Crypto investment firm CoinShares debuts trading on Nasdaq Stockholm
CoinShares’ stock was previously listed on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized companies.
Major cryptocurrency investment firm CoinShares has debuted trading on Nasdaq Stockholm, the primary securities exchange of the Nordic countries.
CoinShares officially announced on Dec. 19, the first day of trading on Nasdaq Stockholm’s main market, with CoinShares’ stock starting trading on the exchange under the ticker CS.
The latest trading debut marks a change of listing venue for CoinShares’ stocks. Previously, CS shares were traded on the Nasdaq First North Growth Market, an alternative stock exchange for small and medium-sized companies 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 CoinShares’ shares being admitted to trading on Nasdaq Stockholm.
“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.
CoinShares’ initial public offering was conducted in March 2021 at a fixed price of 44.9 Swedish kronor (SEK), or $5.3 per share. According to data from TradingView, CS stock surged to an all-time high of 115 SEK, or $11, in April 2021 and has been gradually decreasing since.
Related: Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency
At the time of writing, CS shares trade at 21 SEK ($2), down about 2% since the trading debut on Nasdaq Stockholm.
CoinShares stock all-time price chart. Source: TradingView
CoinShares’ change of trading venue comes amid the ongoing cryptocurrency market crisis triggered by the failure of the FTX crypto exchange.
As previously reported, CoinShares has not been significantly impacted by the FTX contagion due to the company’s limited exposure to the FTX exchange. CoinShares said that its overall exposure to FTX amounted to $31.5 million, assuring that the firm’s financials remain strong.
Reference : https://cointelegraph.com