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CryptoSlate Breaking: FTX Wins Auction for Voyager Digital Assets

CryptoSlate Breaking: FTX Wins Auction for Voyager Digital Assets

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Bankruptcy court judge Michael Wiles has approved FTX’s bid to acquire the assets of bankrupt crypto exchange Voyager Digital for $1.4 billion, besting a rival offer from CrossTower.

The deal still needs approval from the Federal Trade Commission (FTC) and the Committee on Foreign Investment in the United States (CFIUS).

FTX will pay Voyager’s creditors in a combination of cash, FTT tokens, and common stock in the newly formed entity, Voyager Digital Holdings.

Voyager customers will be able to choose between recovering their crypto holdings in cash at fair market value or receiving a pro rata share of the common stock in Voyager Digital Holdings and the FTT tokens.

The deal is expected to close in the first quarter of 2023.

FTX Wins Auction for Voyager Digital Assets

FTX has emerged victorious in the bankruptcy auction for Voyager Digital’s assets, outbidding rival exchange CrossTower with an offer valued at $1.4 billion.

The deal, which still requires approval from the Federal Trade Commission (FTC) and the Committee on Foreign Investment in the United States (CFIUS), will see FTX acquire Voyager’s customer accounts, technology platform, and intellectual property.

According to the terms of the deal, FTX will pay Voyager’s creditors in a combination of cash, FTT tokens, and common stock in the newly formed entity, Voyager Digital Holdings.

Voyager customers will have the option to choose between recovering their crypto holdings in cash at fair market value or receiving a pro rata share of the common stock in Voyager Digital Holdings and the FTT tokens.

The deal is expected to close in the first quarter of 2023.

FTX’s bid was ultimately higher than CrossTower’s offer of $1.2 billion in cash and the assumption of liabilities.

The deal also includes a $30 million expense reimbursement to Voyager and a $175 million cash payment to CrossTower for its role in facilitating the deal.

The deal marks a significant development in the ongoing bankruptcy saga of Voyager Digital, which filed for Chapter 11 bankruptcy in July following the collapse of crypto hedge fund Three Arrows Capital (3AC).

Voyager had initially agreed to a deal with FTX in September, but the deal was later challenged by CrossTower, which submitted a rival bid in October.

The deal is also a major win for FTX, which has been aggressively expanding its footprint in the U.S. market in recent months.

The exchange recently acquired crypto clearing firm Embed Technologies and received approval to operate a clearing agency in the state of New York.

FTX is also reportedly in talks to acquire bankrupt crypto lender BlockFi.