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