FTX Will Acquire Bankrupt Voyager Digital Assets for $1.4 Billion
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Crypto billionaire Sam Bankman-Fried’s FTX exchange has won the auction for the assets of bankrupt digital assets lender Voyager Digital.
FTX made the highest bid which was valued at $1.42 billion according to the Sept. 26 announcement. The auction process lasted two weeks and was “highly competitive,” it added.
The bid comprised the fair market value of all Voyager’s crypto asset holdings at a to-be-determined date in the future. This is estimated to be around $1.31 billion at current market prices. There has also been additional consideration for an estimated incremental value of $111 million.
Voyager’s bankruptcy estate includes claims against Three Arrows Capital (3AC) which will be distributed to creditors on recovery, the announcement stated.
The FTX native token, FTT, has reacted strongly to the latest acquisition news gaining 6% on the day according to CoinGecko. At the time of writing, FTT was trading at $24.89, however, the token has lost 70% since its all-time high this time last year.
Crypto markets in general are up 4.6% on the day which has pushed total capitalization just over the trillion-dollar level once again. The overall outlook remains bearish, however.
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