Cryptocurrency investment company CoinShares has made the move to the Nasdaq Stock Exchange in Stockholm.
The firm, which was first listed on the Nasdaq First North Growth Market in January 2008, officially began trading on the Nasdaq Main Market on April 19 under the symbol CS.
CoinShares stated that no new shares have been issued or offered for the listing on the Nasdaq Stockholm, meaning that existing shareholders will not need to take any action.
CoinShares CEO Jean-Marie Mognetti believes that the relocation will help the company to achieve its goal of becoming the foremost digital asset trading and investment group. He said:
“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, Nasdaq’s Head of European listings, noted the opportunities presented by the rising cryptocurrency prices. “We expect to see further growth and development of the company supported by increased investor visibility and international exposure within the cryptocurrency community,” Kostyál added.
CoinShares’ shares were originally traded at a fixed price of SEK 44.9 ($5.3) in March 2021, but have since risen to an all-time high of 115 SEK ($11) before declining to the current price of SEK 21 ($2).
The move to the Nasdaq Stockholm takes place against the backdrop of the cryptocurrency market crisis caused by the collapse of FTX.
CoinShares has affirmed that it has minimal exposure to the FTX exchange, with total exposure amounting to $31.5 million, ensuring that its financials remain strong.