The Voyager Digital Saga has finally ended, with leading cryptocurrency exchange FTX US securing the winning bid for the assets of the crypto brokerage firm, with an offer of approximately $1.422 billion, according to the seller.
Following the sale, Voyager announced that customers might eventually transition to the FTX platform once it finishes its chapter 11 bankruptcy proceedings.
FTX Completes The Purchase Of Voyager
Voyager Digital sent out a press release following the sale to state that the bid was made up based on the market value of its crypto holdings “at a to-be-determined date in the future,” said to be around $1.3 billion, with additional consideration of $111 million of what it says is “incremental value.”
The process dragged out for months, but Voyager has finally sold its assets, leaving customers wondering what will happen now that everything is in the hands of FTX. Little information has been released regarding what will happen, and customers are still awaiting access to their crypto holdings.
Voyager stated that more details “will be shared as it becomes available” in the future. They said the FTX US platform “will enable customers to trade and store cryptocurrency after the conclusion of the company's chapter 11 cases.
Once the chapter 11 plan has been completed—meaning the company submits an asset purchase agreement and gets it approved by the United State Bankruptcy Court for the South District of New York on October 19th—the sale of the assets will be processed.
What Happened To Voyager Digital?
Voyager entered into a chapter 11 bankruptcy on July 5th, sometimes known as a “reorganization” bankruptcy, sparking the media circus that lasted until the FTX acquisition. This type of chapter 11 filing allowed the crypto firm to retain control of its assets and continue operating while it restructures or sells the business.
The crypto trading platform stated that the filing was “aimed at returning maximum value to customers” and also considered a reorganization, but stated the sale to FTX US was the “best alternative for Voyager stakeholders.”
In the last few weeks, there has been a lot of interest from other buyers, despite FTX being the name most associated with the purchase, with major exchange rivals Binance putting a bid in and CrossTower submitting a bid. However, FTX’s persistence has paid off.