News - iFinex wants to buy back company shares for US$150 million

By Sam Fröling

iFinex wants to buy back company shares for US$150 million

Investing
iFinex wants, to buy back company shares for US$150 million

iFinex, the parent company of crypto exchange Bitfinex, wants to buy back company shares. In total, the deal is worth $150 million.

iFinex is offering its shareholders US$150 million to buy back shares in the company. This reports Bloomberg referring to a letter the parent company of crypto exchange Bitfinex sent to its shareholders in late September.

According to the letter, the Hong Kong-based company made an offer of US$10 per share. iFinex wants to acquire a total of 15 million shares. This corresponds to about 9 percent of the shares in circulation.

Issued shares now worth 3.3 billion.

The iFinex shares were issued in 2016 through the investment platform BnkToTheFuture, as a result of the legendary Bitfinex hack. At that time, nearly 120,000 Bitcoin disappeared from the exchange. The equivalent value today: just under US$3.3 billion. The buyback is the result of the company's "positive development" in recent years, iFinex indicated in a statement quoted by Bloomberg.

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