Bankrupt Firm Voyager Accepts FTX’s $1.4B Asset Acquisition Bid

• Voyager has picked FTX.US as the best bid for its assets after multiple bidding rounds.
• FTX bid $1.422 billion, comprising the fair market value of all Voyager crypto assets.
• The purchase agreement will be presented for approval to the US bankruptcy court on October 19.

The bankrupt crypto firm Voyager has selected the US arm of the FTX crypto exchange as the highest and best bid for its assets after multiple rounds of bidding in a highly competitive auction process lasting two weeks.

Voyager announced the development via the press release portal, NewsWire yesterday, noting that FTX bid approximately $1.422 billion. The offer comprised the fair market value of all Voyager cryptocurrency at a to-be-determined date, estimated to be $1.311 billion at current market prices. It also includes additional consideration estimated as $111 million of incremental value.

The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on October 19, 2022, while the objection deadline to the transaction is October 12, 2022.

Additionally, Voyager will use the chapter 11 plan to carry out the sale to FTX US, which will be put to the vote by the creditors and will also be subject to other standard closing requirements. Notably, Voyager’s claims against Three Arrows Capital remain with the bankrupt estate, which will distribute any available recovery on such claims to the estate’s creditors.

Customers may file a claim on Voyager’s case website, and the deadline for doing so is October 3, 2022.

Furthermore, this auction follows Voyager’s July 5, 2022, entrance into a voluntary restructuring process to return maximum value to customers. Since the Company’s chapter 11 filing, in furtherance of this objective, Voyager has engaged in a dual-track approach, considering both a potential sale and a standalone reorganization.