Terra

<ul>
 <li>CoinShares earned a $39.78 million profit by selling its FTX claim, yielding a remarkable 116% recovery rate.</li>
 <li>The FTX claim sale return will boost CoinShares’ financial health, benefiting shareholders and clients.</li>
</ul>
CoinShares International, a prominent European digital asset investment company, has <a href="https://coinshares.com/news/coinshares-announces-successful-sale-of-ftx-claim" target="_blank" rel="noopener noreferrer nofollow">finalized</a> the sale of its claim against the defunct FTX exchange. This sale is expected to yield a remarkable recovery rate of 116% after broker fees. This translates to a substantial return of approximately $39.78 million on a claim initially valued at $33.6 million.
The agreement underscores CoinShares’ strategic move amidst the volatile crypto landscape, marking a significant financial boost following earlier setbacks. Notably, the firm had reported losses amounting to $21.7 million earlier linked to its <a href="https://thenewscrypto.com/coinshares-reveals-30-3m-exposure-to-struggling-ftx/" target="_blank" rel="noopener noreferrer nofollow">exposure</a> to Terra (LUNA) during the second quarter of 2022.
However, the recovery from the FTX claim is poised to strengthen the company’s <a href="https://thenewscrypto.com/coinshares-reports-record-q1-2024-revenue-following-bitcoin-etf-launch/" target="_blank" rel="noopener noreferrer nofollow">financial position</a>. That will deliver substantial benefits to its shareholders and clients.
On the other hand, bitFlyer, a major Japanese cryptocurrency exchange, recently announced its acquisition of FTX Japan. The bitFlyer Holdings will rebrand FTX Japan under a new name, New Custody Company until a permanent name is decided.
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CoinShares Nets 116% Profit from FTX Claim Sale

TheNewsCrypto

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