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Susquehanna, DRW Are Among Backers of Bankruptcy Claims Exchange OPNX, the Firm Tweets

Other investors include U.S. options exchange MIAX Group and Saudi digital asset fund Tuwaiq, OPNX said Friday.

Updated May 9, 2023, 4:12 a.m. Published Apr 21, 2023, 3:35 p.m.

OPNX's Kyle Davies (left) and Su Zhu (middle) (Kyle Davies/Twitter)

The "major investors" in OPNX, a new exchange for trading bankruptcy claims founded by the people behind failed crypto hedge fund Three Arrows Capital (3AC), include high-profile firms including Susquehanna International Group (SIG) and DRW, the company tweeted Friday.

OPNX tweeted that other backers include venture-capital firm Nascent, Taiwanese venture-capital firm AppWorks, U.S. options exchange MIAX Group, the Hong Kong arm of China Merchant Bank International and Saudi digital asset fund Tuwaiq.

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Later Friday, DRW and Nascent denied they invested in OPNX.

1/ As we approach the launch of claims for our first estate, Celsius, we'd like to express gratitude to everyone who believed in our mission of helping 20M+ claimants.

A special thank you goes to our major investors, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China pic.twitter.com/G406Y7Ponz
— OPNX 💪 (@OPNX_Official) April 21, 2023

OPNX co-founder Kyle Davies, who also started the now-bankrupt 3AC, remained tight-lipped on the company's backers when he spoke recently to CoinDesk.

The exchange got off to a slow start, executing a paltry figure of volume on its first day after going live. Since then, OPNX topped $2 million in daily volume earlier this month, according to flexstatistics.

The reputable list of investors demonstrates demand from traditional finance for crypto startups.

Davies was given two weeks on March 30 to respond to a subpoena in relation to books and records for 3AC, according to a ruling in U.S. bankruptcy court.

UPDATE: (April 21, 2023, 18:01 UTC): Adds denial by DRW and Nascent.

Kyle davies Three Arrows Capital Bankruptcy

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.