![]() proceedings.Ī section of the bankruptcy petition meant to identify equity owners read “Intentionally omitted for purposes of filing.” But the next page of the document identified Valar Fund V as a 19% shareholder. It said it expected client claims to be addressed in the U.S. BlockFi International, which is based in Bermuda, also filed with that country’s Supreme Court for the appointment of liquidators. Bankruptcy Court for New Jersey under Chapter 11 of the federal Bankruptcy Code. Ankura is the trustee for BlockFi interest-bearing accounts.īlockFi said in its announcement that it has $256.9 million of cash on hand to support operations while it attempts to craft a plan to “maximize value for all clients and other stakeholders.” Renzi’s affidavit said the company considered its cash position to be sufficient to finance the costs of the bankruptcy case and that it is not seeking debtor-in-possession financing. The BlockFi bankruptcy petition listed a $729 million obligation under a February 28 indenture to Ankura Trust of Fairfield, Connecticut. It also showed BlockFi assets and liabilities each between $1 billion and $10 billion. The filing revealed that BlockFi has more than 100,000 creditors. FTX has managed to keep its creditors list private for the time being, and BlockFi only identified three unsecured claims. The bankruptcy petition listed a $275 million obligation to FTX as BlockFi’s second-largest unsecured liability. ED&F Man, Emergent’s broker holds the collateral and refused to transfer it to BlockFi, according to the suit. Blockfi then notified Emergent on November 10 that the forbearance period had ended. The 56.3 million shares are worth about $517.4 million at the current price of $9.19.Įmergent was supposed to have delivered the “collateral shares” to BlockFi but failed to do so, according to the suit. Emergent announced it had amassed a stake of that size in May, describing Bankman-Fried as its majority owner. "At the current time, I view Bitcoin as an asymmetric bet for a small part of a diversified portfolio, based on a) Bitcoin’s demonstrated network effect and security, b) where we are in Bitcoin’s programmed halving cycle, and c) the unusual macro backdrop that favors Bitcoin as a potential hedge.The collateral is an approximately 7.6% stake in Robinhood, according to the Financial Times, which cited loan documents that it said it has seen. In addition, she has appeared on Kitco, Real Vision, The Investor’s Podcast Network, The Rebel Capitalist Show, Macro Voices, The Market Huddle, What Bitcoin Did and many other podcasts. Her work has also been featured on Business Insider, Marketwatch, Time’s Money Magazine, The Daily Telegraph, The Philadelphia Inquirer, The Street, CNBC, US News and World Report, Kiplinger and the Huffington Post. ![]() She is a frequent contributor for CoinDesk, Seeking Alpha, FEDweek and Elliot Wave Trader. Lyn’s academic background is in engineering and financial modeling. She publishes a weekly newsletter dedicated to topics ranging from cryptocurrencies to precious metals to ETFs to stock issues to risk management. Through her investment strategy firm and consulting gigs, Lyn offers her audience both investment tutorials and specific investment ideas, with a focus on high-level strategy she aims to keep readers up to date on changing market conditions and various asset allocation approaches to capitalize on opportunities. Her content is catered to both self-taught investors and financial professionals with a wide range of financial and investment expertise. She is the founder of her own eponymous investment strategy firm, “Lyn Alden Investment Strategy,” where she provides research, consulting and up-to-date financial news to her tens of thousands of subscribers. She is a macroeconomist and analyst who studies debt, inflation, fiscal policy and all issues relating to money and the market. ![]() Lyn Alden is a prominent voice in the financial world. ![]()
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