Voyager Digital has formally accomplished it’s public sale for acquisition, with powerhouse change FTX securing the successful bid, in accordance with rising studies (and confirmed by way of press launch) in current hours. Studies in current weeks had said that the flagship change was within the bidding combine with rivals Binance and CrossTower, with all three supposedly within the closing working for Voyager’s property – and every of which had been supposedly providing distinctive packages within the bidding course of.
With FTX popping out on prime, let’s check out what kind of implications can lie from this acquisition transferring ahead.
FTX & Acquisitions
FTX has lengthy sought a ‘progress by acquisition’ mannequin with blended outcomes. The agency is at present within the means of working via an acquisition of CeFi crypto lender BlockFi, which sought to keep away from the identical destiny as competitor Celsius. FTX’s U.S. division is trying to purchase BlockFi, and might now add Voyager Digital to it’s listing of latest property to construct the FTX rolodex. Whereas the aforementioned Binance and lesser-known change CrossTower had been reportedly within the combine, it was FTX who got here out with essentially the most appetizing bid – regardless of rumors that Binance’s provide included a big money sum cost.
Rumors had swirled in current days across the deal’s closing, with commentators suggesting that FTX would shell out $50M in money in it’s bid, and that the corporate desired that present Voyager clients had been moved over the FTX platform – the place they might declare a professional rata share of the cash the debtors possess from the prevailing Voyager accounts. It stays to be seen if and the way that can play out. Based on the press launch, FTX’s successful bid is valued at roughly $1.4B.
Voyager Digital (VOYG) is traded on OTC market, TSX, and has seen worth dilution commensurate with the platform's downfall. | Supply: TSX: VOYG on TradingView.com
The place Issues Go From Right here
The closing of the deal will enable FTX to finalize acquisition of Voyager’s property, however the timeline round these processes remains to be murky. Voyager can now nonetheless transfer ahead with it’s Chapter 11 submitting and look to reconcile debtors and former clients to some extent – however definitely not wholly. Nonetheless, FTX will see all of Voyager’s property and buyer accounts moved underneath their umbrella.
The transfer is probably going seen as a win for FTX, who submitted a bid try for Voyager Digital again in July with no traction.
Featured picture from Pexels, Charts from TradingView.com The author of this content material is just not related or affiliated with any of the events talked about on this article. This isn't monetary recommendation.
This op-ed represents the views of the writer, and will not essentially mirror the views of Bitcoinist. Bitcoinist is an advocate of inventive and monetary freedom alike.