FTX To Acquire Voyager Assets Following Successful Auction

Voyager Digital stated that FTX, with an offer of about $1.4 billion, had won the auction for insolvent lender Voyager Digital and its assets. Voyager claimed that the bid comprised the actual market value of its cryptocurrency assets at a determined period (roughly $1.3 billion), combined with $111 million of what it claimed was incremental value but did not provide any other information. Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza — Voyager (@investvoyager) September 27, 2022 The company did not provide many details about what would happen to Voyager clients who have yet to gain access to their cryptocurrency holdings. Voyager said that more information on crypto access would be shared when it becomes available. FTX’s Bid to Optimize Value Voyager wrote in its statement that the bid by FTX US maximizes the company’s value and reduces restructuring duration by giving the debtors a clear path to complete the chapter 11 plan to the benefit of their customers and creditors. Voyager stated that FTX US would let customers trade and store cryptocurrencies upon completing its chapter 11 cases. Voyager’s claims are against Three Arrows Capital (3AC), a bankrupt fund. The money recovered from a $650 million loan t...