We are pleased to announce the redemption of 5.00% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances and margin positions, both long and short, on March 6, 2017, at 19:15:00 UTC. The amount of the redemption is based on February’s strong operating results as well as a small reduction in our contingent liability reserves.
After this redemption and February’s equity conversions, 24,539,683 BFX tokens remain issued and outstanding.
As we are rapidly approaching our goal of retiring all outstanding BFX tokens at full face value of $1, we are making an important change to future equity conversions for both direct conversions and through special purpose vehicles (SPVs). After March 31, 2017, BFX tokens will no longer be convertible into iFinex shares at a 1:1 conversion ratio. Starting April 1, 2017, the new conversion ratio will be 0.8 iFinex shares for 1 BFX token.
We retain and reserve the right to discontinue BFX token conversions at any time.