Digital-asset exchange FTX US has won the auction for the assets of bankrupt crypto brokerage Voyager Digital Ltd. The acquisition agreement with West Realm Shires Inc. (FTX US) follows a competitive auction process that lasted two weeks.
The official statement from Voyager Digital on Monday stated that FTX’s bid is valued at about $1.4 billion and includes $1.3 billion which is the market value of all the cryptocurrencies at the trading platform and an “additional consideration” estimated at about $111 million.
Voyager’s customers will be able to transfer their assets to the FTX US platform when the bankruptcy process is concluded. The New York-based company also noted that the purchase agreement will be presented in court for approval on 19 October.
The official announcement stated:
FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors.
At the end of last March, Voyager has 3.5 million users and 1.19 million funded accounts. All of them will now be transferred to FTX US.
The acquisition agreement involves only customers assets, Voyager’s claims against Three Arrows Capital will remain with the bankruptcy estate.
Voyager Digital filed for bankruptcy on 5 July. Prior to that, Alameda Research, owned by FTX founder Sam Bankman-Fried, made a failed attempt to bail Voyager out with a revolving line of credit.
FTX and Alameda made another offer which Voyager called a “low-ball bid”.
Earlier in June, it was reported that FTX is considering the acquisition of Robinhood Markets.
