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 European digital asset investment manager CoinShares has successfully completed the sale of its claim in the now-defunct crypto exchange, FTX. 
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According to the asset manager’s<a style="color: #0000ff;" href="https://www.prnewswire.com/news-releases/coinshares-announces-successful-sale-of-ftx-claim-302179430.html"> announcement</a>, the transaction finalized today, June 24, 2024, is a significant financial achievement that will benefit the company in several ways.&nbsp;&nbsp; 
The sale is expected to result in a recovery rate of 116% net of broker fees, bringing in a return of £31.32 million on a £26.6 million claim. Notably, the transaction is pending customary closing conditions. 
CoinShares claimed that the successful sale of the FTX claim demonstrates the effectiveness of its strategy in recovering assets. 
Jean-Marie Mognetti, CEO of CoinShares, particularly emphasized this. In his words: 
<blockquote>
 “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.”
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Mognetti added: 
<blockquote>
 “We remain dedicated to leveraging this success to reward our shareholders and drive further growth and innovation within the digital asset industry.”
</blockquote> 
With the improved financial flexibility, CoinShares plans to reinvest in growth opportunities and strengthen its position in the market. It told clients to expect continued innovation and enhanced services as the company uses this capital infusion to drive expansion in the digital asset sector, potentially leading to increased returns for its shareholders. 
In a separate development, Japanese cryptocurrency exchange BitFlyer<a style="color: #0000ff;" href="https://bitflyer.com/pub/20240620-bitFlyer-Agrees-to-Acquire-FTX-Japan-K.K-en.pdf"> announced</a> on June 20 that it will acquire the Japanese arm of the collapsed crypto trading platform FTX. The exchange noted that FTX Japan’s core business will shift from operating a crypto exchange to an institutional-grade crypto custody service following the acquisition. 
BitFlyer mentioned in the<a style="color: #0000ff;" href="https://bitflyer.com/pub/20240620-bitFlyer-Agrees-to-Acquire-FTX-Japan-K.K-en.pdf"> announcement</a> that the acquired platform aims to provide services related to crypto exchange-traded funds (ETFs), which have yet to be launched in Japan. 
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The post <a href="https://defi-planet.com/2024/06/coinshare-achieves-116-return-from-sale-of-ftx-claim/">CoinShare Achieves 116% Return from Sale of FTX Claim</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

CoinShare Achieves 116% Return from Sale of FTX Claim

DeFi Planet

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