CoinShares, a prominent European digital asset investment company, has successfully sold its claim against the defunct FTX exchange, resulting in a remarkable recovery rate of 116%. This sale has generated a profit of approximately $39.78 million, significantly boosting CoinShares’ financial health and benefiting both its shareholders and clients.
The completion of this agreement highlights CoinShares’ strategic maneuvering in the volatile crypto landscape. It serves as a significant financial turnaround for the company, which had previously experienced setbacks, including losses of $21.7 million due to its exposure to Terra (LUNA) in the second quarter of 2022.
The recovery from the FTX claim will greatly strengthen CoinShares’ financial position and provide substantial advantages for its shareholders and clients.
In other news, bitFlyer, a major Japanese cryptocurrency exchange, has recently acquired FTX Japan. As part of this acquisition, bitFlyer Holdings will temporarily rebrand FTX Japan under the name New Custody Company until a permanent name is decided.
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