CoinShares, a leading European digital asset investment firm, has successfully completed the sale of its claim against bankrupt cryptocurrency exchange FTX, securing $39.78 million. The claim sale, which achieved a 116% recovery rate after broker fees, is a significant financial victory for CoinShares. Initially valued at $33.78 million, the claim has now increased in value. CoinShares CEO, Jean-Marie Mognetti, credits the company’s diligence and expertise for the successful recovery rate. He also highlights the importance of the sale for future growth and market position, expressing a commitment to reinvestment and expansion. The financial boost is expected to improve shareholder returns and expand CoinShares’ service offering. CoinShares also plans to reinvest in growth opportunities to strengthen its position in the competitive digital asset market. Meanwhile, the broader FTX bankruptcy saga continues, with FTX proposing a reorganization plan to compensate creditors. The plan offers hope for many affected by the exchange’s collapse, potentially recovering 118% of creditors’ original claims. However, the proposed plan has faced backlash from creditors who argue that the 9% interest rate does not compensate for the true value of the assets lost. A group of FTX creditors has challenged the plan in court, aligning with concerns raised by legal firms representing plaintiffs in litigation against FTX. Despite initial concerns of an $8 billion shortfall, bankruptcy administrators have made progress in asset recovery, including the acquisition of FTX’s Japanese unit by local crypto exchange Bitflyer.
