CoinShares International Limited, a European investment company specializing in digital assets, has announced that following its previous statement, the Group has decided to fully reduce its investment in FlowBank Holdings SA, with immediate effect.
This resulted in a impairment charge £21,813,042.
As previously announced, the Group’s exposure to FlowBank SA as a customer is immaterial, with deposits totaling approximately £100,000.
CoinShare reports that there is no impact on the Group’s operation, products or customers.
Jean-Marie Mognetti, CEO of CoinShares, commented:
“The unfortunate circumstances surrounding FlowBank SA necessitated this difficult but prudent financial decision. We remain committed to our stakeholders and will continue to address these challenges with transparency and diligence.”
The Swiss Financial Market Supervisory Authority (FINMA) has initiated bankruptcy proceedings against FlowBank SA with effect from 13 June 2024 at 8:00 am.