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Summary
CoinShares earned a $39.78 million profit by selling its FTX claim, achieving a remarkable 116% recovery rate, benefiting its financial health and stakeholders.
Introduction
CoinShares International, a leading European digital asset investment company, has recently concluded the sale of its claim against the defunct FTX exchange, resulting in a significant recovery rate of 116% after factoring in broker fees.
Main Points
The sale of the FTX claim is expected to generate approximately $39.78 million in returns, surpassing its initial value of $33.6 million. This strategic move by CoinShares comes after facing losses linked to its exposure to Terra (LUNA) in the second quarter of 2022.
The recovery from the FTX claim sale is anticipated to enhance CoinShares’ financial standing, providing advantages to its shareholders and clients.
On a related note, bitFlyer, a significant Japanese cryptocurrency exchange, has acquired FTX Japan and plans to rebrand it as the New Custody Company until a permanent name is decided.
Conclusion
The successful sale of the FTX claim has significantly improved CoinShares’ financial outlook, reinforcing its position in the volatile crypto landscape and delivering benefits to its stakeholders.
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