Sam Bankman-Fried’s FTX US exchange platform has won the auction for the assets of the troubled Voyager Digital. In total, Bankman-Fried is putting on the table $1.4 billion to acquire Voyager Digital’s assets.
Voyager happy with the outcome
If we are to believe the above message from Voyager Digital, the company is happy with the outcome of the auction. “Today, after a competitive auction aimed at delivering as much value as possible to our users, FTX US emerged as the highest and best bidder,” Voyager Digital said in a first statement on the outcome.
FTX US’s offer totals $1.4 billion, of which $1.3 billion is the market value of the assets and $111 million is “added value”. What the latter exactly means is unclear, but we may hear more about it later. What exactly Voyager Digital users can expect is not yet clear at the moment.
No restart for Voyager Digital
With the sale of the assets to FTX US, a restart seems definitively off the table. Initially, the idea of the ‘chapter 11’ bankruptcy proceedings was to keep the possibility of a restart open. Voyager Digital itself states, however, that the idea has always been to give as much value back to users as possible. It has considered a relaunch, but in the end a sale to FTX appears to be “the best alternative” for those involved.
Voyager Digital has only said that the FTX US platform “will allow users to trade and hold crypto after the close of Chapter 11 proceedings.” It therefore seems that Voyager Digital users will in any case have to wait until the procedure has been completed before they can access their assets.