CoinShares International successfully sold its claim against the bankrupt cryptocurrency exchange FTX on June 24, pending final legal approvals, for $39.78 million. The claim, initially valued at $33.78 million, achieved a 116% recovery rate after broker fees.
CEO Jean-Marie Mognetti praised the team’s diligence and expertise for this favorable outcome and highlighted the sale’s significance for the company’s growth, shareholder rewards, and market position.
The financial boost will enhance CoinShares’ operations and service offerings, with plans for reinvestment to strengthen its market position.
Meanwhile, the broader FTX bankruptcy case continues. In May 2024, FTX proposed a reorganization plan to compensate creditors, potentially recovering 118% of original claims, with full repayment to non-governmental creditors and 9% interest from the bankruptcy filing date.
Objections to the plan have been raised, citing potentially misleading recovery figures and the plan’s failure to account for cryptocurrency appreciation.
Despite initial concerns about an $8 billion shortfall, significant progress in asset recovery has been made, including the acquisition of FTX’s Japanese unit by local crypto exchange Bitflyer.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
