{"id":8527,"date":"2022-09-27T03:56:16","date_gmt":"2022-09-27T07:56:16","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=8527"},"modified":"2022-09-27T03:56:16","modified_gmt":"2022-09-27T07:56:16","slug":"ftx-wins-auction-for-voyager-digital-assets-valued-over-1b","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/09\/27\/ftx-wins-auction-for-voyager-digital-assets-valued-over-1b\/","title":{"rendered":"FTX Wins Auction For Voyager Digital Assets, Valued Over $1B"},"content":{"rendered":"

Voyager Digital has officially completed it\u2019s auction for acquisition, with powerhouse exchange FTX securing the winning bid, according to emerging reports (and confirmed via press release<\/a>) in recent hours. Reports in recent weeks had stated that the flagship exchange was in the bidding mix with competitors Binance and CrossTower, with all three supposedly in the final running for Voyager\u2019s assets \u2013 and each of which were supposedly offering unique packages in the bidding process.<\/p>\n

With FTX coming out on top, let\u2019s take a look at what sort of implications can lie from this acquisition moving forward.<\/p>\n

FTX & Acquisitions\u00a0<\/p>\n

FTX has long sought a \u2018growth by acquisition\u2019 model with mixed results. The firm is currently in the process of working through an acquisition of CeFi crypto lender BlockFi<\/a>, which sought to avoid the same fate as competitor Celsius. FTX\u2019s U.S. division is looking to acquire BlockFi, and can now add Voyager Digital to it\u2019s list of new assets to build the FTX rolodex. While the aforementioned Binance and lesser-known exchange CrossTower were reportedly in the mix, it was FTX who came out with the most appetizing bid \u2013 despite rumors that Binance\u2019s offer included a large cash sum payment.<\/p>\n

Rumors had swirled in recent days around the deal\u2019s closing, with commentators suggesting<\/a> that FTX would shell out $50M in cash in it\u2019s bid, and that the company desired that existing Voyager customers were moved over the FTX platform \u2013 where they could claim a pro rata share of the coins the debtors possess from the existing Voyager accounts. It remains to be seen if and how that will play out. According to the press release, FTX\u2019s winning bid is valued at roughly $1.4B.<\/p>\n\n

Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen value dilution commensurate with the platform’s downfall. | Source: TSX: VOYG on TradingView.com<\/a><\/p>\n

Where Things Go From Here<\/p>\n

The closing of the deal will allow FTX to finalize acquisition of Voyager\u2019s assets, but the timeline around these processes is still murky. Voyager can now still move forward with it\u2019s Chapter 11 filing and look to reconcile debtors and former customers to some degree \u2013 but certainly not wholly. Nonetheless, FTX will see all of Voyager\u2019s assets and customer accounts moved under their umbrella.<\/p>\n

The move is likely seen as a win for FTX, who submitted a bid attempt for Voyager Digital back in July with no traction.<\/p>\n

Featured image from Pexels, Charts from TradingView.com
\nThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Voyager Digital has officially completed it\u2019s auction for acquisition, with powerhouse exchange FTX securing the winning bid, according to emerging reports (and confirmed via press release<\/a>) in recent hours. Reports in recent weeks had stated that the flagship exchange was in the bidding mix with competitors Binance and CrossTower, with all three supposedly in the final running for Voyager\u2019s assets \u2013 and each of which were supposedly offering unique packages in the bidding process.<\/p>\n

With FTX coming out on top, let\u2019s take a look at what sort of implications can lie from this acquisition moving forward.<\/p>\n

FTX & Acquisitions\u00a0<\/p>\n

FTX has long sought a \u2018growth by acquisition\u2019 model with mixed results. The firm is currently in the process of working through an acquisition of CeFi crypto lender BlockFi<\/a>, which sought to avoid the same fate as competitor Celsius. FTX\u2019s U.S. division is looking to acquire BlockFi, and can now add Voyager Digital to it\u2019s list of new assets to build the FTX rolodex. While the aforementioned Binance and lesser-known exchange CrossTower were reportedly in the mix, it was FTX who came out with the most appetizing bid \u2013 despite rumors that Binance\u2019s offer included a large cash sum payment.<\/p>\n

Rumors had swirled in recent days around the deal\u2019s closing, with commentators suggesting<\/a> that FTX would shell out $50M in cash in it\u2019s bid, and that the company desired that existing Voyager customers were moved over the FTX platform \u2013 where they could claim a pro rata share of the coins the debtors possess from the existing Voyager accounts. It remains to be seen if and how that will play out. According to the press release, FTX\u2019s winning bid is valued at roughly $1.4B.<\/p>\n

Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen value dilution commensurate with the platform’s downfall. | Source: TSX: VOYG on TradingView.com<\/a><\/p>\n

Where Things Go From Here<\/p>\n

The closing of the deal will allow FTX to finalize acquisition of Voyager\u2019s assets, but the timeline around these processes is still murky. Voyager can now still move forward with it\u2019s Chapter 11 filing and look to reconcile debtors and former customers to some degree \u2013 but certainly not wholly. Nonetheless, FTX will see all of Voyager\u2019s assets and customer accounts moved under their umbrella.<\/p>\n

The move is likely seen as a win for FTX, who submitted a bid attempt for Voyager Digital back in July with no traction.<\/p>\n

Featured image from Pexels, Charts from TradingView.com
\nThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>\n

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