Cryptocurrencies

The announcement was made by CoinShares International, a European investment company specializing in the assets.

CoinShares International, a European investment company specializing in digital assets, announced the successful sale of its FTX debt.

The deal, which remains subject to customary closing conditions, is expected to achieve a recovery rate of 116% net of brokerage fees, according to an official press release.

This translates to a return of £31.32 million ($39.78 million) on a claim worth £26.6 million ($33.78 million).

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Financial impacts on shareholders and customers

The successful sale of its FTX debt will provide CoinShares with the opportunity to deliver increased returns to its shareholders and provide “enhanced services” to its customers.

Jean-Marie Mugnitti, CEO of CoinShares, highlighted the importance of the development, saying:

“The FTX investment solution is a perfect fit for CoinShares. This exceptional recovery rate is a testament to the diligence and experience of our team.

According to the press release, the sale will allow CoinShares to reinvest in “growth opportunities” to improve its market position.

“We are committed to leveraging this success to reward our shareholders and further drive growth and innovation in the digital assets sector.”

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CoinShares loses $21.7 million to Terra

In August 2022, CoinShares released its second quarter interim results, revealing losses of $21.7 million attributed to its exposure to Terra (LUNA), which collapsed in May of that year.

Despite the major setback, Mognitti explained at the time that CoinShares had “sufficient resources” to continue market activity “through an effective strategy.”

The Company continues to demonstrate its flexibility and strategic success, as evidenced by a 116% FTX claims recovery of $39.78 million.

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FTX Japan acquires BitFlyer

On June 20, Japanese cryptocurrency exchange BitFlyer announced that it would acquire the Japanese arm of collapsed platform FTX.

The acquisition will involve BitFlyer Holdings initially rebranding as FTX Japan as its new custody company until a new name is determined.

According to a local news agency, the acquisition would cost BitFlyer billions of yen, or tens of millions of dollars.

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