We are pleased to announce the redemption of 1.1812% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on September 1, 2016 at 12:00:00 UTC. The redemption does not apply to margin long or short positions - only on settled wallet balances. The amount of the redemption is based on a calculation of reserves in excess of our required contingent liability reserves, which reflects many factors that unfortunately, we cannot elaborate further upon at this time.
We continue to press forward on all fronts to expeditiously retire BFX tokens through equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.