CoinShares International, a European investment company specializing in digital assets, has announced the successful sale of its FTX claim.

According to an official press release, the agreement, still subject to customary closing conditions, is set to yield a recovery rate of 116% net of broker fees. This translates to a return of 31.32 million British pounds ($39.78 million) on a 26.6 million pound ($33.78 million) claim.

Financial Implications for Shareholders and Clients

The successful sale of its FTX claim will give CoinShares opportunities to offer increased returns to its shareholders and provide "enhanced services" to its clients. Jean-Marie Mognetti, CEO of CoinShares, emphasized the importance of the development, 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."

According to the press release, the sale will enable CoinShares to reinvest in "growth opportunities" to improve its market position. "We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry,"

CoinShares' $21.7 Million Terra Losses

In August 2022, CoinShares posted its interim Q2 results, revealing $21.7 million in losses attributed to its exposure to Terra (LUNA), which collapsed in May of the same year.

Despite the substantial setback, Mognetti explained then that CoinShares had "sufficient resources" to continue market activity "thanks to an effective strategy." The firm continues demonstrating this resilience and strategic success, evidenced by its recent 116% $39.78 million FTX claim recovery.

FTX Japan Acquisition by BitFlyer

On June 20, the Japanese crypto exchange BitFlyer announced that it would acquire the Japanese arm of the collapsed FTX platform. The acquisition will involve BitFlyer Holdings initially rebranding FTX Japan as a New Custody Company until a new name can be determined.

According to a local news agency, the acquisition would cost BitFlyer billions of yen, or tens of millions of dollars.

Industry Context

The landscape of the digital asset industry has been dynamic and challenging. Related news highlights include the Mt. Gox Trustee planning to start Bitcoin and Bitcoin Cash repayments in July.

Additionally, centralized crypto exchanges are seen as key for mass adoption, despite the FTX collapse, according to X10 CEO. Failed House candidate and partner of ex-FTX exec starting a crypto think tank further illustrates the industry's rapid evolution.

This latest development with CoinShares underscores the company's resilience and commitment to strategic growth and innovation.

The successful sale will benefit shareholders and clients alike, positioning CoinShares as a robust player in the digital asset market.