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Finance

Multicoin Capital Is in Talks to Sell Roughly $100M FTX Bankruptcy Claim: Source

Positive news around the FTX bankruptcy has seen claims being sold for upward of 70 cents on the dollar, now climbing towards the eighties.

By Ian Allison
AccessTimeIconFeb 5, 2024 at 7:57 p.m. UTC
Updated Mar 9, 2024 at 2:15 a.m. UTC
Multicoin Managing Partner Kyle Samani (Danny Nelson/CoinDesk)
Multicoin Managing Partner Kyle Samani (Danny Nelson/CoinDesk)

Cryptocurrency investment firm Multicoin Capital is in talks to sell its FTX bankruptcy claim, which has a value of roughly $100 million, according to a person familiar with the plans.

Positive news around the FTX bankruptcy has seen claims being sold for upward of 70 cents on the dollar and climbing towards the eighties.

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    • Firms like Multicoin, inadvertently caught up in the FTX collapse, have been approached by claims buyers for over a year now, and with the potential bids rising, these firms are weighing the opportunity cost of capital and opting to sell sooner rather than later.

    Read more: FTX Expects to Fully Repay Customers but Won't Restart Defunct Crypto Exchange

    Multicoin Capital declined to comment.

    Edited by Nick Baker.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Ian Allison
    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

    Follow @IanAllison123 on Twitter