FTX Wins Voyager Digital Asset Auction to Buy the Crypto Lender for $1.4 Billion
The Sam Bankman-Fried-led cryptocurrency exchange, FTX, has been announced as the winner of the bid to acquire the assets of the bankrupt crypto lender, Voyager Digital.
FTX Wins Voyager Digital Asset Bid
In a statement late on Monday, Voyager Digital announced that exchange giants edged out Binance to win a “highly competitive auction process” to buy its assets. The auction was conducted by Moelis & Company and lasted for two weeks.
FXT won the bid, valued at approximately $1.42 billion. Voyager notes that the bid was a fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion.
According to Voyager’s September 26 statement, the Official Committee of Unsecured Creditors (“UCC”) participated actively in the competitive auction and supports FTX US’s winning bid.
Sam Bankman-Fried Continues FTX Expansion
Following the win, FTX will go to court on October 19th for a purchase agreement. After the agreement has been reached, customers of Voyager Digital will be able to transfer to the FTX.US exchange.
Voyager noted that FTX was the “best alternative for Voyager stakeholders.” Bankman-Fried continues to buy up distressed companies, with CrunchBase reporting Alameda making up to 180 investments since the crypto winter.
On the Flipside
- FTX is reportedly talking with potential investors to raise up to $1 billion, which would be used for further acquisitions and keep its valuation at $32 billion.
Why You Should Care
The purchase of Voyager marks the beginning of the conclusion of the crypto lender’s bankruptcy filing and a possible return of funds to customers.
Read more on the asset auction below:
Crypto Exchanges FTX and Binance Emerge As Top Bidders in Voyager Asset Auction
FTX’s fundraise is covered in:
Text source: DailyCoin.com
