FTX Wins Auction to Acquire Voyager Digital Assets with $1.4B Bid

Paigambar Mohan Raj
Source: Reuters, CNBC

As per reports, the popular crypto exchange platform FTX has won the bid to acquire the assets belonging to bankrupt firm Voyager Digital. Voyager is estimated to be worth $1.311 billion, at its current market value. FTX reportedly bid $1.422 billion at the auction to acquire its available assets. Voyager was one of the firms that went underwater after the Terra collapse, and the subsequent fall of the crypto lending company, Three Arrows Capital.

This is not the first time FTX has attempted to acquire the troubled crypto firm. In July Alameda Research, a trading firm founded by FTX chief Sam Bankman-Fried (SBF), attempted to bail out Voyager. Alameda tried to extend a line of credit, but the move did not go as planned. Afterward, Voyager Digital filed for chapter 11 bankruptcy.

Earlier this month, Alameda announced that it would return its $200 million Bitcoin and Ethereum loan to Voyager by the end of the month.

Is FTX still on a buying spree?

SBF’s platform has become one of the biggest buyers after the summer 2022 crypto market crash. The 2022 crash was undoubtedly one of the harshest and most harmful in crypto history. Nonetheless, FTX used the distressing time to its benefit by acquiring troubled firms that went underwater during the summer 2022 crash.

Most recently, FTX Ventures announced that it would purchase a 30% stake in Anthony Scaramucci’s Skybridge Capital. Skybridge is also one of the companies with significant crypto exposure, which fell on hard times during the crash. Other firms under FTX’s wing include BlockFi, and also there were rumors that the exchange was considering a takeover of Robinhood Markets Inc. The popular crypto exchange has been the biggest gainer this year.

According to reports, FTX is currently raising $1 billion in a funding round that has not been made public yet.

At press time, FTX’s native token FTT was trading at $24.68, up by 4.7% in the last 24 hours.