CoinShares International, a European investment firm specializing in digital assets, has successfully sold its FTX claim, according to an official press release. The sale is still subject to customary closing conditions but is expected to yield a recovery rate of 116% after deducting broker fees. This means that CoinShares will receive a return of £31.32 million ($39.78 million) on its claim of £26.6 million ($33.78 million).
The successful sale of the FTX claim will provide CoinShares with opportunities to offer higher returns to its shareholders and enhance its services for clients. Jean-Marie Mognetti, the CEO of CoinShares, emphasized the significance of this development, stating that it allows the company to reinvest in growth opportunities and improve its market position.
CoinShares faced a setback in August 2022 when it posted its interim second-quarter results, revealing losses of $21.7 million due to its exposure to Terra (LUNA), which experienced a collapse in May of the same year. However, Mognetti reassured investors that the company had sufficient resources to continue its market activities thanks to an effective strategy. The recent successful sale of the FTX claim further demonstrates CoinShares’ resilience and strategic success.
In other news related to FTX, the Japanese cryptocurrency exchange bitFlyer announced on June 20 that it would acquire the Japanese arm of the collapsed FTX exchange. The acquisition will involve bitFlyer Holdings initially rebranding FTX Japan as New Custody Company until a new name is determined. According to local news sources, the acquisition will cost bitFlyer billions of yen or tens of millions of dollars.
In summary, CoinShares International has successfully sold its FTX claim, which will enable the company to offer higher returns to its shareholders and enhance its services for clients. Despite previous losses attributed to its exposure to Terra, CoinShares remains resilient and strategically successful. Additionally, bitFlyer is set to acquire FTX Japan, with the acquisition expected to cost billions of yen or tens of millions of dollars.