Travis Kling believes that this decision depends on the opportunity cost, whether to gamble on the continued rise of the debt market price or to retrieve some funds at a discount and invest in other products for returns.
Table of Contents
Toggle
Ikigai Sells Millions of Dollars in FTX Debt
Opportunity Cost is More Important
Bankruptcy Team is Too Incompetent to Expect FTX 2.0
FTX Debt Prices Soar
Ikigai Sells Millions of Dollars in FTX Debt
Travis Kling, the founder of cryptocurrency asset management firm Ikigai Asset Management, tweeted that due to the significant recovery in the FTX debt market price compared to expectations six months ago, Ikigai also achieved a satisfactory price and therefore sold its $65 million claim in the FTX bankruptcy case.
Ikigai had not previously disclosed how much funds were locked in FTX, but this amount is considered one of the highest, and Ikigai will continue to operate its existing investment business and open subscriptions to new investors after receiving the funds. It will also establish new risk mechanisms to prevent a recurrence of the FTX incident.
Advertisement – Continue reading below
(
How many well-known institutions have fallen victim to FTX?
)
Opportunity Cost is More Important
Travis Kling stated that this decision depends on the opportunity cost, whether to gamble on the continuous rise of the debt market price or to retrieve the original funds at a discount and invest in other products for returns. However, he does not want to give any recommendations because everyone’s situation is different.
Bankruptcy Team is Too Incompetent to Expect FTX 2.0
Travis Kling had previously shown great interest in FTX 2.0, but he believes that the FTX bankruptcy team has performed very poorly, leading to slow progress. Continuing to wait for FTX 2.0 would be meaningless.
Previously reported,
Cherokee Acquisition
data shows that the FTX debt market price has risen from $0.50 to $0.53 per dollar at the end of October to the current $0.67 to $0.72 per dollar.
(
FTX debt prices soar to $0.73, SOL surpasses XRP to become the fifth largest token by market capitalization
)
Cherokee debt prices
FTX debt
FTX 2.0
Ikigai
SBF
Further Reading
Former Defense Lawyer for FTX: SBF’s Cross-Examination was the Worst in History, the Loss was Inevitable
Interview with Solana Founder, Discussing SOL’s Rebirth, Confirming Only 2,000 Units of Saga Phone Sold