CoinShares International, a prominent European investment company specializing in digital assets, has announced the successful sale of its FTX claim. This move is expected to significantly bolster the firm’s growth opportunities and enhance its client services.
Impressive Recovery Rate
The agreement, which is still subject to customary closing conditions, will yield a recovery rate of 116% net of broker fees, according to an official press release. This translates to a return of £31.32 million ($39.78 million) on a £26.6 million ($33.78 million) claim.
Financial Benefits for Shareholders and Clients
The successful sale will enable CoinShares to reinvest the proceeds into growth opportunities and enhanced client services. Jean-Marie Mognetti, CEO of CoinShares, highlighted the significance of this development, stating:
“The resolution of the FTX situation has been highly favorable for CoinShares. This exceptional recovery rate is a testament to the diligence and expertise of our team.”
Mognetti added that the sale would allow CoinShares to improve its market position and reward its shareholders:
“We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry.”
Past Financial Challenges and Strategic Success
In August 2022, CoinShares reported $21.7 million in losses due to its exposure to Terra (LUNA), which collapsed in May of that year. Despite this setback, Mognetti assured stakeholders that CoinShares had “sufficient resources” to continue its market activities, thanks to an effective strategy.
The recent 116% recovery on the FTX claim underscores the company’s resilience and strategic acumen.
FTX Japan Acquisition by bitFlyer
In related news, on June 20, Japanese crypto exchange bitFlyer announced its acquisition of the Japanese arm of the collapsed FTX exchange. Initially, bitFlyer Holdings will rebrand FTX Japan as New Custody Company until a new name is determined. According to a local news agency, the acquisition is expected to cost bitFlyer billions of yen or tens of millions of dollars.
