The owner of crypto exchange Bitfinex is exploring a $150 million share buyback that would provide it with greater control over the private company’s dealings, particularly as regulatory scrutiny on the industry heats up.

iFinex Inc., the Hong Kong-based firm which shares directors with crypto’s largest stablecoin issuer Tether Holdings Ltd., wrote to shareholders on Sept. 22 with an offer of $10 per share for 15 million shares, according to a document seen by Bloomberg News. The deal, which represents around 9% of iFinex’s outstanding capital and values the business at $1.7 billion, would depend on the business receiving an influx of cash from at least one of its subsidiaries, the proposal said.