Binance wants to buy the Voyager assets FTX won
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The U.S. unit of Binance is reported to be a new possible bidder for the assets of bankrupt crypto lender Voyager Digital, a process restarted after the unwinding of FTX.
Why it matters: Opportunistic buyers are emerging amid a land grab for market share kicked off by the FTX-induced chaos.
- CrossTower and Wave Financial are also reported to be in the running.
- The question is, will those bidders seek a more attractive price for Voyager's assets than the $51 million in cash upfront, plus other considerations FTX had agreed to pay?
- Of note: FTX US's earlier offer was rebuffed as a "low-ball bid."
Binance US and Wave Financial did not respond to Axios' emailed queries asking about their interest this morning. CrossTower pointed Axios to a published article about its involvement in the previous bid for Voyager but did not respond to questions.
Case in point: There were already folks offering to novate (essentially purchase) Genesis Global Trading's crypto lending unit's loans just hours after the shop halted certain services due to its significant exposure to FTX.
Flashback: Industry reaction echoes the events following the collapse of Voyager and Celsius earlier in the year when the two insolvent crypto lenders filed for Chapter 11 bankruptcy protection.
- FTX US was the previous winning bidder in the bankruptcy court-run sale in mid-September, with the deal valued at $1.42 billion. CrossTower was also in the running then.
- Most of the deal's value came from Voyager's crypto holdings then estimated at $1.31 billion.
What we're watching: Given the market wreck, it's hard to imagine Voyager will get a better price.
