Binance.US will acquire assets of bankrupt crypto lender Voyager Digital for $1.022 billion. After a review of strategic options, the firm said that Binance.US represented the highest and best bid for its assets.
The $1.022-billion bid consists of the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, along with an additional consideration equal to $20 million of incremental value.
The deal is set to close by April 18, 2023. Binance has agreed to make a $10-million deposit in good faith and will reimburse Voyager for certain expenses up to a maximum of $15 million. A hearing will be held by the presiding bankruptcy court to approve the purchase agreement on Jan. 5, 2023. In addition, the sale is subject to a creditor’s vote and other customary closing conditions.
Voyager paused withdrawals in July and filed for bankruptcy amid liquidity issues arising from its exposure to a $650-million loan default from defunct hedge fund Three Arrows Capital.
