iFinex, the parent company of BitFinex and collaborator with Tether Holdings, has announced a $150 million share buyback plan. This move is seen as a significant step towards the company’s growth and efforts to address its troubled past. The buyback plan offers a price of $10 per share for 15 million shares, representing 9% of the network’s outstanding capital. The aim is to regain control over the company’s operations. iFinex was valued at $1.7 billion based on internal calculations. The stock arrangement was initially introduced in 2016 when $71 million worth of Bitcoin was stolen. Bitfinex provided affected users with company shares as compensation. The buyback proposal is open to shareholders who acquired iFinex stock in the 2016 swap arrangement, and they have until October 24 to sell their holdings. The CFO of Tether and Bitfinex, Giancarlo Devasini, along with other directors, is allowed to participate in the buyback. The move is expected to help investors avoid regulatory scrutiny and exit their illiquid investment. The regulatory landscape for cryptocurrencies has been increasingly strict, with Bitfinex and Tether facing fines and accusations of providing false information. Despite these challenges, Tether has shown strong growth this year, outperforming other stablecoins and gaining more market share.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | Giancarlo Devasini |
| Companies | BnkToTheFuture, BitFinex, iFinex, Tether Holdings Ltd, USDT |
| Currencies | Bitcoin, Stablecoin, Tether |
| Securities | None |
