Around 11% of CoinShares' total net asset value is held in the distressed crypto platform FTX.
Around 11% of CoinShares’ total net asset value is held in the distressed crypto platform FTX.
Another firm experiencing similar issues is Mike Novogratz’s Galaxy Digital, which holds more than $76 million worth of exposure to the troubled firm.for Bloomberg, CoinShares said nearly $26 million of its exposure to FTX consists of US dollars and Circle’s stablecoin USDC. Pending withdrawals of 190 BTC and 1,000 ETH account for the remaining over $4 million.
The boss added that potential losses had not affected CoinShares’ exchange-traded funds. The organization also has no exposure to FTX’s sister company Alameda Research.a few days ago when Binance decided to liquidate all its FTT tokens.While Bankman-Fried initiallythat FTX and its assets were “fine,” the entity paused certain operations, such as withdrawals, which caused severe panic.
Speaking on the matter, CoinShares’ CEO said dealing with cryptocurrencies on exchanges might be easy for market participants, but they should know this hides its risks:
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