FTX Claim Sale Yields CoinShares a 116% Return

FTX Claim Sale Nets CoinShares 116% Gain

FTX Claim Sale– CoinShares International, a European investment firm focused on digital assets, has announced the successful sale of its FTX claim. According to an official press release, the agreement, pending customary closing conditions, is expected to deliver a recovery rate of 116% after deducting broker fees.

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

Implications for shareholders and clients from a financial perspective

The successful sale of its FTX claim will allow CoinShares to offer higher returns to its shareholders and enhance services for its clients.

Jean-Marie Mognetti, CEO of CoinShares, highlighted the significance of this achievement, stating:

The resolution of the FTX situation has been extremely beneficial for CoinShares. This outstanding recovery rate underscores the diligence and expertise of our team.

According to the press release, the proceeds from the sale will enable CoinShares to reinvest in growth opportunities aimed at strengthening its market position.

CoinShares Reports $21.7 Million in Losses Linked to Terra

In August 2022, CoinShares disclosed its interim second-quarter results, revealing a $21.7 million loss due to its exposure to Terra (LUNA), which experienced a collapse in May of that year. Despite this significant setback, Mognetti emphasized at the time that CoinShares maintained ‘sufficient resources‘ to sustain market operations ‘thanks to an effective strategy.’

The firm has since demonstrated resilience and strategic prowess, highlighted by its recent recovery of $39.78 million, representing a 116% return from the FTX claim.

bitFlyer Acquires FTX Japan

On June 20, Japanese cryptocurrency exchange bitFlyer announced its acquisition of the Japanese division of the defunct FTX exchange. As part of the acquisition, bitFlyer Holdings plans to initially rebrand FTX Japan as New Custody Company until a permanent name is chosen.

According to a local news agency, the acquisition is expected to cost bitFlyer billions of yen or tens of millions of dollars.

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