Voyager Digital Returns To Bidding Process After FTX Bankruptcy

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.”

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.

READ: FTX Gets Hacked, Sees Crypto Holdings Disappear – “All funds seem to be gone. FTX apps are malware.”

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 The firm is said to have lost $3.0 million, consisting of locked LUNA2 and SRM that could not be withdrawn due to being subjected to vesting schedules.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.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Voyager Digital Sees CEO, COO Enter Arrangements To Sell Shares

It appears that executives over at Voyager Digital (TSX: VOYG) are looking to hit the...

Friday, December 31, 2021, 09:06:05 AM

Voyager Digital Looks To Secure US$500 Million In Further Capital Amid Crypto Market Turmoil

Voyager Digital (TSX: VOYG) is seemingly concerned with its liquidity situation given the current state...

Monday, June 20, 2022, 08:02:32 AM

Mistakenly Uploaded Files Show BlockFi Has $1.2 Billion Tied To Sam Bankman-Fried

According to financials that had previously been redacted but were mistakenly uploaded on Tuesday without...

Wednesday, January 25, 2023, 03:31:00 PM

Kevin O’Leary: The Shameless Capitalist We All Love To Hate

In the illustrious world of self-proclaimed investment gurus, few figures cast a longer shadow than...

Friday, April 28, 2023, 01:30:00 PM

The Rise and Fall of FTX Explained

“I fucked up and should have done better” – that’s the tweet just sent out...

Saturday, November 12, 2022, 04:30:00 PM