A Crypto Asset Management Firm Sells Its Claim in FTX Bankruptcy
A crypto asset management firm, Ikigai Asset Management, has announced that it has sold its $65 million claim in the bankruptcy of cryptocurrency exchange FTX. The chief investment officer of Ikigai, Travis Kling, explained in a series of tweets that the decision to sell the claim was primarily based on opportunity cost. The firm initially had hopes for the revival of FTX through FTX 2.0, but after witnessing the mistakes made by the entities behind the bankrupt exchange, they decided to sell. Kling mentioned that most of the cash obtained from the sale will remain in the fund and investors will have the option to redeem their money.
Positive Outlook on the Digital Assets Industry
Kling also expressed his positive outlook on the digital assets industry, stating that it seems to be on the verge of another bull run. Despite the missteps of the industry in recent years, he believes that there is another opportunity for the ecosystem to deliver real value. FTX filed for bankruptcy last year after its native asset collapsed and its founder faced accusations of fraud and mishandling customer funds. The founder, Sam Bankman-Fried, was recently found guilty and is facing a potential sentence of 115 years in prison.
Hot Take: Ikigai Asset Management Seizes Opportunity and Exits FTX Bankruptcy Claim
Crypto asset management firm Ikigai Asset Management has made a strategic decision to sell its $65 million claim in FTX’s bankruptcy proceedings. The firm’s chief investment officer, Travis Kling, cited opportunity cost as a key factor in their decision-making process. While initially optimistic about FTX’s potential revival through FTX 2.0, Kling expressed disappointment with the handling of the bankruptcy process by those involved with the exchange. The sale proceeds will primarily be retained in the fund, with investors having the option to redeem their funds. Despite industry challenges, Kling remains bullish on the digital assets industry, believing it is on the verge of another bull cycle.
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