A Japanese crypto-exchange operator announced its first stock buyback in over three years after a selloff of its shares amid ongoing turmoil in the digital-currency market.
(Bloomberg) — A Japanese crypto-exchange operator announced its first stock buyback in over three years after a selloff of its shares amid ongoing turmoil in the digital-currency market.
Monex Group Inc. said it will repurchase up to 4.67% of its shares outstanding for a total of up to 5 billion yen ($34 million). Its last buyback was announced in August 2019.
The company’s stock slid 7.3% Thursday, the biggest drop since June 13, as the crypto-related selloff sparked by Binance’s pulled bid for FTX.com swept into Asia. Shares of Monex have dropped 40% so far in 2022 after more than doubling over the previous two years when cryptoassets surged.
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In a press release on Wednesday, Monex said that it and its subsidiaries Coincheck and TradeStation “have no position or exposure with respect to FTT, FTX, or Alameda Research.”
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