FTX Wins Voyager Digital Asset Auction to Buy the Crypto Lender for $1.4 Billion

FTX has been announced as the winner of the bid to acquire the assets of the bankrupt crypto lender Voyager.

ftx

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. 

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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.

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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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia