Bitfinex Parent Company Considers $150M Share Repurchase
Portfolio Pulse from Murtuza Merchant
Bitfinex's parent company, iFinex Inc., is considering a $150 million share repurchase to increase its influence over the crypto exchange's operations. The repurchase reflects iFinex's positive performance over recent years and aims to ease shareholders' regulatory burdens. The company has faced regulatory challenges, including a $42.5 million fine in 2021 over allegations concerning Tether's USDT stablecoin reserves and Bitfinex's unauthorized U.S. operations.
October 10, 2023 | 10:43 pm
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NEUTRAL IMPACT
iFinex's share repurchase plan and its potential increased influence over Bitfinex could impact the stability and trust in Tether's USDT stablecoin.
iFinex's potential increased influence over Bitfinex could lead to changes in the operations of the crypto exchange, which could in turn impact the stability and trust in Tether's USDT stablecoin. However, the exact impact is uncertain and will depend on the specifics of the changes implemented.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70