CoinShares International, a European investment firm focusing on digital assets, has reported the successful sale of its FTX claim. The transaction, pending customary closing conditions, is expected to deliver a recovery rate of 116% after deducting broker fees, as stated in an official press release.
This equates to a return of £31.32 million ($39.78 million) on a £26.6 million ($33.78 million) claim.
The successful sale of its FTX claim positions CoinShares to offer improved returns to shareholders and enhance services for clients. CEO Jean-Marie Mognetti highlighted the significance of this outcome, underscoring the diligence and expertise of the team in achieving an exceptional recovery rate.
With this development, CoinShares plans to reinvest in growth opportunities to strengthen its market position within the digital asset industry. Mognetti affirmed their commitment to leveraging this success for the benefit of shareholders and driving further growth and innovation.
CoinShares reported a significant loss of $21.7 million in its interim second-quarter results for August 2022, largely due to its exposure to Terra (LUNA), which experienced a collapse in May of that year.
Despite the substantial setback, Mognetti emphasized that CoinShares had “sufficient resources” to sustain market activities “thanks to an effective strategy.”
The firm continues to showcase its resilience and strategic acumen, exemplified by its recent recovery of $39.78 million, representing a 116% return on its FTX claim.
On June 20, bitFlyer, the Japanese crypto exchange, revealed its acquisition of FTX Japan following FTX’s collapse.
Initially, bitFlyer Holdings plans to rebrand FTX Japan as New Custody Company until a permanent name is chosen. According to reports from a local news agency, the acquisition is estimated to cost bitFlyer billions of yen or tens of millions of dollars.