CoinShares, a major cryptocurrency investment company, has gone public on Stockholm’s Nasdaq, the main stock exchange in the Nordic countries.
CoinShares officially announced the first day of trading on the main Nasdaq Stockholm exchange on December 19, where CoinShares shares began trading under the ticker (symbol) CS.
This premiere represents a change in the listing location of CoinShares shares. Previously, CS shares were traded on the Nasdaq First North Growth Market, an alternative exchange for small and medium-sized companies in Europe. CoinShares went public for the first time quoting its shares on the Nasdaq First North Growth Market in March 2021.
According to the latest announcement, there is no offer or issuance of new shares in connection with the listing of CoinShares shares on Nasdaq Stockholm.
“CoinShares shareholders do not need to take any action in connection with the change of listing location,” the company noted.
According to the CEO of CoinShares, Jean-Marie Mognetti, the change in trading venue is intended to emphasize the company’s commitment to developing the firm into the “premier full-service digital asset trading and investment group”. He claimed:
“We believe the change in listing location will allow us to benefit from increased investor visibility and exposure, while supporting our ambition to increase our market share.”
Adam Kostyál, head of European listings at Nasdaq, expressed his confidence in the “greater opportunities” of the price rise. “We look forward to seeing further growth and development of the company supported by increased investor visibility and international exposure within the crypto-finance community.”added Kostyl.
CoinShares’ initial public offering was held in March 2021 at a fixed price of SEK 44.9, or $5.3 per share. According to data from TradingView, CS shares reached an all-time high of SEK 115, or $11, in April 2021 and have been gradually declining ever since.
As of this writing, CS shares are trading at SEK 21 ($2), down 2% from their debut on Nasdaq in Stockholm.
CoinShares’ trading venue change comes amid the ongoing cryptocurrency market crisis triggered by the bankruptcy of cryptocurrency exchange FTX.
As previously reported, CoinShares has not been significantly affected by the FTX contagion due to the company’s limited exposure to the FTX exchange. CoinShares said its global exposure to FTX stood at $31.5 million, ensuring that the company’s financials remain strong.
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