The Hong Kong-based company iFinex, the owner of the Bitfinex crypto exchange, is considering the possibility of buying back shares of the platform in the amount of $150 million, Bloomberg reports.
iFinex offered $10 for 15 million exchange securities. The deal represents 9% of the firm’s outstanding capital at a total valuation of $1.7 billion, according to the documents.
The viability of the proposal depends on cash flow from at least one of iFinex’s subsidiaries.
The initiative is addressed to shareholders who purchased shares under an exchange agreement with investment platform BnkToTheFuture in 2016. That same year, a hacker attack on Bitfinex resulted in the theft of approximately 71 million BTC, valued at approximately $1.96 billion at the time of writing.
The buyback is a result of the organization’s “positive performance” over the past several years, the statement said. Several executives of iFinex and its subsidiaries will be allowed to participate in the transaction.
Tether and Bitfinex CFO Giancarlo Devasini is listed in the document as a direct shareholder.
According to the terms, there is no minimum threshold for shares of the exchange offered for sale. iFinex is ready to buy any amount of securities up to a limit of $150 million.
Earlier, media reported that Bitfinex holds digital gold on its balance sheet. According to insiders, the platform has historically retained a portion of fees from Bitcoin transactions “as a long-term commitment to the world’s first and largest cryptocurrency.”
In May, exchange-affiliated Tether Limited disclosed that it owned the first cryptocurrency worth $1.5 billion. Later, the USDT issuer announced that it would regularly allocate up to 15% of its net realized operating profits to the purchase of Bitcoin.
Let us recall that in July, US authorities returned $314,000 confiscated after the hack to Bitfinex.
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