Terra

<a href="https://coinshares.com/home" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">CoinShares International</a>, a European investment company specializing in digital assets, has successfully sold its FTX claim.
The sale, pending customary closing conditions, is expected to yield a recovery rate of 116% after broker fees, according to an official press release. This results in a return of 31.32 million British pounds ($39.78 million) on a claim of 26.6 million pounds ($33.78 million).
This successful sale allows CoinShares to offer increased returns to its shareholders and provide enhanced services to its clients. Jean-Marie Mognetti, CEO of CoinShares, highlighted the significance of this development, stating,
“The resolution of the FTX situation has been highly favorable for CoinShares.
“This exceptional recovery rate is a testament to the diligence and expertise of our team.”
The sale will enable CoinShares to reinvest in growth opportunities to improve its market position. Mognetti emphasized,
“We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry.”
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In August 2022, CoinShares reported its interim second-quarter results, revealing $21.7 million in losses due to its exposure to Terra (LUNA), which collapsed in May of the same year.
Despite this setback, Mognetti assured that CoinShares had “sufficient resources” to continue market activity, thanks to an effective strategy.
The company’s recent 116% recovery on its $39.78 million FTX claim underscores its resilience and strategic success.
On June 20, the Japanese crypto exchange bitFlyer announced its plan to acquire the Japanese arm of the collapsed FTX exchange.
Initially, bitFlyer Holdings will rebrand FTX Japan as New Custody Company until a new name is determined.
According to local news sources, this acquisition will cost bitFlyer billions of yen or tens of millions of dollars.
This series of events highlights the ongoing developments and strategic maneuvers within the digital asset industry, showcasing the resilience and adaptability of key players like CoinShares and bitFlyer amidst the challenges posed by significant market disruptions.
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CoinShares Secures 116% Return on FTX Claim, Plans Reinvestment for Growth

Crypto Intelligence

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