Fenrir sits upon his throne of ice with the Casket in his lap and a new crown upon his head. He is the new king of Jotunnheim, appointed by his dam, King Loki, who has just abdicated. Fenrir always knew he was destined to be a king, he was just never sure of which realm until the last few years. It became obvious as Fenrir reached adulthood that he just didn't fit in-in Asgard. Literally. The man is over 9 feet tall. He was always tall as a child, something no one took for granted considering his parentage. However, it became clear that there was going to be a problem when he passed the 7 foot benchmark and kept going. He has never felt comfortable in Asgard. Even with all the custom made furniture in the palace to fit his needs, he still felt like the odd duck. Fenrir is still short by Frost Giant standards but if the people of Jotunnheim were able to accept a runt as their King, then they will have no trouble accepting him.
In fact here on Jotunnheim, the fact that his skin isn't blue all the time is more of a controversy. He often appears Aesir until he gets exposed to a cold blast of air and then turns blue. His eyes never turn red however. They are always blue, like his father. His black curly hair takes after his dam. His tribal markings mirror Loki's. He is wise and perceptive like his dam, and kind hearted and strong like his father. He is worthy of Mjolnir, though his father is its keeper. He can wield both ice magic and seidr. Most importantly, he can wield the power of The Casket. He is the King of Jotunnheim, and has been acting as such for quite some time.
Loki looks upon his son with pride. Loki loved being King of Jotunnheim. It gave him a sense of self-worth leaving a legacy for his son to build upon. It took a solid decade to repair the decade Jotunnheim had reaped. It took 3 generations of heavy breeding to rebuild the population. Jotunnheim is a realm of young people open to new ideas. Now after all the hard work is done, Loki is glad to hand it off. He has grown weary of splitting himself in two between the two realms, and longs to be at Thor's side for more than just a few weeks at a stretch. Odin had actually delayed Thor's coronation until his death, never retiring, even when the burdens of power became a too much in his old age. He did this so that Thor and Loki could spend as much time together with their children as possible. When Thor was crowned King of Asgard, the couple was barely able to see one another. Their time between their other son and two daughters became fragmented. Loki is looking forward to just being King's Consort. There's more to life than power.