FTX has won an auction to acquire assets of Voyager Digital in a bid that is valued at about $1.42 billion.
Voyager stated that FTX’s bid is estimated to be $1.31 billion at current market price, but the final value of the transaction is based on the price as of the date determined.
In addition, consideration is estimated to be as providing about $111 million of incremental value.
It also stated that it would continue to hold its claims against the hedge fund Three Arrows Capital and would distribute any available proceeds to the estate's creditors.
In June, Voyager sent a notice of default to the Singapore-based hedge fund for its failure to make required payments on a loan of 15,250 bitcoin.
In its Chapter 11 bankruptcy filing in July, Voyager estimated it had more than 100,000 creditors and between $1 billion and $10 billion in assets, as well as liabilities of the same value.
Voyager grew rapidly during the COVID-19 pandemic, attracting depositors with high-interest rates and easy access to credit rarely offered by traditional banks.