Tokens.com Corp (NEO: COIN) was one of the first publicly traded firms this morning to report on impacts from the bankruptcy filing made late last night by Genesis’ lending arm. The company reported that it has collateral posted with the firm in connection with a loan outstanding.
Total collateral posted by the company.. appears to be a bit unknown. The company in an initial release stated that the collateral amounts to US$890k, or roughly C$1.2 million. In an update posted an hour later, the collateral value then changed to US$749k, or roughly C$1.0 million. The discrepancy between the two figures provided was not addressed by the company.
READ: Genesis’ Lending Arm Formally Files For Chapter 11 Restructuring
Sponsored · Selkirk Copper Mines
The collateral was posted in connection with an outstanding loan currently valued at just US$138k, or C$186k. The loan difference (depending on which value the company actually settles on) is said to represent 3.1-3.7% of total assets of the company as of September 30 – although, like its collateral figure, that total assets figure is likely subject to change based on current market conditions.
Of the US$20.0 million in total assets listed as of September 30, $7.3 million was reported to be held via cryptocurrency, while $2.8 million was in the form of NFT’s and $3.3 million in intangibles and goodwill. Cash meanwhile accounted for $5.8 million of the total figure.
READ: Is KB Home Trying To Overshadow Cancellations With Virtual Homes In The Metaverse?
The loan meanwhile is said to not have a material impact on the firms operations. Although the company has requested the collateral be returned and the loan repaid, all such actions have been halted by Genesis Global since November.
All other crypto assets held by Tokens.com are said to be held in internally managed wallets.
Tokens.com last traded at $0.35 on the Neo.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
