FTX US, a Bahamian cryptocurrency exchange established in 2019 by Sam Bankman-Fried, won the auction for Voyager Digital assets.

According to the press release shared on September 26th, FTX US bid is valued at approximately $1.422 billion.

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The press release noted that the bid price was constructed based on the anticipated future Voyager cryptocurrency market value of $1.311 billion and $111 million “of incremental value.”

In the announcement, Voyager Digital noted:

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.

The company claims that FTX US will enable crypto trading and storing services after the chapter 11 bankruptcy case is closed.

Moreover, according to the company, Voyager Digital LLC and FTX US are set to present a purchase agreement to the United States Bankruptcy Court for the Southern District of New York on October 19th.

Voyager noted that further information about the timeline of when customers can access their crypto will be shared when it becomes available. 

FTX’s fight for acquiring Voyager assets was rather interesting. In late July, FTX offered to buy Voyager’s digital assets and digital asset loans, excluding Three Arrows Capital (3AC) loans. At that time, Voyager didn’t like the idea, claiming that its “a low-ball bid dressed up as a white knight rescue.”

However, FTX didn’t give up. According to The Wall Street Journal (WSJ) news report shared on September 20th, the main bidders were Binance and FTX, offering around $50 million each. It seems that, in just a week, FTX raised its bid by 26 times.

It is worth noting that, on September 19th, the news broke that FTX aims to collect $1 billion in funding for various acquisitions.

by Gile K. – Crypto Analyst, BitDegree