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.

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