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In September, cryptocurrency exchange FTX US secured the winning bid for the assets of embattled crypto brokerage firm Voyager Digital with a bid of approximately $1.4 billion. The bid was made up of the fair market value of Voyager’s crypto holdings “at a to-be-determined date in the future.”
According to Voyager, at current market prices, the fair value of its holdings was estimated around $1.3 billion, and the deal included an “additional consideration,” estimated to be worth approximately $111 million.
Since then, new details on the case have emerged, with court filings showing that the cash paid for Voyager Digital itself was only $51 million. The $1.31 billion FTX offered for Voyager crypto holdings are set to be distributed to eligible credits on a pro-rata basis, according to the filings.
The $111 million included in the deal are, as a result, split between the $51 million being paid for Voyager’s assets, intellectual property and user base, and the $60 million that consists of an accumulated $50 account credit for each user who onboards with FEX and a $20 million earnout.
Voyager’s users search for answers
While news of FTX’s winning bid trickles in through court documents and other scarce sources, users of the bankrupt firm keep on searching for answers, organizing through social media to accumulate as much information as possible.
Initial math done by users taking Voyager’s balance sheet into account has suggested that users who move on to FTX can expect to get a haircut of over 30% on the assets they held. To some, seeing any type of return is better than seeing nothing after the platform went under.
FTX’s CEO Sam Bankman-Fried has said that its bids were “generally determined by fair market price,” with the company buying up assets to give them back to customers.
to be clear — in Voyager, our bids are generally determined by fair market price, no discounts; goal isn’t to make money buying assets at cents on the do
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