This morning Voyager Digital announced they will be acquired by Binance.US, who reportedly came in with the highest bid for Voyager’s assets. The decision comes after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.
Binance.US, a Delaware corporation, is officially an independent legal entity which has a licensing agreement with Binance.com. The relationship saw criticism over the weekend when Mike Burgersburg wrote a piece on the Dirty Bubble Media Substack, suggesting that Binance and Binance.US may be commingling funds. Which later resulted in CZ blocking Burgersgurg on Twitter.
In the company news release, were told that this purchase ‘sets a clear path forward for Voyager customer funds to be unlocked as soon as possible’ The bid comes in at approximately $1B and is comprised of two parts:
- The fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future (currently worth approximately $1.002 billion)
- Additional consideration equal to $20 million of incremental value.
Voyager’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery of these and other non-released claims will be distributed to the estate’s creditors.
As to be expected, the skeptics of Binance are already having a field day.
The deal is targeted to close by April 18, 2023, with Binance.US now making a $10 million deposit and agreeing to reimburse Voyager for certain expenses up to a maximum of $15 million.
Information for this briefing was found via Voyager Digital Ltd. and the sources provided. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. Today he consults with microcap companies helping them with capital markets strategy and focuses on industries including cannabis, tech, and junior mining.