According to a Wall Street Journal story, FTX and Binance offered the highest offers for the assets of bankrupt cryptocurrency lender Voyager Digital Ltd., but neither offer had been accepted as of Tuesday.
According to “those familiar with the situation” quoted in the WSJ piece from Tuesday night, Binance’s current offer is roughly US$50 million, which is just a little bit more than the rival offer from FTX.
Over the “Crypto Winter,” FTX and Binance have been able to grow their market share in cryptocurrency trading.
Over the past year, Sam Bankman-Fried-owned FTX has acquired struggling crypto companies and assets in addition to lending lines of credit to them.
In a court document filed on Monday, Bankman-company Fried’s Alameda Research declared its intention to reimburse Voyager Digital for over $200 million in cryptocurrency. Alameda further entered into a non-binding agreement in June to provide the cryptocurrency lender with a $200 million cash and USDC line of credit, as well as a second 15,000 Bitcoin revolving credit facility.
Voyager’s assets were put up for auction starting on September 13, and the winning price will be revealed at a hearing on September 29. The trading platform CrossTower and cryptocurrency investment firm Wave Financial are among the other bids, according to the WSJ.
Voyager claimed having $4.9 billion in liabilities and $5 billion in total assets at the time of its bankruptcy filing in July 2022. As at the time of publication, the value of Voyager’s stock has decreased by more than 99%.
