share.
The data provided by TradingView points out that the stock of the platform reached its all-time high in 2021’s April at almost 115 SEK (equal to $11). Since then, it has been seeing a gradual decline. At the moment, 21 SEK (approximately $2) is the current mark around which CS shares are trading. This level is up to two percent lower than the time when the platform began its trading operations on Nasdaq Stockholm.
FTX Contagion Affects CoinShares but the Firm Remains Strong in Financials
The change in CoinShare’s trading platform is being witnessed amid the current crisis that is confronting the entire crypto market. The respective catastrophe has been ignited by the collapse of the well-known crypto exchange FTX which has not become bankrupt.
It was reported formerly that the FTX contagion has put a severe impact on CoinShares as the platform had been exposed to the crypto exchange to a limited extent. As claimed by the platform, its cumulative FTX exposure was around $31.5M. Nonetheless, it assured that the financials thereof remain strong.