The value of CoinShares’ XRP holdings skyrocketed by over $3.83 million within a space of three months despite the ongoing legal battle between Ripple and SEC.
Leading digital asset management firm CoinShares disclosed in its 2022 first quarter financial report that the value of its Ripple (XRP) holdings surged tremendously between December 2021 and March 2022.
CoinShares, whose XRP holding was valued around £2,668,536 (approximately $3.4 million) at the end of Q4 2021, recorded an increase of $3.83 million in its Ripple holding in the first quarter of 2022.
According to the financial report, CoinShares reported that at the end of Q1 2022, its XRP holdings were worth a total of £5,738,972 ($7.17 million), suggesting an increase of $3.83 million between Q4 2021 and Q1 2022.
CoinShares Increased Its XRP Holdings By 4 Million
Although CoinShares did not disclose whether it added more XRP tokens to its holdings between the end of Q4 2021 and Q1 2022, looking at the prices of the asset class within the period, it is clear that more XRP were added to the firm’s Ripple portfolio.
At the end of Q4 2021, XRP traded around $0.84 while the cryptocurrency also traded around $0.86 at the end of Q1 2022.
Given the price differences in both quarters and CoinShares XRP valuation in dollar reported in Q1 2022, it is evident that the digital asset management firm increased its XRP holdings by over 4 million.
CoinShares’ Confidence in Ripple-Related Products
Aside from increasing its XRP holdings, CoinShares also bolstered its investment in Swiss online banking platform FlowBank to 29.3% in the first quarter of 2022.
According to reports, CoinShares boosted its investment in the company in a bid to promote “increased digital asset exposure for FlowBank’s clients using its platform.”
It is worth noting that FlowBank uses Ripple’s payment partner Temenos to power its platform. Although it is not clear whether CoinShares also uses Temenos’ capabilities to facilitate transactions, its investment in FlowBank draws it closer to Ripple.
CoinShares Unbothered by Ripple v. SEC Lawsuit
Meanwhile, the U.K.-based digital asset management company appears to be bullish on XRP despite Ripple’s ongoing lawsuit with the United States Securities and Exchange Commission (SEC) that has caused the coin’s price to decline by a large margin.
The lawsuit is far from over as new developments continue to unfold on a weekly basis. At the moment, there is no guarantee that the lawsuit will end this year.
However, investors are hoping that the outcome of the lawsuit should be in Ripple’s favor in order to push the price of XRP back to its all-time high of over $3 recorded on January 4, 2018.
CoinShares does not seem deterred by the lawsuit, as it has steadily increased its position in the sixth-largest cryptocurrency by market capitalization.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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