Valued as high as C$5.2 billion ($4 billion) a year ago, Voyager Digital's valuation has evaporated following the collapse of crypto hedge fund Three Arrows Capital and a broader digital asset rout.

Why it matters: The spectacular rise and fall of Voyager's stock is indicative of the crypto ecosystem as a whole and a warning of more bankruptcies to come.

State of play: As part of its bankruptcy filing, Voyager said customers would receive some combination of crypto and common shares in the newly reorganized company — but the value of those shares is in doubt.

• The crypto lender is now valued at C$64.2 million ($49.4 million) — less than 1/80th of its highest market capitalization, in 2021.
• Meanwhile, the Investment Industry Regulatory Organization of Canada halted trading of Voyager shares following the Chapter 11 filing, and the Toronto Stock Exchange is expediting a review for a potential delisting of the stock.

Between the lines: Investors aren't the only ones who could see their funds wiped out by the firm's bankruptcy.

• A statement from Voyager partner Metropolitan Commercial Bank said client funds were not FDIC-insured in the case of the firm's failure, despite Voyager's previous assurances.