Ikigai sold its FTX bankruptcy claim, Travis Kling says

Quick Take

  • Ikigai Asset Management, which had a majority of its funds at FTX before it collapsed, sold its claim and is now allowing investors to redeem their capital, CIO Travis Kling said.

Ikigai Asset Management, a crypto investment firm, sold its $65 million claim in the FTX bankruptcy case, chief investment officer Travis Kling said Friday in a post on X.

"We got a price we were happy with and a price that was much, much higher than we were expecting just six months ago," Kling wrote. "Now that we have received the cash proceeds from the sale of the claim, all of our investors that want to redeem from the fund are able to do so. The large majority of the capital is staying in the fund."

Kling said last year that the company held a "large majority" of its assets on FTX and was not able to withdraw most of them after the exchange filed for bankruptcy protection.

"We opened up new subscriptions for existing investors for the first time since FTX collapsed," Kling added. "Our investors are giving us new capital."

Kling said that Ikigai has implemented changes to its business to avoid "getting caught in something like FTX again."

FTX 2.0

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Kling said he would be interested in a re-launch of the exchange, but he said the process had been moving too slow for him to wait around.

"The Debtors have fumbled that process so badly, and progress has been so slow, that it didn't make sense for us to hang around in the claim any longer waiting for something to maybe happen with 2.0," Kling wrote.

Commenting on the broader market, he said it looked like a new bull circle might be around the corner.

"It's kinda astonishing TBH," he wrote. "My greatest hope is that we as an industry don't screw that opportunity up. My greatest worry is that if we screw it up again as badly as we did last time, we might not get another shot at it."


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Anna is a senior policy reporter at The Block. She has a background in political journalism and covered Russian civil society for a range of news outlets in Moscow, including the award-winning newspaper Novaya Gazeta. Before joining The Block, Anna spent the past five years investigating cryptocurrency policies and adoption around the world at CoinDesk. Anna owns bitcoin and a gift NFT of sentimental value.

Editor

To contact the editor of this story:
Nathan Crooks at
[email protected]

More by Anna Baydakova