Binance.US Agrees To Purchase Voyager for at Least $1B
The bid, which was the highest and best offered, as per bankruptcy code, comes in at about $1.022 billion
Grey82/Shutterstock.com modified by Blockworks
Binance.US has entered an agreement with Voyager to purchase the bankrupt lender for more than $1 billion, the companies announced Monday.
The bid, which was the highest and best offered, as per bankruptcy code, comes in at about $1.022 billion. The figure represents fair market value of Voyager’s assets at current prices, plus $20 million in incremental value, Voyager noted in a statement.
Voyager was originally slated to be acquired by FTX.US, the American affiliate of the now-bankrupt FTX exchange, after the lender’s assets went to auction in September. FTX.US’ offer was $1.2 billion.
Following FTX’s collapse, Binance confirmed that its American subsidiary, Binance.US, would make its own offer. A spokesperson for Voyager declined to comment.
“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” Voyager said in the statement.
Voyager’s native token, VGX, jumped nearly 35% following news of the bid.
Binance.US will make a $10 million good faith deposit, the lender said. Voyager will seek court approval to enter the asset purchase agreement with Binance US at a hearing scheduled for Jan. 5, 2023.
This is a developing story and may be updated as new information becomes available.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
