Crypto firm FTX has won the auction for the assets of Voyager Digital, a bankrupt crypto lender, for $1.42bn.
According to Finextra, the winning bid includes around $1.31bn for the fair market value of Voyager’s digital assets and an additional consideration estimated as providing approximately $111m of incremental value.
Voyager remarked that FTX US’s trading platform will enable its customers to trade and store cryptocurrency after the conclusion of the company’s chapter 11 cases.
The deal will be presented to a US bankruptcy court next month with the sale of the assets still dependent on a vote by creditors.
Voyager filed for Chapter 11 bankruptcy protection in July, listing assets of between $1bn and $10bn and liabilities in the same range.
The company also suffered a blow when Three Arrows Capital went bust a week prior to its bankruptcy, defaulting on a loan of 15,250 BTC and $350m. Its claims relating to Three Arrows will remain as part of the bankrupt estate.
Earlier this year, Voyager Digital raised $60m through a private placement of common shares.
This offering was led by Alameda Research, with participation also coming from Galaxy Digital, Blockdaemon, and Digital Currency Group. Shares were priced at $2.34 apiece.
Copyright © 2022 FinTech Global
