Friday, September 19, 2025

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Voyager Digital: Eight Capital Pulls Rating, Price Target After 3AC Exposure Confirmed

Voyager Digital (TSX: VOYG) provided the market with an update earlier this week, in which the first part of the news is that they received funding from Alameda for US$200 million and 15,000 BTC, which is worth roughly US$300 million, saying that the funds are intended to “be used to safeguard customer assets in light of current market volatility and only if such use is needed.”

Which, as we come to find out in the next part of the news release, was needed. As they announced that they may have to issue a default notice to Three Arrows Capital as they have failed to repay a loan after an initial request of $25 million was requested. Voyager Digital says that their exposure to Three Arrows Capital consists of 15,250 Bitcoin, valued at US$310, and $350 million in USDC.

This news rattled the stock, dropping the firms value about 50% in a single day, making it the largest single-day drop for the stock, bringing the company’s year-to-date losses to 95%.

In a short note from Eight Capital, they put Voyager “under review,” suspending their price target, rating, and forecasts. Previously the firm had a C$4 12-month price target on the stock and a neutral rating. They note that the disclosure of exposure to Three Arrows Capital at US$660 million was “significantly higher” than the March 31 disclosure of US$326 million.

Eight Capital cites that this “could potentially lead to mass withdrawal requests from VOYG’s user base, as we believe the confidence in the Voyager platform has significantly eroded,” as a reason to put the company under review and pull their rating, price target, and forecasts.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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