CoinShares Announces Successful Sale of FTX Claim

Rhea-AI Summary

CoinShares has successfully sold its FTX claim, achieving a recovery rate of 116%, netting £31.32 million on a £26.6 million claim. This agreement, subject to closing conditions, bolsters CoinShares' financial health, providing significant benefits for shareholders and clients. The increased financial flexibility will enable CoinShares to reinvest in growth opportunities and enhance its market position. Jean-Marie Mognetti, CEO, emphasized the positive impact of this recovery on shareholder rewards and future growth in the digital asset industry.

Positive

• The sale of the FTX claim resulted in a 116% recovery rate.
• CoinShares will receive £31.32 million from the claim, improving its financial health.
• The transaction provides increased financial flexibility for growth and innovation.

Negative

• None.

News Market Reaction – CNSRF

%

1 alert

% News Effect

On the day this news was published, CNSRF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

With a Recovery Rate of 116%, the Agreement Strengthens CoinShares' Financial Health and Fosters Growth, Providing Significant Benefits for Shareholders and Clients

SAINT HELIER, Jersey, June 24, 2024 /PRNewswire/ -- CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, is pleased to announce the successful sale of its FTX claim. The agreement, signed today and subject to customary closing conditions, will yield a recovery rate of 116% net of broker fees, resulting in a return of £31.32 million on a £26.6 million claim.

Key Highlights:

• Recovery Rate: Upon completion, CoinShares will have achieved a recovery rate of 116% on its FTX claim, translating to a return of £31.32 million.
  
  
• Shareholder Benefits: The successful claim sale will significantly enhance the Group's financial position, creating opportunities to provide increased returns to our valued shareholders.
  
  
• Client Advantages: The increased financial flexibility resulting from this transaction will allow CoinShares to reinvest in growth opportunities, further strengthening our market position. Clients can anticipate continued innovation and enhanced services as the Group leverages this capital enhancement to drive expansion and development within the digital asset sector.

Jean-Marie Mognetti, CEO of CoinShares, commented: "The resolution of the FTX situation has been highly favourable for CoinShares. This exceptional recovery rate is a testament to the diligence and expertise of our team. We remain dedicated to leveraging this success to reward our shareholders and to drive further growth and innovation within the digital asset industry."

ABOUT COINSHARES

CoinShares is the leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com 
Company | +44 (0)1534 513 100 | enquiries@coinshares.com 
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com 

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014.

PRESS CONTACT

CoinShares
Benoît Pellevoizin

bpellevoizin@coinshares.com

M Group Strategic Communications

Peter Padovano

press@coinshares.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/coinshares-announces-successful-sale-of-ftx-claim-302179430.html

SOURCE CoinShares Group

FAQ

What is the recovery rate for CoinShares' FTX claim?

CoinShares achieved a recovery rate of 116% for its FTX claim.

How much will CoinShares receive from the sale of its FTX claim?

CoinShares will receive £31.32 million from the sale of its FTX claim.

How will the sale of the FTX claim impact CoinShares' financial position?

The sale will significantly enhance CoinShares' financial position, providing more opportunities for growth and innovation.

What benefits will CoinShares shareholders see from the FTX claim sale?

Shareholders will benefit from increased returns due to CoinShares' improved financial health following the FTX claim sale.

How will the FTX claim sale affect CoinShares' clients?

Clients can expect continued innovation and enhanced services as CoinShares reinvests the capital from the FTX claim sale into growth opportunities.