After filing for the bankruptcy of embattled cryptocurrency exchange and investment platform Voyager Digital in July, the leadership of the bankrupt company has been exploring several avenues that could potentially allow it to return and return assets to its customers.
After the last auction, the company’s problems seem to be over.
FTX is the last laugh
Shortly after Voyager declared bankruptcy, FTX offered to bail it out to keep it afloat. However, the proposal was soon rejected by Voyager, which responded to the SBF-led exchange in a harsh court document.
“Voyager will accept all serious proposals submitted in accordance with the bidding procedures outlined in its motion. However, it appears clear that AlamedaFTX’s proposal, in contravention of the proposed bid procedures, was designed to generate publicity for itself rather than value for Voyager customers.”
Unfortunately for Voyager, there weren’t many options on the table — and after an auction that lasted more than two weeks, FTX will buy all of the company’s assets through its US subsidiary, West Realm Shires Inc.
Exorbitant price over 1 billion dollars
The weeks of deliberation leading up to the final offer saw the estimated price of Voyager’s assets rise to nearly $1.422 billion, according to a press release published by Voyager Digital earlier today.
This award consists of working capital believed to be $1.311 billion in “fair market value of all Voyager cryptocurrencies at a date to be determined” and an additional value of approximately $111 million, believed to be the value of the current brand and validation.
However, Voyager’s claims against Three Arrows Capital will remain with the bankruptcy corporation, which will distribute the recovered assets – if any – to the company’s various creditors.
Any objections to the current purchase plan must be submitted to US courts by October 12. Assuming there are no objections, the deal will be submitted for court approval on October 19.
News of the purchase also sent a small pump in the value of the Voyager Token (VGX) — pushing the price of the token to $0.75 before falling back to around $0.7 at the time of writing, 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 provide more details about the methods soon.
After winning the auction of Voyager’s digital assets worth over $1 billion, FTX debuted on CryptoPotato.