The parent company of Bitfinex, one of the largest cryptocurrency exchanges, is preparing to launch a share buyback program worth $150 million in total.
According to Bloomberg, Hong Kong-based iFinex Inc., to which Bitfinex is affiliated, sent a letter to shareholders on September 22. Company to shareholders $10 per share for a total of 15 million shares He made an offer.
To the company $1.7 billion The cost of this program, which values the company’s outstanding capital It corresponds to 9%. According to the information in the letter, in order to implement the offer, cash will need to be transferred from one of iFinex’s subsidiaries.
The offer was made to shareholders who purchased iFinex shares within the scope of the swap agreement with BnkToTheFuture in 2016. At that time, it was traded on the Bitfinex exchange (its current value is approximately 3.3 billion dollars), $71 million Bitcoin It was stolen.
Bitfinex compensated the losses of the users affected by this attack by giving them BFX tokens, and iFinex paid for them by using its own shares through BnkToTheFuture.
iFinex has demonstrated over the last few years “positive performance” plans to conduct a share buyback as a result. iFinex believes that accepting this offer may benefit shareholders.
A certain threshold will not need to be reached to initiate the buyback program. iFinex, to the maximum share amount He is ready to buy back as many shares as he can until it is reached.
Shareholders to whom the offer is submitted must submit a decision by October 24 on whether they will participate in the buyback program.
Some company executives, such as Giancarlo Devasini, who is the CFO of both Bitfinex and Tether, may also be included in the buyback program.
Bitfinex and Tether duo have experienced some legal problems in recent years. The companies lost total revenue in 2021 after regulators in the US claimed Tether lied about its USDT reserves and Bitfinex operated in the US without necessary approvals. fined $42.5 million He was sentenced to death.