Voyager Digital announced that its operating company selected Binance.US as the highest bidder for its assets, aiming to optimize value return to customers and creditors. The bid is valued at approximately $1.022 billion, comprising an estimated $1.002 billion in cryptocurrency assets and an additional $20 million. Binance.US will make a $10 million deposit and cover Voyager's expenses up to $15 million. A Bankruptcy Court hearing for approval is set for January 5, 2023. This follows Voyager's restructuring process initiated on July 5, 2022.
The INX Digital Company, a regulated broker-dealer, has submitted a non-binding Letter of Intent to acquire the assets of Voyager Digital Ltd. following its bankruptcy. This strategic move positions INX to leverage its regulatory framework as a FINRA and SEC-regulated entity in the cryptocurrency trading space across 43 U.S. states. INX aims to provide a stable financial environment for Voyager's customers and creditors, enhancing its credibility and technological capabilities. Previously, INX raised $83.6 million through the first SEC-registered digital security IPO.
On Nov. 11, 2022, Voyager Digital Ltd. (OTC Pink: VYGVQ) announced it is evaluating strategic options following the Chapter 11 filing by FTX Group. The Asset Purchase Agreement's no-shop provisions with FTX are no longer binding, leading Voyager to reopen the bidding process and engage with alternative bidders. Voyager has successfully recalled loans from Alameda Research, totaling 6,500 BTC and 50,000 ETH, and reports no outstanding loans. However, approximately $3 million remains locked at FTX due to vesting schedules.
Voyager Digital Ltd. (OTCPink: VYGVQ) announced that FTX US has won the bid for its assets in a competitive auction valued at approximately $1.422 billion. This includes roughly $1.311 billion in cryptocurrency and an additional $111 million in value. The bid supports Voyager's restructuring process under chapter 11, aiming to optimize value for customers and creditors. The sale agreement is set for court approval on October 19, 2022, with an objection deadline of October 12, 2022. Voyager will provide further updates regarding customer access to crypto following the auction.
Voyager Digital Ltd. (OTC Pink: VYGVQ) announced the resignation of CFO Ashwin Prithipaul to pursue other opportunities, with CEO Stephen Ehrlich assuming his duties temporarily. The board expressed gratitude for Prithipaul's contributions, especially during the firm's restructuring process. Voyager's digital asset platform, established in 2018, enables users to trade over 100 cryptocurrencies efficiently. For those seeking information on Voyager's Chapter 11 process, a claims agent and detailed resources are available online.
Voyager Digital Ltd. announced the sale of its subsidiary Coinify ApS to Ascension ApS for US$2 million in cash. The deal, approved by the U.S. Bankruptcy Court on August 16, 2022, allows for a conditional earn-out based on a future sale of Coinify within three years. This transaction aims to reduce Voyager's operational costs by eliminating monthly funding of up to US$500,000 for Coinify and results in a 15% reduction in overall headcount as part of its Chapter 11 restructuring. Coinify facilitates cryptocurrency trading and payment services across Europe and Asia.
Voyager Digital Ltd. announced the resumption of trading for its common shares on the OTC Pink Sheets under the ticker symbol VYGVQ, effective from July 15, 2022. This move follows the company’s bankruptcy filing on July 5, 2022, which necessitated a voluntary delisting from the Toronto Stock Exchange due to non-compliance with listing requirements. Despite these changes, Voyager assures that its operational capabilities remain unaffected. For further details about the ticker change, visit www.otcmarkets.com/stock/VYGVQ/security.