Crypto exchanges FTX and Binance reportedly submitted the highest bids for the assets of bankrupt crypto lender Voyager Digital, in the auction held on Tuesday, September 13th.
FTX and Binance Make Top Bids for Voyager’s Assets
Last week, we reported that Moelis (NYSE:MC) & Company, the investment bank of Voyager Digital, had held an auction for the assets of the crypto lender, with crypto exchange FTX emerging as the lead candidate for the purchase.
However, recent reports suggest that both Binance and FTX made the top bids for the assets of Voyager Digital. The Wall Street Journal, citing people familiar with the deal, reports that Binance’s bid was higher.
According to the source, the highest bid, made by Binance, was valued at an approximate $50 million, coming in slightly higher than the competing bid from FTX. The winner of the auction is expected to be announced on, or before Voyager’s next court hearing on September 29th.
Binance or FTX? Who Is Favored to Win the Auction?
Despite Binance reportedly leading the deal, FTX has been on a buying spree this year, spending more than $1 billion to secure the acquisition of potentially beneficial assets from companies that have suffered distress due to the market crash.
However, Sam Bankman-Fried’s FTX has had a rocky relationship with Voyager Digital. In July the crypto lender rejected FTX’s offer to take on its assets, calling it a “low-ball” bid, and the exchange’s history with Voyager could potentially be to Binance benefit in the asset sale.
On the Flipside
- Following a recent court filing, Sam Bankman-Fried’s Alameda Research will return $200 million in crypto borrowed from Voyager Digital.
Why You Should Care
The asset auction took place as part of the lender’s bankruptcy proceedings, and is intended to put Voyager Digital in a better position to repay its creditors, who have been left waiting for months.
You can read more about the auction in:
FTX Emerges As The Highest Bidder In The Voyager Digital Bankruptcy Auction
Find about more about the Alameda agreement:
Alameda Research and Voyager Reach an Agreement on the Return of $200M Loan