Jean-Marie Mognetti clarified that, minus brokerage commissions, the agreement to sell FTX’s obligations will result in payments of more than 31 million pounds sterling ($39 million) with a yield of 116%.
“The resolution of the FTX situation was very favorable to CoinShares customers and is a testament to the diligence and experience of our team. We strive to use our potential in the interests of shareholders,” the CEO boasted.
Profits made from the sale of FTX debt will be reinvested in “business growth opportunities” to improve CoinShares’ competitive position in the market, Jean-Marie Mognetti promised.
CoinShares’ legal notice regarding the sale of FTX debt does not list an ultimate beneficiary. However, earlier there were rumors that before the start of bankruptcy proceedings, funds such as Grayscale Investments, Pantera Capital and Three Arrows Capital could be interested in purchasing FTX debts. In order to gain access to exchange assets at a reduced price. In addition, some major traditional financial market players such as Fidelity Investments or BlackRock may have considered purchasing FTX debt as a way to diversify their investment portfolios and gain exposure to the crypto market.
Earlier, a group of creditors of the bankrupt FTX filed a class action lawsuit against the new plan to repay the exchange’s obligations to investors. The plaintiffs argue that the proposed plan not only does not serve their interests, but also imposes additional tax obligations on creditors.
Source: Bits
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