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CoinShares’ XRP asset value rose by more than $3.83 million in three months despite an ongoing legal battle between Ripple and the SEC.
According to the latest report from asset management company CoinShares, from December to March, the value of XRP assets under their management increased by about 3 million to 5.7 million pounds sterling (GBP). CoinShares is considered the largest cryptocurrency holder in Europe among public companies and one of the largest digital asset management companies.
CoinShares said in its financial report for the first quarter of 2022 that the value of its XRP assets rose sharply between December 2021 and March 2022.
CoinShares, whose XRP assets were valued at approximately £2,668,536 (approximately $3.4 million) at the end of the fourth quarter of 2021, recorded a $3.83 million increase in its XRP assets in the first quarter of 2022.
According to the financial report, CoinShares reported that at the end of the first quarter of 2022, its XRP assets were worth a total of £5,738,972 ($7.17 million), suggesting an increase of $3.83 million between the fourth quarter of 2021 and the first quarter of 2022.
CoinShares increased its XRP assets by almost 4 million
While CoinShares did not disclose whether it added more XRP tokens to its assets between the end of the fourth quarter of 2021 and the first quarter of 2022, looking at asset class prices over that period, it is clear that more XRP tokens have been added to the company’s Ripple portfolio.
At the end of the fourth quarter of 2021, XRP was trading around $0.84, while the cryptocurrency was also trading around $0.86 at the end of the first quarter of 2022.
Given the price differentials in both quarters and CoinShares’ valuation of XRP in dollars released in the first quarter of 2022, it’s clear that the digital asset management firm has increased its XRP assets by more than $4 million.
CoinShares’ confidence in Ripple-related products
In addition to increasing its assets in XRP, CoinShares also increased its investment in Swiss online banking platform FlowBank to 29.3% in the first quarter of 2022.
According to reports, CoinShares has increased its investment in the company in an effort to promote “increased access to digital assets for FlowBank customers using its platform.”
It is worth noting that FlowBank uses ripple payment partner Temenos to support its platform. While it’s unclear if CoinShares is leveraging Temenos’ capabilities to facilitate transactions, its investment in FlowBank brings it closer to Ripple.
CoinShares is not concerned about Ripple’s lawsuit against the SEC
Meanwhile, a UK-based digital asset management company appears to be optimistic about XRP, despite Ripple’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), which led to a significant decline in the coin’s price.
The trial is far from over as new developments continue to unfold weekly. At the moment, there is no guarantee that the trial will end this year.
However, investors are hoping that the outcome of the lawsuit will be in Ripple’s favor so that the price of XRP returns to its all-time high of more than $3 recorded on January 4, 2018.
The lawsuit doesn’t seem to stop CoinShares as it steadily strengthens its position in the sixth largest cryptocurrency by market capitalization.
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