Exchange operator Cboe writes down bulk of ErisX acquisition

:Cboe Global Markets Inc on Friday reported second-quarter profit slightly below Wall Street expectations as compensation costs rose, and also said it took a $460 million writedown on its recent purchase of digital asset exchange ErisX.

The miss was driven by higher-than-expected compensation expenses, Jefferies analyst Daniel Fannon said in a client note. Cboe announced the acquisition of ErisX on Oct. 20, when the price of bitcoin topped $67,000, with the goal of becoming a major player in the cryptocurrency industry. "We believe that our adjustment reflects the reality of the digital asset market environment today, but in no way changes our commitment to the digital asset space," Cboe Chief Financial Officer Brian Schell said on a call with analysts.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong Exchange Fund posts H1 investment loss of HK$144.2 billionHONG KONG : Hong Kong's Exchange Fund, which is used to back the Hong Kong dollar, posted an investment loss of HK$144.2 billion ($18.37 billion) in the first six months of 2022, the Hong Kong Monetary Authority (HKMA) said on Friday.Its second-quarter loss amounted to HK$95.4 billion after a loss of HK$4
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »