iFinex, a company headquartered in Hong Kong and the owner of the cryptocurrency exchange Bitfinex, has expressed its intention to repurchase shares worth $150 million in an effort to strengthen its control over the company, as reported by Bloomberg.
The company, which has a self-assessed value of $1.7 billion, reportedly reached out to its shareholders in the previous month, according to the document cited by Bloomberg. The offer proposed the purchase of 15 million shares at a price of $10 per share, which equates to approximately 9% of iFinex’s outstanding capital.
iFinex’s decision to initiate this buyback was influenced by the company’s “positive performance” in recent years, as stated in a document cited by Bloomberg.
At the time of this report, there has been no immediate response from iFinex regarding a request for comment from The Block.
It’s worth noting that Bitfinex experienced a security breach in 2016, resulting in the loss of $71 million worth of Bitcoin. Additionally, in August, a couple in New York pleaded guilty to a money laundering conspiracy related to the Bitfinex hack.