The UK-based digital asset management company has recently increased its stake in Ripple significantly. It is not hindered by the ongoing court hearing.
In its financial report for the first quarter of 2022, leading digital asset management company CoinShares revealed a sharp increase in its stake in XRP.
As we learn, at the end of the fourth quarter of 2021, CoinShares’ XRP holdings were valued at £2,668,536 (about $3.4 million). On the other hand, the first quarter of 2022 saw significant gains of $3.83 million. This resulted in CoinShares’ official exposure to XRP totaling £5,738,972 ($7.17 million).
4 million more XRP
Given the valuation of XRP over the last two quarters ($0.84 at the end of December 2021 and $0.86 at the end of March 2022), it can be concluded that CoinShares’ holdings denominated in XRP have increased by 4 million coins.
Furthermore, in addition to increasing its exposure to XRP, the company has added 29.3% to its holdings of shares of Swiss online platform FlowBank. This is expected to indirectly increase exposure to digital assets for the bank’s clients. In doing so, it is worth noting that FlowBank itself has partnered with Ripple to power its space.
CoinShares unfazed by Ripple situation
As the data presented here shows, the UK-based digital asset management leader appears to be unmoved by the crackdown taking place between the Securities and Exchange Commission (SEC) and the issuer of the XRP token. The emergence of new information in the process keeps extending it, which also results in an extended accumulation period that CoinShares meticulously takes advantage of.
On the subject of the process, which has the right to project the entire crypto industry, we constantly report on the pages of our portal. Recently published legal opinions suggest that this one may end even this year. Its effects have the right to introduce a significant revival in the ranks of the XRP Army which, despite the last two years of boom, suffers from the price stagnation of the favorite asset.
XRP chart in the medium term
Along with significant declines in the value of many cryptocurrencies, XRP has experienced similar effects. It broke downwards out of a descending triangle, finding further support near $0.33. For now, the coin’s further condition depends on the situation of Bitcoin itself, but possible positive news from the court hearing may breathe some life into it and lead to further increases.