Connect with us

Crypto World

FTX-linked Effective Ventures sells UK manor at $14.5M loss

Published

on

FTX-linked Effective Ventures sells UK manor at $14.5M loss

Recently published accounts from FTX-backed charity Effective Ventures confirm that the company sold a £17 million ($23 million) stately manor at a £10.7 million ($14.5 million) loss as it continues to wind down its UK operations.

Effective Ventures’ UK arm bought the manor in 2022 as part of a plan to host educational events for the effective altruism movement, a set of beliefs that involves wealthy donors directing funds to specific causes that they deem will do the most good most efficiently.

FTX donated over $26 million to the Effective Ventures Foundation, which was later paid back during the exchange’s bankruptcy proceedings. The charity told UK government regulators that it had received funds from FTX, and after an inquiry, was found to have acted “diligently” in response to FTX’s collapse. 

In its accounts for the year up to June 2025, published last Friday, it confirmed that the manor was sold for £5.95 million ($8 million) and that it had incurred an impairment loss of £8.6 million ($11.6 million)

Advertisement

Read more: FTX funded this UK charity, now it’s under investigation

Local outlets reported that the manor’s price was initially set at £15 million ($20.3 million) before being slashed to £12 million ($16.3 million) a year later, and eventually to just under £6 million ($8 million). 

The charity says property valuation experts recommended that it cut the asking price due to “reductions in market sentiment.” 

Effective Ventures UK CEO says funds will be donated

Effective Ventures CEO Rob Gledhill had already revealed in the Effective Altruism forum that the manor was officially sold on November 11, 2025. 

He reiterated that “market conditions for country estates” led to the drop in value and added that the proceeds from the sale, “will be allocated to high-impact charities, including EV’s operations.”

Advertisement

Within the accounts, the charity says that it’s made “significant progress” spinning out projects into new independent entities as it winds down the firm.

The charity said that it doesn’t expect to sponsor any new projects and that it should wind down in “2026 or beyond.”

Read more: FTX-funded charity Effective Ventures agrees to return donations

It also revealed that the charity made £12 million ($16.3 million) during the 2025 fiscal year, of which £11.2 million ($15.2 million) was made up of donations and grants.

Advertisement

It’s less than half of the £31.6 million ($42.8 million) it made in 2024. 

Its expenditure has also gone up by over £2 million ($2.7 million) from 2024 to 2025, as the firm spent £37.5 million ($51 million) in the 2025 fiscal year.  

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

Advertisement

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Coinbase Execs Say They Aren’t Opposing BTC Tax Exemption

Published

on

Coinbase, Taxes, Bitcoin Regulation, United States, Tax reduction, Bitcoin Adoption

Executives at Coinbase have denied allegations that the crypto exchange is blocking a de minimis tax exemption for Bitcoin (BTC) transactions below a certain threshold to push for stablecoin tax exemptions.

Several Bitcoin advocates speculated on social media that the exchange told US lawmakers that a BTC tax exemption is not needed because BTC is not widely used as a medium of exchange.

Coinbase CEO Brian Armstrong responded by calling the allegations “totally false” and a form of misinformation.

“I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and will continue doing so. It’s obviously the right thing,” he said.

Advertisement
Coinbase, Taxes, Bitcoin Regulation, United States, Tax reduction, Bitcoin Adoption
Source: Brian Armstrong

In separate posts, Paul Grewal, chief legal officer at Coinbase, said, “We’ve never lobbied against BTC,” while Faryar Shirzad, the crypto exchange’s chief policy officer, echoed the statement.

Cointelegraph reached out to Coinbase, but the company declined to comment beyond the responses made by its executives.

Tax policy is one of the main impediments to Bitcoin’s use as a payment method, according to advocates for the biggest crypto, as every sale or transfer would trigger a taxable event, prohibiting its use as an electronic cash system.

Related: Wyoming Senator revives crypto tax exemption debate amid market structure talks

BTC advocates and pro-crypto lawmakers push for BTC tax exemption

In July 2025, US Senator Cynthia Lummis introduced a bill proposing a de minimis tax exemption for cryptocurrency transactions of $300 or less, with a $5,000 annual exemption cap.

Advertisement

However, the bill failed to gain traction, and the de minimis exemption for BTC transactions is not included in the CLARITY Act draft legislation, according to advocacy group the Bitcoin Policy Institute. 

Instead, the tax exemption will apply only to US dollar-pegged stablecoins, according to Conner Brown, the managing director for the Bitcoin Policy Institute. 

Washington, DC-based crypto advocacy group Blockchain Association also outlined a crypto tax proposal and submitted the plan to US lawmakers in February.

Coinbase, Taxes, Bitcoin Regulation, United States, Tax reduction, Bitcoin Adoption
The crypto tax policy proposal from the Blockchain Association. Source: Blockchain Association

The proposal called for exemptions on “low-dollar” crypto transactions, but did not specify a dollar amount.

“A meaningful de minimis exemption for digital asset transactions would eliminate disproportionately onerous reporting for individual taxpayers,” the proposal said.

Advertisement

Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder