Ikigai Asset Management,a US-based hedge fund, has reportedly navigated the aftermath of the FTX bankruptcy.
Also Read: FTX Claim Prices Almost Double Amid Astonishing Revival
$65 million claim sold
Ikigai’s Chief Investment Officer, Travis Kling, announced in a post on X that the fund’s $65 million claim in the FTX bankruptcy has been sold. Kling said, “We got a price we were happy with and a price that was much, much higher than we were expecting just six months ago.”
The move not only brought a higher-than-expected price but kept the investment business afloat. Bahamas-based crypto exchange FTX filed for bankruptcy in November 2022. Its implosion plummeted the crypto market’s value from $3 trillion in 2021 to below $1 trillion.
Despite the defunct exchange aiming to conclude its bankruptcy proceedings a year after its collapse, the financial aftermath of billions lost has led to the closure of various businesses.
Contrarily, the strategic sale has enabled Ikigai to offer redemption to its investors. Kling noted, “I was (and still am) very interested in FTX 2.0. But the Debtors have fumbled that process so badly, and progress has been so slow, that it didn’t make sense for us to hang around in the claim any longer waiting for something to maybe happen with 2.0.”
Many of the investors are reportedly keeping their capital in the fund. Meanwhile, Kling confirmed that Ikigai reopened subscriptions for existing investors for the first time after the bankruptcy.
FTX bankruptcy in final phase
Kling notes that there are structural changes to the business with the influx of new capital.
In 2022, Kling admitted responsibility and remorse for endorsing FTX. However, the subsequent loss of investor money marked a humbling period for the firm as Ikigai continued trading.
That said, FTX is also reportedly nearing the end of its bankruptcy process with a settlement for creditors. Additionally, earlier this week, FTX debtors and their Bahamian subsidiary, FTX Digital Markets, agreed to synchronize their bankruptcy proceedings and pool their assets.
FTX Trading Ltd., along with its affiliated debtors, also recently announced plans to settle with Samuel Bankman-Fried, Nishad Singh, and Gary Wang in bankruptcy court. The settlement is specifically about a case related to buying Embed Financial Technologies. FTX will get back all the value and assets from this acquisition that the three individuals received.
Also Read: FTX Plans to End Bankruptcy Soon, Return Billions to Creditors
The post Ikigai Asset Management Recovers from FTX Bankruptcy With Claim Sale appeared first on CoinGape.
dailynoti coindeskcrypto cryptonewscrypto bitcoinmymagazine mybitcoinist cryptowithpotato mycryptoslate fivenewscrypto findtechcrunch journalpayments nulltxcrypto newsbtcarea
Post A Comment:
0 comments so far,add yours