The lending firm will auction off its remaining assets over the course of September.
Key Takeaways
- Voyager Digital says that it will auction its remaining assets on September 13 following multiple earlier bids.
- It is believed that Binance and FTX are among the parties interested in acquiring Voyager’s assets.
- The auction will advance Voyager’s restructuring plan, which should help the firm unfreeze customer funds.
Voyager Digital has stated that it will auction off the remainder of its assets next week as part of its restructuring plan.
Voyager Will Auction Remaining Assets
Voyager will sell its assets to the highest bidder.
The financially troubled crypto lending firm revealed those plans in a series of tweets published today, September 7.
“We want to let you know that multiple bids were submitted as part of the company’s restructuring process,” Voyager wrote.
The company added that it will “share more information about the winning bidder” and the auction’s implications for customers after the process concludes later this month.
The auction will take place on September 13, while a court hearing will approve the results of the auction on September 29.
Voyager has already received initial bids; the deadline for submissions ended on September 6. Reports from BNN Bloomberg suggest that the firm received multiple acceptable bids, thus necessitating the upcoming auction.
It is largely unknown which firms are involved in the bidding process. Voyager rejected an unsolicited bid from FTX and Alameda Research in July. Later, a court document on August 4 suggested that 88 interested parties had contacted Voyager and that 22 parties were in active talks with the firm.
A separate report from Coindesk suggests that Binance is one of the interested parties. That report also suggests that FTX is still interested in the deal despite its earlier rejection.
Voyager initially froze withdrawals over two months ago, on July 1. It gained permission to reopen withdrawals in early August. At the time, the company said that it planned to reopen withdrawals with a daily limit of $100,000 on August 11, though it is unclear whether it followed through on those plans.
Regardless, the upcoming auction should advance Voyager’s restructuring plan and help it return funds to its customers.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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