CoinShares guarantees a 116% return from the sale of FTX claims
CoinShares International, a European investment company specializing in digital assets, has announced the successful sale of its FTX claim.
The deal, which is still subject to customary closing conditions, is set 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 British pounds ($39.78 million) on a claim of 26.6 million pounds ($33.78 million).
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Financial implications for shareholders and customers
The successful sale of the FTX claim will give CoinShares an opportunity to provide additional profits to shareholders and provide “enhanced services” to its customers.
Jean-Marie Magnetti, CEO of CoinShares, emphasized the importance of the development.
“The FTX status solution has been a perfect fit for CoinShares. This exceptional recovery speed is a testament to our team's dedication and expertise.”
According to the press release, the sale allows CoinShares to reinvest in “growth opportunities” to improve its market position.
We are committed to building on this success to reward our shareholders and encourage further growth and innovation in the digital asset industry.
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CoinShares $ 21.7 million Terra losses
In the year In August 2022, CoinShares released its interim Q2 results, revealing a $21.7 million loss due to exposure to Terra (LUNA), which collapsed in May of that year.
Despite the steep decline, Mogenetti then explained that CoinShares has “sufficient resources” to continue market activity “thanks to an effective strategy.”
The firm continues to demonstrate this resilience and strategic success, most recently with a 116% recovery of $39.78 million in FTX claims.
Related: Failed house candidate and ex-FTX exec partner starts crypto think tank
FTX Japan Buy on BitFlyer
On June 20, Japanese crypto exchange BitFlyer announced that it will acquire the Japanese arm of the failed FTX platform.
The acquisition will involve BitFlyer Holdings first rebranding FTX Japan as the new custody company until a new name is announced.
According to a local news agency, the acquisition will cost BitFlyer billions of yen or tens of millions of dollars.
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