European Crypto Asset Trading Firm CoinShares Reveals Over $31 Million Exposure To FTX

The European crypto investment and research firm CoinShares has revealed that it held more than $31m on the embattled crypto exchange FTX, calling it a “limited exposure.”“CoinShares confirms robust financial health and quantifies limited exposure to the FTX Exchange, while confirming that the Group has no exposure to FTX’s sister company, Alameda Research,” a Twitter thread from CoinShares said on Thursday.The thread also pointed out that CoinShares’ exchange-traded products “remain fully hedged and collateralized.”Further in the same thread, the major European crypto company made it clear that its current exposure is now “limited” after work over the past week that has “significantly reduced” its exposure to FTX.The current exposure is £26.6 (around US$ 31m), the company said.Per the tweet, CoinShares’ exposure is comprised of the following cryptoassets:

190 BTC, worth around $3.1m

1,000 ETH, worth around $1.2m

Approximately $25.9m of USD and USDC

Approximately $110,000 of “other assets”

The firm pointed out that the above represents only “proprietary assets,” and said investors in XBT Provider and CoinShares Physical exchange-traded products would “remain unaffected” even if none of the above-mentioned assets can be recovered.“The financial health of the [CoinShares] Group remains strong. As recently announced in the Group’s recent earning’s results, CoinShares’ net asset value as at 30 September 2022 stood at £240.6M,” CoinShares’ Twitter thread concluded by saying.CoinShares is a well-known company in the crypto industry that has worked to bridge the gap between crypto markets and traditional financial markets. The company offers exposure to a range of cryptoassets through its exchange-traded products listed on major European stock exchanges.

Source From : cryptonews