Source: Three Arrows Capital holds Deribit shares worth only $25 million, not $500 million

Comparing news, according to a source, court documents relating to the bankruptcy of Three Arrows Capital (3AC) may have overestimated the value of the company's remaining assets, particularly to crypto options exchangesDeribitThe opening.

In a 1,100-page affidavit written by liquidator Russell Crumpler and submitted to the British Virgin Islands court, 3AC was described as “insolvent” and required complete “liquidation.” The documents also detailed 3AC's remaining assets, which include GBTC, BTC, AVAX, and NEAR holdings, as well as Deribit's shares. Liquidators want to obtain these assets to facilitate creditors' claims, which are worth at least $28 billion.

According to the affidavit, 3AC holds Deribit shares worth $500 million, equivalent to half of 3AC's remaining assets. However, a person familiar with the matter said that Deribit shares held by 3AC are worth close to $25 million rather than $500 million.

According to sources, 3AC does not directly own Deribit's shares, but rather shares in a Singaporean special purpose company called 3AC QCP Deribit SPV. According to reports, SPV's largest shareholders are 3AC andQCP SoteriaNode, which is a holding company whose portfolio includesAlgorandand PunDiX. SPV's directors include QCP Soteria Node founderSherwin Lee、QCP Capitalco-founderDarius SitCo-founder with Three Arrows CapitalSu Zhu。

The source further explained that SPV owns over 23% of Deribit's shares, making it the largest external shareholder. Among them, 3AC holds 16% of the shares, making it SPV's largest shareholder.

Over the past few years, 3AC has sold a portion of its 16% shares by “issuing binding letters to various parties claiming ownership of 3AC's SPV shares.” At least four known parties hold these letters and claim 3AC shares in SPV, some of whom are on the liquidator's official creditor list.

The source said that due to these potential property burdens, the value of their shares required a “significant discount”: “The value of 3AC SPV shares is required because any buyer of these shares will be bound by these equity burdens, and it will be difficult to monetize these shares in the future.”

Author: Amy Liu

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