Crypto investment firm CoinShares debuts on Nasdaq Stockholm

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Leading cryptocurrency investment firm CoinShares has debuted on Nasdaq Stockholm, the leading stock exchange in the Nordic countries.

CoinShares officially announced on December 19, the first day of trading on the main market of the Nasdaq in Stockholm, that CoinShares shares will begin trading on the exchange under the ticker symbol CS.

The latest trading debut marks a change of listing venue for CoinShares shares. Previously, CS shares were traded on the Nasdaq First North Growth Market, an alternative exchange for small and medium-sized businesses in Europe. CoinShares first went public by listing its shares on the Nasdaq First North Growth Market in March 2021.

According to the latest announcement, there is no offering or issuance of new shares in connection with the admission of CoinShares shares to trading on Nasdaq Stockholm.

CoinShares shareholders do not need to take any action regarding the change of listing venue, the company noted.

According to CoinShares CEO Jean-Marie Mognetti, the change in trading platform is intended to underscore the company’s commitment to making the company the premier service-based digital asset trading and investment group. complete. He stated:

We believe that the change in listing location will allow us to benefit from increased visibility and exposure to investors while supporting our ambition to increase our market share.

Nasdaq’s head of European listings, Adam Kostyl, expressed confidence in the listing’s increased opportunities. We look forward to seeing the company’s growth and development supported by increased investor visibility and international exposure within the cryptofinance community, Kostyl added.

CoinShares’ initial public offering was completed in March 2021 at a fixed price of 44.9 Swedish Krona (SEK), or $5.3 per share. According to data from TradingView, CS stock hit an all-time high of SEK 115, or $11, in April 2021 and has been steadily declining since.

Related: Nasdaq Warns Bitcoin Mining Firm Bitfarms Of Stock Price Insufficiency

At the time of writing, CS shares are trading at SEK 21 ($2), down about 2% since their debut on Nasdaq Stockholm.

CoinShares stock all time price chart. Source: Trading View

CoinShares’ change of trading venue comes amid the current cryptocurrency market crisis triggered by the failure of crypto exchange FTX.

As previously reported, CoinShares was not significantly affected by the FTX contagion due to the company’s limited exposure to the FTX exchange. CoinShares said its overall exposure to FTX stood at $31.5 million, ensuring the company’s finances remain strong.

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