CoinShares, a renowned European digital asset investment company, has successfully sold its claim against the now-defunct FTX exchange. This sale is expected to generate an impressive recovery rate of 116%, resulting in a substantial profit of approximately $39.78 million. Initially valued at $33.6 million, the claim has proven to be a lucrative investment for CoinShares.
This strategic move comes at a time when the cryptocurrency landscape is highly volatile, and CoinShares has faced previous setbacks. In the second quarter of 2022, the company suffered losses amounting to $21.7 million due to its exposure to Terra (LUNA). However, the sale of the FTX claim is set to significantly bolster CoinShares’ financial position, benefiting both its shareholders and clients.
In other news, bitFlyer, a major cryptocurrency exchange in Japan, has recently acquired FTX Japan. As part of this acquisition, bitFlyer Holdings plans to rebrand FTX Japan under a temporary name, New Custody Company, until a permanent name is decided.
Today’s highlighted news focuses on the sharp decline in major cryptocurrencies and the factors contributing to this trend.
