News
Neptune sells Genesis Global claim for $2.27M (U.S.)
2023-08-29 10:11 ET - News Release
Mr. Cale Moodie reports
NEPTUNE DIGITAL ASSETS ANNOUNCES GENESIS CLAIM SETTLEMENT
Neptune Digital Assets Corp. has sold its claim of $4,846,823 relating to the Genesis Global Capital bankruptcy to a third party buyer.
On Jan. 20, 2023, the crypto lender Genesis Global Capital filed for U.S. bankruptcy protection after freezing customer redemptions on Nov. 16, 2022. Neptune had $3,999,990 (U.S.) and 40 bitcoin at the time of filing on Jan. 20, 2023, with a claim value of $4,846,823 (U.S.). The company has sold the claim for 47 per cent of its total value and received cash proceeds of $2,278,007 (U.S.) ($3.1-million) on Monday, Aug. 28, 2023.
"We are happy to have some closure around this claim. While we're writing off just over half of the debt, we'll be able to redirect the capital to fuel Neptune's growth. By reinvesting, we're poised to generate increased revenue and strategic investments, aiming to restore lost value, especially as we navigate a promising path in the evolving landscape of crypto markets. This pro-active approach is more favourable than waiting for a settlement with uncertain timing and returns," said Cale Moodie, chief executive officer and president.
About Neptune Digital Assets Corp.
Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem, including bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi) and other associated blockchain technologies.
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