BlockFi has submitted the necessary documents to the Bankruptcy Court outlining its proposed approach for implementing the company's Chapter 11 plan. As part of this plan, BlockFi intends to offer initial recoveries to customers through the BlockFi website in the form of cryptocurrency.
The total assets held by the estate amount to $1.334 billion, representing approximately 75.68% of the combined value of customer claims against BlockFi's estate. As a result of certain holdbacks, customers can expect an initial recovery estimated at 94% of their claim amount.