The second race for Voyager digital assets is over.
Binance.US, an American subsidiary of the largest crypto exchange in terms of daily trading volumes, has made an agreement with Voyager Digital to acquire its digital assets.
According to the press release shared on December 19th, Voyager has reviewed its strategic options and identified that Binance.US is “the highest and best bid for its assets.”
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In the announcement, Voyager Digital revealed that Binance.US had offered $1.022 billion for Voyager digital assets. The price is formed considering “the fair market value of Voyager's cryptocurrency portfolio” of $1.002B and $20 million of “incremental value.”
On top of that, Voyager claimed that Binance.US plans to make an additional $10 million “good faith deposit” and cover other expenses valued up to $15 million.
In a separate blog post shared by Binance.US, the company’s Chief Executive Officer and President, Brian Shroder, stated:
Our bid is a reflection of our guiding principle that customers should come first. Our goal is simple: return users their cryptocurrencies on the fastest timeline possible. We hope our selection brings to an end a painful bankruptcy process which saw customers unfairly dragged into it at no fault of their own.
On top of that, Binance.US President revealed that owners of Voyager digital assets will be able to access their crypto through the “Binance.US platform, where they will continue to receive future disbursements from the Voyager estate.”
It is reported that Voyager Digital will aim to receive approval from the Bankruptcy Court in a hearing scheduled on January 5th, 2023. In the Binance.US announcement, the company stated that Voyager Digital clients should “look out for emails <...> regarding next steps soon.”
It is not the first time companies are bidding for Voyager digital assets. At the end of September, a now-bankrupt cryptocurrency exchange FTX won the bid for bankrupt crypto lender assets.
At that time, FTX aimed to purchase Voyager for $1.422 billion. At that time, the price was constructed based on the anticipated future Voyager cryptocurrency market value of $1.311 billion and $111 million “of incremental value.”
