Nejc Kodrič filed a lawsuit in the UK’s High Court against the owners of the cryptocurrency exchange Bitstamp after their attempt to buy out his remaining stake on previously agreed terms. The Block reports.
In 2018, the Belgium-based investment company NXMH acquired Bitstamp. Kodrič retained 9.8% of the shares and remained as CEO.
As part of the deal, Kodrič and the new Bitstamp owner entered into option agreements, the publication notes. They allowed both sides to initiate the sale of the founder’s remaining shares in specific windows in 2020, 2021 and 2022.
In the suit, Kodrič states that concerns about NXMH buying the securities at a depressed price arose in 2019. Then he, along with the company’s appointee manager Hendrik Gis, visited New York to seek financing at a $1 billion valuation.
Later that year, he learned of Bitstamp’s plans to go public at the same valuation within the next three years.
The plaintiff asserts that he approached NXMH for assurances that it would not exercise the option. The founder of the exchange, in turn, promised to support the plan to go public via an IPO. According to Kodrič, he was given such assurances “clearly and unambiguously”.
The suit also describes how the founder was replaced as CEO, and then allegedly denied the opportunity to become chairman.
In October 2020, Nejc Kodrič stepped down as CEO of the Bitcoin exchange. His place was taken by former Gemini executive Julian Sawyer.
On July 21, 2021, NXMH attempted to exercise the option to buy Kodrič’s remaining shares at $938 per unit — totaling $13.46 million, The Block reports.
“This is significantly below their current value, based on Bitstamp’s actual valuation, and even below potential future value, both overall and in the event of a successful IPO,” the suit states.
In Kodrič’s view, the option is invalid. He sought a court injunction preventing NXMH from forcing the transfer of the shares.
Earlier, Bitstamp announced its planned expansion into the U.S. market and заявила that former Kraken and CME Group top executive Robert Zagotta was named head of the U.S. unit.
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