Major cryptocurrency investment firm CoinShares has debuted trading on Nasdaq Stockholm, the primary securities exchange of the Nordic countries.
On December 19, the first trading day on Nasdaq Stockholm’s main market, CoinShares made an official announcement. The stock of the crypto investment firm began trading on the exchange under the ticker CS.
For the equities of CoinShares, the most recent trading debut signifies a change of listing venue. The Nasdaq First North Growth Market, a secondary stock market for small and medium-sized businesses in Europe, was where CS shares were previously traded.
In March 2021, CoinShares made its first public offering by listing its shares on the Nasdaq First North Growth Market. The current release states that the admission of the CoinShares’ shares to trading on Nasdaq Stockholm does not involve any offering or issuance of additional shares.
“Shareholders of CoinShares do not need to take any action in connection with the change of listing venue,” the company noted. According to CoinShares CEO Jean-Marie Mognetti, the change in trading venue aims to emphasize the company’s commitment to developing the firm into the “leading full-service digital asset investment and trading group.” He stated: “We believe the change in listing venue will allow us to benefit from increased visibility and investor exposure while supporting our ambition to grow our market share.”
Nasdaq’s head of European listings Adam Kostyál expressed confidence in the “increased opportunities” of the uplisting. “We look forward to seeing the company’s further growth and development supported by increased investor visibility and international exposure within the cryptofinance community,” Kostyál added.
In March 2021, CoinShares held its initial public offering (IPO) at a set price of 44.9 Swedish kronor (SEK), or $5.3 per share. Data from TradingView show that the CS stock surged to an all-time high of 115 SEK, or $11, in April 2021 and then started to decline. CS shares are currently selling at 21 SEK ($2), down around 2% from when they first began trading on Nasdaq Stockholm.
The failure of the FTX cryptocurrency exchange, which led to the current cryptocurrency market crisis, is what prompted CoinShares to switch trading venues. Due to the company’s low exposure to the FTX exchange, CoinShares has not been adversely damaged by the FTX epidemic, as was previously stated. According to CoinShares, the company’s exposure to FTX as a whole totaled $31.5 million, ensuring that its financial position is solid.
