European crypto investment and research firm coinshare has revealed that it held over $31m on the embattled crypto exchange ftxThis is called “limited exposure”.
A Twitter thread from CoinShares said on Thursday, “CoinShares confirms strong financial health and quantifies limited exposure to the FTX exchange, while confirming that the group has no contact with FTX’s affiliate, Alameda Research. Is.”
The thread also noted that CoinShares’ exchange-traded products “remain fully hedged and collateralized.”
In the same episode, the leading European crypto company made it clear that its current exposure is now “limited” after working over the past week, which has “significantly reduced” its exposure to FTX.
The company said the current exposure is £26.6 (approximately US$31m).
Per the tweet, exposure to CoinShares includes the following cryptocurrencies:
- 190 B T cApprox $3.1m . worth
- 1,000 ETHWhich cost around $1.2m. Is
- approximately $25.9m USD and USDC
- About $110,000 of “other assets”
The firm explained that the above represents only “proprietary assets,” adding that the XBT provider and investors in the CoinShares physical exchange-traded offering will remain “unaffected” even if none of the above assets are recoverable.
“The Financial Health of [CoinShares] The group remains strong. As recently announced in the group’s recent earnings results, CoinShares has a net asset value of £240.6M as of 30 September 2022,” CoinShares’ Twitter thread concluded by saying.
CoinShares is a well-known company in the crypto industry that has worked to bridge the gap between crypto markets and traditional financial markets. The company provides exposure to a range of cryptocurrencies through its exchange-traded products listed on major European stock exchanges.
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