By
Bena Ilyas
April 22nd, 2024
CoinShares stock opened the day at 81.9 SEK and closed at 109.12 SEK. This translates into a market cap of 7.3 billion SEK ($860M) and 33% price jump.
CoinShares stock took a 33% surge on the Crypto Fund’s debut on the Nasdaq First North Growth Market in Sweden. CoinShares is a European digital asset investment firm with offices in London, Stockholm, Jersey and New York that manages over $40B worth of assets on behalf of its clients. They made their Nasdaq Nordic Growth Market debut on Thursday under the ticker “CS” following an oversubscribed public offering.
An initial announcement stated that CoinShares stock would be trading under the ticker “COIN”, the ticker proposed for Coinbase‘s impending direct listing.
The Nasdaq First North Growth Market is a stock exchange that lists European firms classified as ‘small and medium-sized growth’ firms.
The digital asset manager announced on Wednesday that it had been given the green light to trade on the exchange. It had previously been announced that 151.1 million Swedish Krona (SEK), about $17.8M was raised during a public offering. During the offering, Stockholm-based investment service Mangold Fondkommission AB took on the roles of a financial advisor and sole bookrunner with Baker McKenzie as legal advisor to the firm. The subscription period ran from 23 February 2021 to 2 March 2021.
3,364,403 shares were on offer at 44.90 SEK ($5.29) per share. The investment firm revealed that the offering was oversubscribed by close to 450% of the total offering.
Subscriptions from the 2,280 new shareholders brought in a total of 675 million SEK, close to $80M. CoinShares opened the day at 81.9 SEK and closed at 109.12 SEK. This translates into a market cap of 7.3 billion SEK ($860M). Shareholders who bought in at 44.90 SEK had more than doubled their money by the end of the trading day.
In February, CoinShares launched its second physically-backed exchange-traded product (ETP). The Ethereum-back ETP is listed on Swiss SIX exchange as “ETHE” and has about $75 million in assets under management.
Townsend Lansing, head of product at CoinShares had this to say about the ETP:
“Bringing innovative products like ETHE allows us to continue setting the industry standard for trust and transparency and provide institutions with easy access to industry-leading crypto investment vehicles”
CoinShare’s first ETP was the Bitcoin ETP “BITC” listed in January on the same exchange.