Voyager Digital

History

2023: Asset Sale

On January 10, 2023, bankrupt crypto lender Voyager Digital received initial court approval to sell its assets. The buyer will be the cryptocurrency company Binance.US, and the transaction amount will be $1 billion.

Voyager's assets at the end of 2021 were estimated at almost $6 billion. However, in June 2022, the financial situation worsened due to non-payment of a loan issued to the Three Arrows Capital fund. As a result, in July 2022, Voyager was forced to declare bankruptcy. The company entered a voluntary restructuring process aimed at "returning maximum value to customers." Several potential buyers showed interest in buying assets at once. So, in September 2022, the auction was won by the exchange, FTX which offered an amount of $1.4 billion. However, the bankruptcy of FTX itself followed, and the bidding had to be repeated.

Voyager Digital assets bought Binance crypto exchange

In December 2022, Voyager announced that the buyer of its assets would be the American BAM Trading Services exchange, which does business as Binance.US. Then it was said that the total amount of the transaction would be $1.022 billion, which includes $1.002 billion for the assets themselves and $20 million in additional remuneration. The deal was opposed by the U.S. Committee on Foreign Investment (CFIUS), the U.S. Securities and Exchange Commission (SEC) and state securities market regulators.

As now reported, US Bankruptcy Judge Michael Wiles in New York allowed Voyager to conclude an agreement to sell its assets with Binance.US. Voyager lawyer Joshua Sussberg said during a court hearing that the company is ready to resolve any differences with CFIUS. The deal is expected to allow customers to recover 51% of the value of their deposits at the time of Voyager's bankruptcy filing.^[1]

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