Voyager To Liquidate Assets at Auction

The collapsed lender will hold an auction on Sept. 13 in New York, with the winning bidder to be declared in 3 weeks

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • Voyager last said it was in active discussions with 22 interested parties, but didn’t name them
  • FTX/Alameda, Binance and Coinbase have reportedly shown interest in the lender’s assets

Voyager Digital will part with its remaining assets at an auction scheduled for next week, two months after filing for bankruptcy

A court document filed Tuesday showed the auction will take place on Sept. 13 at 10 am ET at the New York office of Voyager’s investment banker Moelis & Company. The results will be announced at a court hearing on Sept. 29 at 2 pm ET. 

Holding an auction implies that Voyager received more than one substantial bid for its assets. Finalization of the best bidder would be the first step for customers to recover their funds locked on the brokerage’s platform.

In bankruptcy auctions, a debtor may decide to liquidate its debt by allowing external parties to bid on its possessions. The external parties view this as an opportunity to buy high-cost assets at a cheaper price. Post the auction, proceeds are generally meant to go to creditors.

Voyager’s lawyers have previously said 88 interested parties had reached out to the firm, but there may have been more after the deadline for bids extended from August 26 to Sept. 6. At the time, it was in active discussions with 22 parties. 

The lender hasn’t disclosed which parties have shown interest, but Sam Bankman-Fried made a joint offer via Alameda Ventures and FTX in late July. Voyager was quick to reject that proposal, describing it as a “low-ball bid dressed up as a white knight rescue.”

Binance is another major player in the industry that was interested in snapping up Voyager’s distressed assets, while Coinbase reviewed an offer but pulled out, according to CoinDesk.

Aside from seeking a buyer, Voyager has been attempting to extricate customer funds. Last month, it got court clearance to return $270 million to customers. Another $1.3 billion in digital assets on the company’s platform will be distributed among creditors during bankruptcy proceedings.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495B in value locked, doubling Uniswap's Base deployment.

article-image

Securitize CEO Carlos Domingo thinks BUIDL will potentially hit its next $500 million milestone in just a few months

article-image

Representatives on Thursday opted to back President Biden and uphold his veto of the legislation that sought to invalidate SAB 121

article-image

The former Valkyrie CEO chats with Blockworks about what she has her eye on as Cypherpunk Holdings’ new leader

article-image

Thursday’s CPI report shows prices are coming down more quickly than analysts had anticipated, renewing hope that central bankers will cut rates in the fall

article-image

If we tokenize all assets in a speculative rush, the risk of creating illiquid markets and trapped value will manifest on a large scale

article-image

Plus, Trump is headed to the heart of Bitcoinlandia with a speaking appearance at the Bitcoin 2024 conference