CoinShares sells FTX claim to mystery buyer for $40 million

European investment firm CoinShares has managed to recoup its $33.6 million (£26.6 million) claim in FTX, selling it to a mystery buyer for a total of $39.6 million (£31.32 million).

CoinShares announced the sale today, stating that the claim came with a recovery rate of 116% of broker fees and is subject to customary closing conditions.

CoinShares didn’t disclose the individual or entity behind the purchasing of the claim. 

The firm’s CEO Jean-Marie Mognetti said, “The resolution of the FTX situation has been highly favorable for CoinShares.” 

CoinShares says the claim sale will allow it to “reinvest in growth opportunities,” and use the funds to “drive expansion and development within the digital asset sector.”

Read more: Bitcoin is worth $69,000 — unless you’re an FTX creditor

Last year CoinShares revealed it had remained ‘financially robust’ during the fourth quarter of 2022 despite losing access to $33.6 million in assets held on FTX during its bankruptcy.

Victims of the FTX collapse can submit claims for their lost assets which can then be sold to buyers to recover their losses. 

However, some FTX creditors are feeling shortchanged as, despite FTX promising to repay creditors ‘in full,’ a US bankruptcy court ruled that it will only repay customers based on bitcoin’s price on November 11, 2022: $16,871.

This means repayments will ignore that the price of bitcoin has quadrupled since FTX’s collapse, reaching over $70,000 in March and currently sitting at $61,000. Indeed a US bankruptcy judge ruled last month that a mining firm couldn’t be repayed using any bitcoin price higher than $16,871. 

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