CoinShares Rebounds From Terra (LUNA) Losses, Secures 116% Return on FTX Claim Sale

The European digital asset investment firm plans to leverage the windfall to enhance shareholder returns and reinvest in growth opportunities.

European digital asset investment firm CoinShares International (NASDAQ:CS) has secured a 116% return on its FTX claim sale. The successful sale of CoinShares’ FTX claim has resulted in a windfall of 31.32 million British pounds ($39.78 million), which is higher than the original claim value of 26.6 pounds. The agreement is still subject to its customary closing conditions.

Jean-Marie Mognetti, CEO of CoinShares, expressed his views about the outcome, 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 implications of this financial coup extend far beyond the immediate monetary gain. CoinShares plans to leverage this windfall to enhance shareholder returns.

Moreover, the firm aims to reinvest in growth opportunities, which could lead to improved services and new offerings for its clients.

We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry.

CoinShares Overcoming Past Setbacks

This success story is particularly noteworthy given the company’s past setbacks. In August 2022, CoinShares reported losses of $21.7 million due to its exposure to the collapsed Terra (LUNA) ecosystem. However, the company’s ability to bounce back with the FTX claim sale shows its effective strategic planning. Mognetti had already assured stakeholders that the company possessed “sufficient resources” to weather market turbulence.

In recent FTX-related news, BitFlyer, a Japanese crypto exchange, announced plans to acquire the Japanese arm of the now-defunct FTX exchange. BitFlyer intends to rebrand FTX Japan as “New Custody Company” initially, with plans to determine a permanent name in the future. The acquisition required substantial investment, with costs expected to run into billions of yen (tens of millions of dollars).

You Might Also Like: FTX Collapse Aftermath: Who Gets the Billions in Forfeited Assets?

But Stock Reacted Negatively…

On the other hand, despite the positive news of CoinShares’ successful sale of its FTX claim, the company’s stock performance was negative today. Trading on the stock exchange in Swedish Krona (SEK), CoinShares’ shares opened at 62.50 SEK.

However, it experienced a downturn throughout the day. By the closing bell, the stock had fallen to 59.20 SEK, marking a decrease of 3.30 SEK or 5.28% from the previous day’s close.

News source：https://www.kdj.com/cryptocurrencies-news/articles/coinshares-rebounds-terra-luna-losses-secures-return-ftx-claim-sale.html

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