Voyager Digital returns to bidding process after FTX bankruptcy
Voyager Digital shareholders have been fired again.
The firm has returned to assessing strategic options to move forward in the bankruptcy process after the firm that was expected to help save the company by buying all of Voyager’s crypto, FTX US, has now found itself in the bankruptcy process after a turbulent week for the sector . It was revealed last night that, as a result of FTX Group’s bankruptcy filing, Voyager will now have to find someone else to buy the assets.
The bidding process for Voyager’s assets has now restarted, with active discussions said to 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 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 an additional $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 appear 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 in escrow. Separately, Voyager also managed to recover 6,500 BTC and 50,000 ETH lent 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 The firm is said to have lost $3.0 million, consisting of locked LUNA2 and SRM that could not be withdrawn due to exposure to vesting plans.
It is currently unclear with whom Voyager is in active discussions for the sale of the assets.
Information for this briefing was found via Sedar and the aforementioned companies. 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 has no licenses.
As the founder of The deep dive, Jay is focused on all aspects of the firm. This includes operations, as well as serving as lead writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay does freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
