After several bidding rounds, FTX crypto exchange has acquired the assets of bankrupt crypto lender Voyager. The development comes after FTX’s bidding war with Binance crypto exchange over the asset recently made headlines. FTX’s bid is valued at approximately $1.422 billion (approximately Rs. 11,602 crore). The deal takes into account the fair market value of all Voyager cryptocurrencies, which is $1.311 billion (roughly Rs. 10,695 crore) at current market prices.
New Jersey-based Voyager Digital, which reached a market cap of $3.74 billion (roughly Rs 29,791 crore) last year, fell down the business ladder after the collapse of 3 Arrow Capital (3AC). The insolvent company is now seeking $650 million (roughly Rs. 5,194 crore) as compensation from 3AC.
Given the circumstances, FTX’s win includes an additional consideration of approximately $111 million (approximately Rs 905 crore) in incremental value, an official said. Press release said
“The asset purchase agreement between Voyager Digital LLC and FTX US will be submitted for approval to the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022, and the deadline to object to the transaction is October 12,” the publication reported.
Binance crypto exchange was a top contender for Voyager’s assets. Voyager’s assets were recently auctioned in New York City before the verdict was announced.
Today, after competitive auctions aimed at returning maximum value to consumers, @FTX_Official America was selected as the highest and best bidder. The press release is linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza
— Voyager (@investvoyager) 27 September 2022
Voyager had flatly rejected a buyout offer from FTX and its subsidiary Alameda Research in July, calling it a ‘low-ball bid’.
At the time, Voyager said it would entertain “any serious proposal” under its bidding process, while the joint offer from Bankman-Fried’s companies was designed to “generate publicity” rather than provide value to customers, he added.
