CoinShares Confirms “Robust” Financial Health, Quantifies Exposure to FTX Exchange

CoinShares International Limited, which claims to be Europe’s largest and longest standing digital asset investment firm, “discloses its exposure to the FTX Exchange, while confirming that the Group has no exposure to FTX’s sister company, Alameda Research.”

The ability to withdraw funds from FTX was “halted on 8 November.”

The Group’s total exposure to FTX “amounts to approximately $30.3M (£26.6M),” and is comprised of:

  • 190 BTC (approximately $3.1M) and 1,000 ETH (approximately $1.2M) in pending withdrawals which were submitted prior to the halting of withdrawals by FTX;
  • approximately $25.9M of USD and USDC;
  • approximately $110k of other assets.

The above “represent proprietary assets of the Group, and XBT and CoinShares Physical noteholders would remain unaffected in the event that they were not recoverable.”

Noteholders may at any time “access the Armanino TrustExplorer Attestation reports (CoinShares Physicals and XBT Provider), which are published daily.”

CoinShares CEO, Jean Marie Mognetti stated:

“In light of the high level of public scrutiny over the financial position of FTX and in the spirit of transparency, we have decided to disclose our current exposure to FTX. Thanks to our prudent approach to risk, we had materially reduced our exposure to FTX exchange in response to increased volatility and uncertainty, ahead of FTX’s decision to freeze further withdrawals. The financial health of the Group remains strong. As recently announced in the Group’s recent earnings results, CoinShares’ net asset value as at 30 September 2022 stood at £240.6M.”

As covered, CoinShares claims to be “a leading full-service digital asset investment and trading group that delivers a broad range of financial services across investment management, trading, securities, and consumer products to a wide array of clients that includes corporations, financial institutions, and individuals.”

The Group is “headquartered 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 US by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq First North Growth Market under the ticker CS and the OTCQX under the ticker CNSRF.”

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