CoinShares confirms solid financial health and quantifies

CoinShares has significantly reduced its exposure to FTX over the past week to around £26.6 million. The Group’s financial health remains strong despite its remaining exposure to FTX, with a net asset value of £240.6m as of September 30, 2022. Physical ETPs from provider XBT and CoinShares remain fully hedged and secured.

November 10, 2022 | SAINT HELIER, Jersey | CoinShares International Limited (Nasdaq First North Growth Market: CS; US OTCQX: CNSRF) (“CoinShares” or the “Band”), Europe’s largest and oldest digital asset investment firm, discloses its exposure to FTX Exchange, while confirming that the Group has no exposure to FTX sister company Alameda Research. The ability to withdraw funds from FTX was discontinued on November 8.

The Group’s total exposure to FTX amounts to approximately $30.3m (£26.6m) and consists of:

  • 190 BTC (approx. $3.1 million) and 1,000 ETH (approx. $1.2 million) in pending withdrawals that were submitted before FTX stopped withdrawals;
  • approximately $25.9 million in USD and USDC;
  • approximately $110,000 of other assets.

The above items represent proprietary assets of the Group, and holders of XBT and CoinShares Physical tickets would not be affected if they were not recoverable. Noteholders can access the Armanino TrustExplorer Attestation (CoinShares Physicals and XBT Provider) reports at any time, which are published daily.

CoinShares CEO Jean Marie Mognetti said: “In light of the high level of public scrutiny of FTX’s financial condition and IIn the spirit of transparency, we have decided to disclose our current exposure to FTX. With our cautious approach to risk, we significantly reduced our exposure to the FTX exchange in response to increased volatility and uncertainty, ahead of FTX’s decision to freeze further withdrawals.

The Group’s financial health remains solid. As recently announced in the group’s recent results, the net asset value of CoinShares as of September 30, 2022 was £240.6 million.

ABOUT COINSHARES

CoinShares is a leading full-service digital asset trading and investment group that offers a wide range of financial services in the areas of investment management, trading, securities and consumer products to a wide range customers, including businesses, financial institutions and individuals. The group is based in Jersey, with a presence in France, Sweden, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers and in the United States by the Financial Industry Regulatory Authority. CoinShares is publicly traded on the Nasdaq First North Growth Market under the symbol CS and the OTCQX under the symbol CNSRF.

For more information about CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com
Certified Advisor – Mangold Fondkommission AB | +46 (0)8 503 015 50 | ca@mangold.se

PRESS CONTACT

CoinShares
Benoit Pellevoizin
bpellevoizin@coinshares.com

H Maitland Advisors
Freddie Barber / Alasdair Todd
coinshares@h-advisors.global
+44 (0) 207 379 5151

.

Add Comment