Earlier this week, we announced the selection of Binance.US as the highest and best bid for Voyager’s assets.
Since reopening our competitive bidding process last month, we have moved with deliberate speed and due care to identify new bids consistent with our objective of maximizing the value returned to you and other customers in an expedited time frame.
Earlier this week, we announced the selection of Binance.US as the highest and best bid for Voyager’s assets. You can read the press release here. For more information on Binance.US, a leading U.S digital assets exchange based in Palo Alto, California, please visit https://www.binance.us and read the company’s blog post on the announcement.
Below, we’ve provided answers to some key questions. Please read them all as they include important information about the next steps—including a required customer vote on the Binance.US bid.
Our restructuring information line remains available at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271 6507 (for parties outside the U.S.), and information can also be found on our case website at https://cases.stretto.com/Voyager.
What is Binance.US’ bid?
The Binance.US bid sets a clear path forward for Voyager customer funds to be unlocked as soon as possible on an expedited time frame through the Chapter 11 process. It is valued at approximately $1.022 billion, comprised of (i) the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus (ii) additional consideration equal to $20 million of incremental value.
The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.
Why was Binance.US’ bid selected?
The reopened bidding process was competitive, with several active participants. We selected Binance.US as the highest and best bid for our assets because it satisfied our objective of maximizing the value returned to customers and other creditors in an expedited time frame.
What is Binance.US?
Per Binance.US, the platform is a “leading U.S digital assets exchange offering a suite of products and services including access to nearly 150 different cryptocurrencies, 300+ trading pairs, 5,000+ convert pairs, and the largest on-chain staking platform. Binance.US does not touch, lend, or trade customer funds and assets. All customer funds on Binance.US are fully reserved.”
What steps do I need to take?
After Voyager Digital LLC receives Court approval to enter into the asset purchase agreement with Binance.US, the sale will be subject to a vote by you and other customers. We anticipate this vote to commence in January. We will continue to provide customer updates as the process moves forward.
Given market conditions, what steps has Voyager taken to help ensure the sale is completed and value is returned to customers?
Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to $15 million. Should the asset purchase agreement not close by April 18, 2023, subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.
When will I know how much value will be returned to me?
Voyager will provide information about the return of value as part of the voting process, with the final decision approved by the Court. One of the main reasons that the Binance.US bid was selected, above all others, is because it was the highest and best that also sets a clear path forward for funds to be unlocked on an expedited time frame.
