Bankrupt crypto lender Voyager Digital has reached a deal to sell its assets to Binance.US for $1.022 billion. Binance CEO Changpeng Zhao announced the acquisition on Twitter.
In a statement released on Dec 19, Voyager Digital stated that Binance’s offer was the "best and highest bid for its assets." In its press statement, Voyager stated that
(Binance.US bid) comprised of (i) the fair market value of Voyager's cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value.
Voyager also noted that selling its company's assets will provide a clear path for customer funds going forward.
Both parties aim to unlock customer funds as soon as possible.
Commenting on its legal situation with Three Arrows Capital, Voyager states that it has filed claims with the bankruptcy estate. Thus, the estate's creditors will receive any claims from future recovery involving Three Arrows Capital. Creditors will also be entitled to other non-released claims.
Both parties have set April 18, 2023, for closing the deal. Binance.US has agreed to pay $10 million in good faith as part of the deal. The crypto exchange will also reimburse Voyager Digital for expenses worth up to $15 million.
As part of the necessary proceeding to ratify the sale, a presiding bankruptcy court will sit on Jan 2, 2023, to approve this purchase. Also, there will be a creditor's vote to approve the sale, along with other customary closing conditions.
