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

The agreement, still subject to customary closing conditions, is set to 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 British pounds ($39.78 million) on a 26.6 million pound ($33.78 million) claim.

Related: Mt. Gox Trustee to start Bitcoin, Bitcoin Cash repayments in July

Financial implications for shareholders and clients

The successful sale of its FTX claim will give CoinShares opportunities to offer increased returns to its shareholders and provide “enhanced services” to its clients.

Jean-Marie Mognetti, CEO of CoinShares, emphasized the importance of the development, stating:

“The resolution of the FTX situation has been highly favourable for CoinShares. This exceptional recovery rate is a testament to the diligence and expertise of our team.”

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

“We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry.”

Related: Centralized crypto exchanges are key for mass adoption, despite FTX collapse — X10 CEO

CoinShares $21.7 million Terra losses

In August 2022, CoinShares posted its interim Q2 results, revealing $21.7 million in losses attributed to its exposure to Terra (LUNA), which collapsed in May of the same year.

Despite the substantial setback, Mognetti explained then that CoinShares had “sufficient resources” to continue market activity “thanks to an effective strategy.”

The firm continues to demonstrate this resilience and strategic success, evidenced by is recent 116% $39.78 million FTX claim recovery.

Related: Failed House candidate and partner of ex-FTX exec starts crypto think tank

FTX Japan acquisition by BitFlyer

On June 20, the Japanese crypto exchange BitFlyer announced that it is to acquire the Japanese arm of the collapsed FTX platform.

The acquisition will involve BitFlyer Holdings initially rebranding FTX Japan as New Custody Company until a new name can be determined.

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

Magazine: SEC drops Ether probe but still seeks billions in penalties from Ripple: Hodler’s Digest, June 16-22

Read More: World News | Entertainment News | Celeb News
Cointelegraph

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Why is XRP price up today?

The price of XRP (XRP) is up today, rising over 2% in…

Cardano founder proposes Bitcoin Cash integration in X poll

Cardano founder Charles Hoskinson recently posted a “hypothetical poll” on the X…

US Senate passes resolution overturning SEC crypto rule on banks

A majority of lawmakers in the United States Senate have passed a…

Jackpot: Las Vegas Casinos Pay Out Four $400K Or More Wins

Posted on: February 21, 2023, 11:40h.  Last updated on: February 21, 2023,…