Ikigai Asset Management, a crypto investment firm, has announced that it has successfully sold its $65 million claim in the FTX bankruptcy case. Travis Kling, the chief investment officer, shared the news in a post on X, expressing satisfaction with the price they received for the claim. He stated that the price was much higher than expected, allowing them to provide cash proceeds to investors who wanted to redeem from the fund. Kling also mentioned that the majority of the capital will remain in the fund.
Last year, Kling mentioned that a significant portion of Ikigai’s assets were held on FTX, and due to the exchange’s bankruptcy protection filing, they were unable to withdraw most of them. However, the firm has now reopened subscriptions for existing investors and has received new capital from them. Kling emphasized that they have made changes to their business to prevent being caught in a similar situation as with FTX.
While Kling expressed interest in a potential re-launch of FTX, he noted that the process has been moving too slowly for him to wait any longer. He mentioned that the Debtors handling the re-launch have made significant mistakes, and progress has been too slow, hence their decision to sell their claim.
In regards to the broader market, Kling suggested that a new bull cycle might be on the horizon. However, he also expressed concern that the industry should not repeat the mistakes of the past and miss out on another opportunity to thrive.
Overall, Ikigai Asset Management’s sale of its FTX bankruptcy claim represents a positive development for the firm and its investors, allowing them to move forward with their investment strategies.