Voyager Digital shareholders have been kicked again.
The firm has returned to evaluating strategic options for moving forward in the bankruptcy process after the firm that was expected to help salvage the company by buying all of Voyager’s crypto, FTX US, has now found itself within the bankruptcy process following a tumultuous week for the sector. It was revealed last night that Voyager, as a result of FTX Group’s bankruptcy filing, will now need to find someone else to purchase its assets.
The bidding process for the assets of Voyager has now restarted, with active discussions said to currently be underway with alternative bidders. The company is said to be focused on “maximizing the value returned to customers and other creditors.”
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Under the previous agreement with FTX, Voyager was to sell all of its crypto assets as well as its operating assets to a subsidiary of FTX, West Realm Shires Inc. The total price to be paid was $1.4 billion, of which $1.311 billion was related to the purchase of crypto at fair market value, and a further $111 million to be paid on top, presumably for the operating assets of the company.
Voyager has indicated that none of the crypto assets had yet been transferred to FTX, and that FTX US had previously made a $5.0 million good faith deposit which is currently held in escrow. Separately, Voyager also managed to recover 6,500 BTC and 50,000 ETH that was loaned to Alameda Research.
However, there are still losses for Voyager as a result of the FTX bankruptcy. The firm is said to have lost $3.0 million, consisting of locked LUNA2 and SRM that could not be withdrawn due to being subjected to vesting schedules.
It is unclear at this time whom Voyager is having active discussions with for the sale of its assets.
Information for this briefing was found via Sedar and the companies mentioned. 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.
