FTX Wins Auction for Voyager Digital Assets Worth Over $1 Billion
Following the bankruptcy filing of beleaguered crypto exchange and investment platform Voyager Digital back in July, the bankrupt firm’s leadership has explored multiple avenues that would potentially allow them to make a comeback and return assets to its customers.
Following a recent auction, the company’s troubles seem to have come to an end.
FTX Gets the Last Laugh
Shortly after Voyager declared bankruptcy, FTX offered to bail it out in order to keep it afloat. However, the proposal was quickly spurned by Voyager, who struck back at the SBF-led exchange in a heavy-handed court document.
“Voyager will entertain any serious proposal made pursuant to the Bidding Procedures described in its Motion. It seems clear, however, that AlamedaFTX’s Proposal, which was made in contravention of the proposed Bidding Procedures, was designed to generate publicity for itself rather than value for Voyager’s customers.”
Unfortunately for Voyager, not many options were on the table – and following an auction that lasted over two weeks, FTX will be buying up all company assets through its US subsidiary West Realm Shires Inc.
Hefty Price Tag of Over $1 Billion
The weeks of deliberation leading up to the final offer saw the estimated price of Voyager assets rise to about $1.422 billion, according to a press release published by Voyager Digital earlier today.
This price consists of current assets believed to be worth $1.311 billion in “fair market value of all Voyager cryptocurrency at a to-be-determined date in the future” and incremental value worth about $111 million, presumed to be the value of current branding and the like.
However, Voyager’s claims against Three Arrows Capital will remain with the bankruptcy estate, which will distribute recovered assets – if any – to the firm’s various creditors.
Any objections to the current purchasing plan will have to be submitted to US Courts by the 12th of October. Assuming no objections will be put forward, the deal will be presented for approval by the court on the 19th of October.
News of the buyout also prompted a small pump in the value of Voyager Token (VGX) – pushing the token’s price to $0.75 before falling back to around $0.7 at the time this article was written, according to CoinGecko.
If the courts approve the takeover, FTX reportedly intends to get Voyager up and running as soon as possible – and will undoubtedly offer more details on the methods shortly.
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OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow
