Voyager names Binance as successful bidder, replacing FTX

Chicago, Dec. 19 – Voyager Digital Ltd. gave notice of a new successful bidder for the company’s assets after FTX US was forced to withdraw from the process when it declared bankruptcy, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of New York.

Binance US, formally known as BAM Trading Services Inc., has been selected as the new winning bidder, as of Dec. 18.

Binance has agreed to assume defined liabilities, make a cash payment of $20 million, pay the seller expenses and credit coins to users’ accounts.

The bid is valued at approximately $1.022 billion based on the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future plus the $20 million incremental value.

Voyager’s claims against Three Arrows Capital will remain with the estate, according to a press release. Any future recovery on these and other non-released claims will be distributed to the estate’s creditors.

A hearing regarding the asset purchase agreement is scheduled for Jan. 5 with objections due by Dec. 30.

Should the deal not close by April 18, subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.

Voyager was advised by Kirkland & Ellis LLP, Moelis & Co. LLC, and Berkeley Research Group. Binance.US was advised by Latham & Watkins LLP.

Voyager Digital is a cryptocurrency broker based in New York. The company filed bankruptcy on July 5 under Chapter 11 case number 22-10945.

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