Voyager Digital stock plunges after disclosing over $660M exposure to Three Arrows Capital

Voyager Digital (OTCQX:VYGVF) shares are dropping over 60% to its lowest since June 2020 in Wednesday morning trading after revealing loan exposure of more than $660M to struggling crypto hedge fund Three Arrows Capital. The crypto broker said it may issue a "notice of default" to 3AC if it fails to make a loan repayment. Moreover, Voyager Digital (OTCQX:VYGVF) disclosed that its exposure to 3AC, which has failed to meet margin calls over the past week as its crypto wagers turned sour amid turbulent market conditions, consists $350M in USD Coin (USDC-USD), a stablecoin pegged to the U.S. dollar, and 15,250 bitcoins (BTC-USD) ($314.2M) for a total of $664.2M. Furthermore, Voyager Digital (OTCQX:VYGVF) had initially asked for a repayment of $25M USD Coin (USDC-USD) by June 24, and then requested repayment of the entire balance of USDC and bitcoin (BTC-USD) by June 27, according to the update. The troubled fund may have