Voyager Digital says that the winning bid for the assets of cryptocurrency brokerage firm Voyager Digital came from cryptocurrency exchange FTX US. The winning bid was worth about $1.4 billion.
Voyager said the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future,” which it estimated to be around $1.3 billion, and $111 million of what it calls “incremental value,” but it didn’t give any more details.
Few details were given about what will happen to Voyager customers who still can’t access their crypto holdings. Voyager said that more information about crypto access “will be shared as it becomes available.”
Related: Bankrupt Voyager assets to be acquired by crypto exchange FTX
Today, @FTX Official US was chosen as the highest and best bidder after a competitive auction aimed at giving customers the most value for their money. Here is a link to the press release. Find out more about what it means for customers to follow this agreement. https://t.co/OmOd7pvSza
September 27, 2022 — Voyager (@investvoyager)
Voyager only said that the FTX US platform “will let customers trade and store cryptocurrency after the company’s Chapter 11 cases have been resolved.”
Asian Trade tried to get more information from FTX and Voyager Digital, but did not hear back right away.
The assets will be sold after the United States Bankruptcy Court for the Southern District of New York approves a chapter 11 plan and an asset purchase agreement on Oct. 19.
Asian Trade reported earlier that in addition to FTX, crypto platforms Binance and CrossTower also put in bids to buy Voyager’s assets, each with its own terms.
A source said that if Voyager’s bid was successful, customers would get their fair share of crypto assets and move to the FTX platform.
Sam Bankman-Fried denies a report that FTX wants to buy a piece of Huobi.
Voyager filed for bankruptcy under Chapter 11 on July 5. This type of bankruptcy is sometimes called a “reorganisation” bankruptcy because it lets a company keep control of its assets and keep running while it plans to restructure or sell the business.
After crypto hedge fund Three Arrows Capital (3AC) didn’t pay back a $650 million loan from the firm, Voyager filed for bankruptcy worth more than $1 billion. Voyager says its claims against 3AC are still part of the bankruptcy estate.
Related: Voyager Digital, a cryptocurrency lender, declares bankruptcy.
The company says that it filed for Chapter 11 to “return as much value as possible to customers.” They also looked into reorganising, but said that selling to FTX US was the “best option for Voyager stakeholders.”
