Crypto exchange WOO to buy back shares from 3AC to ‘clear uncertainty’

Quick Take

  • WOO said today that it will repurchase the shares and tokens acquired in 2021 by the failed crypto hedge fund.

Crypto exchange WOO plans to repurchase its own shares and tokens that were previously acquired by the failed hedge fund Three Arrows Capital to “clear the uncertainty,” the company said today.

WOO said in a statement shared with The Block that it has reached a settlement with Teneo, the liquidator of 3AC, to buy back the shares and tokens acquired by the hedge fund as part of WOO’s Series A funding round in November 2021. WOO added that it plans to increase the ownership of all other shareholders proportionally, while the 20 million repurchased tokens were sent to a burn address. WOO declined to disclose the total value of the repurchased shares and tokens. 

3AC was WOO’s largest investor in its series A round, purchasing equity along with 25 million WOO tokens, the remainder of which were set to vest over the next 12 months, ac