European investment firm CoinShares International has successfully sold its FTX claim, according to an official press release. The sale is expected to result in a 116% recovery rate, net of broker fees, and will yield a return of 31.32 million British pounds ($39.78 million) on a 26.6 million pound ($33.78 million) claim, pending customary closing conditions.
The successful sale of the FTX claim will provide CoinShares with opportunities to offer increased returns to its shareholders and enhance services for its clients. CEO Jean-Marie Mognetti highlighted the significance of the development and stated that the sale will enable the company to reinvest in growth opportunities to improve its market position.
In August 2022, CoinShares reported $21.7 million in losses due to its exposure to Terra (LUNA), which collapsed in May of the same year. Despite this setback, Mognetti expressed confidence in the company’s ability to continue market activity thanks to an effective strategy. The recent 116% recovery of the $39.78 million FTX claim further demonstrates the firm’s resilience and strategic success.
On June 20, the Japanese crypto exchange bitFlyer announced its acquisition of 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 can be determined. According to a local news agency, the acquisition is expected to cost bitFlyer billions of yen or tens of millions of dollars.