21 April, 2024



Binance.US’ $1.022B Bid Wins for Voyager Digital

20 Dec, 2022

25 Nov, 2023

The bankrupt Voyager Digital’s cryptocurrency assets are agreed to be bought at a fair market value by Binance.US for $1.022 billion.

The market value of Voyager’s digital assets portfolio at present is $1.002 billion, with an incremental value of $20 million.

In an official statement, Voyager stated,

The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.

Changpeng Zhao, CEO, Binance, had been teasing a Voyager Digital bid for quite a while now. Binance.US shall now proceed with a $10 million ‘good faith’ deposit for Voyager Digital.

The arm of the world’s largest cryptocurrency exchange would also bear $15 million in Voyager Digital expenses. A Bankruptcy Court permission would be sought by Voyager Digital on the January 5 hearing to enter the asset purchase agreement with Binance.US.

The Voyager Digital asset sale to Binance.US will be pursued per a Chapter 11 plan, depending upon a creditor vote. It will also be subjected to customary closing stipulations.

Preceding this sale agreement is the July 5, 2022, voluntary restructuring process which Voyager entered, to deliver the highest value to customers.

Notably, the earlier Voyager Digital bidder was the now bankrupt FTX exchange, which had once driven Binance out of the equation.

While Binance’s native BNB token rose 1% to touch $250, Voyager Digital’s VGX token soared 32% after Binance won the said bid.

BAM Trading Services Inc. or Binance.US’ bid stood out to be the highest and the finest for Voyager Digital.

Advising Voyager on the bid in question was Kirkland & Ellis LLP, Moelis & Company LLC, and Berkeley Research Group. Latham & Watkins LLP advised Binance.US.

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