Bankrupt lender Voyager gets top bids by these heavyweights
According to those with knowledge of the situation, FTX and Binance have offered the highest offers for the assets of defunct cryptocurrency lender Voyager Digital Ltd., VYGVQ -5.89%, but neither offer has yet been approved, Wall Street Journal reported.
As per the sources, the current offer from Binance is around $50 million, which is a little more than the rival offer from FTX.
The 2019-founded Voyager ran a crypto lending platform that received deposits from customers, paid interest on those deposits, and then leased the assets to other parties. In 2019, it went public through a reverse merger. The company’s market value was $3.9 billion at the height of the stock in 2021.
Voyager claimed to have $5 billion in total assets and $4.9 billion in total liabilities at the time of its bankruptcy filing in July 2022.
Among the few beneficiaries of the crypto collapse are FTX and Binance. Both have succeeded in growing their trading market share. Sam Bankman-company, Fried’s FTX, has been actively acquiring troubled assets during the recession.
On 13 September, the assets of Voyager were put up for auction. Wave Financial, a manager of cryptocurrency investments, and the trading platform CrossTower are two further bidders.
It’s also feasible that a different bidder will submit a fresh rival offer. The winning bid will be revealed at a hearing in New York on 29 September, but it may happen sooner.
Voyager, which is based in New York and trades in Toronto, filed for bankruptcy in July after the cryptocurrency sell-off generated a flood of withdrawal demands that depleted the company’s cash reserves. At the time of the filing, the value of its stock had decreased by more than 95% from 2022.
Because it had given out $1.1 billion, it
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