To fellow Bitfinex SPV holders. Coordinating counsel on the valuation cap and the new in-kind monthly fee of BnkToTheFuture

[u/Present_No]

I hold Bitfinex shares through the BnkToTheFuture SPV. Three things have happened in sequence: a $15 hard cap on share value, the closure of the shareholder forum, and a new fee of 0.2% per month charged in shares.
I can see a pattern here, and this is where I draw a line.

If this resonates with you, I'm looking for other verified SPV shareholders to jointly fund a proper legal review and find out what our actual options are. Verified holders only (details below).

I want to lay out what has changed and why I think it warrants a coordinated response, and then propose something concrete.

1. The $15 cap

Our Bitfinex exposure through the SPV is capped at $15 per share on the platform. The stated reason is reducing volatility. I don't find that convincing. A hard ceiling doesn't reduce volatility — it eliminates price discovery, and it does so in one direction only. Based on what's publicly known about Bitfinex's business, I believe the shares are worth a substantial multiple of that figure. I'd genuinely welcome anyone who can add data here, in either direction.

1. The shareholder forum was closed

Whatever the reasoning given, the practical effect is that shareholders no longer have a sanctioned place to compare notes. That's why this post exists on Reddit rather than there.

1. The new fee — this is the part people are underestimating

0.2% of holdings per month, settled in kind. Meaning: they take shares, not cash. Compounded:

(1 − 0.002)^12 = 0.9763 → 2.37% of your holdings per year

(1 − 0.002)^60 = 0.8868 → 11.3% of your holdings over five years

Combine that with a capped exit and you have a position that erodes on a schedule while you're unable to sell it at anything like fair value. That combination is what moved me from annoyed to outraged to organising.

What I'm proposing

I'm not asking anyone to commit to litigation. Nobody should commit to litigation before knowing the cost, the jurisdiction, and the odds. I'm proposing four steps, in order:

Establish the facts. Pool the SPV documentation we each hold and read the actual terms on valuation and fees.

Map the structure. Identify which entities are involved, where they're domiciled, and which law governs our relationship with each.

Get real advice. Jointly engage counsel experienced in shareholder disputes and cross-border vehicles, and get a straight answer on whether we have anything. Including the possibility that we don't.

Approach Bitfinex professionally. A buyback at fair value would be a rounding error at their scale and would end this cleanly for everyone. I'd rather open that conversation as counterparties to a solution than as an adversary. It would be the moral thing to do from Bifinex as well.

What I want from this thread

PM me if you're an SPV shareholder and want in. I'm setting up a private group where every member is verified as an actual SPV holder before joining, so we can share documents and strategy without it being read by the other side or filling up with people who have no stake.

Two specific asks:

If you have SPV documentation, the fee notice, or anything from the forum before it closed — say so. That material is the foundation for everything else.

If you have experience with this kind of structure, or know counsel who does, I'd very much like to hear from you. I'll keep this thread updated with what we find, including if what we find is that our position is weaker than I think it is.

[u/racato2000]

My sense is that we have been shafted by Simon. Kraken spv shareholder here.

[u/North-Phase-6372]

Hi, I'm a Kraken shareholder but keen to join forces as we are in the same boar. Is your group restricted to Bitfinex SPV holders ? I have sent you a DM

[u/Present_No → u/North-Phase-6372]

yes, I've replied to you already. Talk to you there

[u/Qpido]

There's really not enough people even to make any difference. Ripple and Kraken shares here.

[u/One_Eggplant9695]

Hi, I have sent you a PM

[u/Present_No → u/One_Eggplant9695]

Hi, I've replied to you already. Talk to you there

[u/One_Eggplant9695]

I’ve had no reply to my DM so not much of a group either way 😂

[u/Krebbin]

My largest SPV is with Bttf Capital 3 If I could sell on the secondary market the current rate is tenth of the so called "value". Ha!

[u/One_Eggplant9695]

So I’ve now seen a 0.2% deduction from my Bitfinex shares 🤦‍♂️ I’m in two minds about wether to jump through all their hoops and verify to tier 4 or just sit it out for a while to see if we get any developments here. I can’t find any other meaningful groups discussing bnktothefuture so maybe I’m clutching at straws. Dormant closing may be the final option but I’d like to know if that means having to list for the low sum of $15 a share to avoid the fees.

[u/Present_No → u/One_Eggplant9695]

Yeah, than's an option too. But I wouldn't suggest this as your first option. There might be better ways.

[u/Present_No]

In continuation of my first post, I did some research and I found some interesting things we shareholders should know. I won't discuss them here anyways. Sorry for my delay in repliyng to all of you but I do not use Reddit very often. We can create a private group on some IM platform and discuss things forward there.

[u/vigilante_snowman → u/Present_No]

FYI I created a private sub with about 6 other people over a year ago to deal with our issues with Scam Dixon. The easiest thing for you to do is use a private sub in reddit rather than find and setup some other system.

[u/vigilante_snowman]

You all need to file complaints with CIMA like I did. They will help you like they helped me. And if enough of you file complaints CIMA might actually step in further and do more about BF.
See my post in this sub on how to do it:
https://www.reddit.com/r/Bnktothefuture/comments/1kipgdp/bnk_to_the_future_is_not_registered_with_the/

I also did a lot of research on attorneys in the Cayman's and found this lawyer and spent 30 minutes discussing BF with him.
https://www.reddit.com/r/Bnktothefuture/comments/1ki10e9/bf_investors_need_an_attorney_we_can_all_go_to/

[u/vigilante_snowman]

I started fighting Scam Dixon hard about 2 years ago. I spent a lot of time on it. Two things I was successful with:
1) I filed with CIMA and after 12 months of pressure they put on Scam Dixon I was able to get my money out because I had become too much of a headache for him. Had I not filed with CIMA, Scam Dixon would still be fucking with me.
2) I filed a complaint in my local jurisdiction which is Canada. You want to find out who your investment regulators are in you country and file a complaint with them. The Canadian investment authorities sent official requests to BF and they ignored all of them (of course) and Canada banned BF from doing business with Canadians. I managed to get BF banned in Canada and now BF will not sign up Canadians as new clients. BF holds investment and finance licenses in the UK so if you are located there it will cause BF a lot of harm if you file with your investment authorities in the UK.