Bitfinex Owner to Repurchase $150M in Shares

According to a report by Bloomberg, iFinex, the company that owns the cryptocurrency exchange Bitfinex, has proposed a buyback of $150 million worth of shares in an effort to increase its control over the company.

Valued at $1.7 billion, iFinex contacted shareholders in late October to offer to repurchase 15 million shares at $10 each, which represents 9% of iFinex’s total outstanding capital.

A statement from iFinex cited by Bloomberg states that the buyback is a result of the company’s positive performance in recent years.

Bitfinex experienced a hack in 2016 that resulted in the loss of $71 million in bitcoin. In August, a New York couple pleaded guilty to money laundering conspiracy related to the hack.