Crypto asset manager CoinShares begins trading on Nasdaq in Sweden

CoinShares, Europe’s largest crypto asset manager, has officially gone public through a listing on the Nasdaq First North Growth Market.

The firm's shares began trading under the ticker CS at 9 a.m. CET Thursday morning.

CoinShares published a series of tweets this morning announcing that it would begin trading after an “oversubscribed IPO”.

The company kicked off a share issue ahead of the IPO in February, making roughly 151 million Swedish Krona (roughly $18m) of shares available for investment. But by the time the company announced the offering on February 22, the bulk of those shares had already been subscribed for by members of its board of directors, management team, existing shareholders, as well as through external investment.

On March 10, CoinShares announced that it had been given formal approval by Nasdaq Stockholm AB to begin trading.

The firm also revealed that it received total subscriptions of 675 million Swedish Krona (around $80m), meaning the IPO was 447% oversubscribed. The company has also acquired 2,280 new shareholders.

Jean-Marie Mognetti, CEO of CoinShares, said the listing represents “a major and exciting milestone” for CoinShares.

“We have had a strong presence in Sweden and on Nasdaq Nordic since 2016 with our XBT Provider line of crypto ETPs, which now have over $4 billion in AUM, and we are delighted to expand our commitment to Nasdaq and Sweden with today’s announcement,” he said, adding:

“As investors look for new ways to gain exposure to the expanding digital asset class, their response to our IPO is an encouraging sign for our future on Nasdaq as well as further evidence of the increased interest in the wider digital asset industry.”