FTX wins auction to acquire Voyager

I woke up to an email the other morning from Voyager.

Since the collapse of Voyager, whenever I get an email from them, I almost brace myself for the anticipation of bad news. 

However, there is not bad news; quite the opposite actually.

Voyager has accepted an auction bid from FTX US for $1.422 billion !!!

The bid is broken down as such:

• (i) the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion,

• (ii) additional consideration which is estimated as providing approximately $111 million of incremental value.

"FTX US’s bid, which is significantly better for customers than its original bid, was chosen because it maximizes the value returned to you in the shortest time."  - Team Voyager

The successful bid still needs two more Approvals before being finalized:

• First, on October 19th, the asset purchase agreement will be presented to the court for approval.

• Second, the bid will be subject to a vote by you and other customers.

I would be a little more skeptical about this deal going through, but Voyager claims that the Official Committee of Unsecured Creditors (UCC) has been working with them during this process and supports the current deal. 

This is important news for me, as I think this will give it a way better chance of being approved and finalized. 

We are nowhere close to being out of the woods yet, BUT this is an encouraging sign for all investors who have their crypto stuck on Voyager. 

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See ya!

:)