Media: Voyager Digital Demanded Crypto Assets Worth $650 Million from 3AC

Voyager Digital shares tumbled 60% after reports that the crypto broker provided the Three Arrows Capital (3AC) fund with crypto assets worth more than $650 million.

According to CoinDesk, Voyager Digital issued a loan to 3AC of 15,250 BTC (~$308 million at the time of writing) and 350 million USDC.

“3AC’s indebtedness raises questions about Voyager Digital’s viability,” said Compass Point analyst Chris Allen. “Considering that Three Arrows Capital plans asset sales or rescue by another firm, it is unclear whether the fund will be able to repay its loans.”

According to him, even if 3AC finds a way to meet its obligations, the process will take some time.

Voyager Digital demanded $25 million in USDC by June 24. After that, the broker moved to recover the full amount on June 27.

Representatives said that to date the demands have not been satisfied. If 3AC does not repay the debt in the near term, Voyager Digital will issue a default notice.

“Failure to repay the requested amount by the specified deadline will be treated as a default. Voyager intends to pursue recovery from 3AC and is currently consulting on available legal remedies,” said the company representatives.

On June 18, the cryptocurrency broker Voyager Digital announced that Alameda Research provided him a loan of 200 million USDC and a revolving credit line of 15,000 BTC (~$300 million).

The agreement runs through December 31, 2024. The terms call for interest to be paid at the end of this period, at a 5% annual rate.

In May, Alameda Research led a Voyager Digital financing round of $60 million.

Earlier, 3AC was examining the possibility of selling assets to rescue the company, and was also trying to negotiate with creditors for debt relief.

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