Binance.US Agrees To Purchase Voyager for at Least $1B

Binance.US has entered an agreement with Voyager to purchase the bankrupt lender for more than $1 billion, the companies announced Monday. 

The bid, which was the highest and best offered, as per bankruptcy code, comes in at about $1.022 billion. The figure represents fair market value of Voyager’s assets at current prices, plus $20 million in incremental value, Voyager noted in a statement. 

Voyager was originally slated to be acquired by FTX.US, the American affiliate of the now-bankrupt FTX exchange, after the lender’s assets went to auction in September. FTX.US’ offer was $1.2 billion. 

Following FTX’s collapse, Binance confirmed that its American subsidiary, Binance.US, would make its own offer. A spokesperson for Voyager declined to comment. 

“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” Voyager said in the statement. 

Voyager’s native token, VGX, jumped nearly 35% following news of the bid.

Binance.US will make a $10 million good faith deposit, the lender said. Voyager will seek court approval to enter the asset purchase agreement with Binance US at a hearing scheduled for Jan. 5, 2023.

This is a developing story and may be updated as new information becomes available.

---

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 Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

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