Voyager nets $154.4m in USDC from sale of crypto assets

The bankrupt broker Voyager Digital is liquidating cryptocurrencies — during February it transferred $121 million to exchanges and received from their sale $154.4 million in USDC from Coinbase. Analytical firm Arkham Intelligence noted the development.

Voyager continuing to sell assets at a rate of around $100M/week.

Currently they hold almost $700M in two very large wallets.

Their top holdings:

$268M ETH
$236M USDC
$77M SHIB pic.twitter.com/ZtTQSVJLrJ

— Arkham (@ArkhamIntel) February 27, 2023

According to analysts, in the last seven days the company transferred at least $54 million to Coinbase and Binance.US, including $24.7 million in Ethereum, $12.2 million in SHIB and $2.5 million in LINK.

“Voyager is selling assets at a rate of around $100 million per week. About $700 million is held across two wallets,” Arkham Intelligence added.

According to their calculations, the broker’s addresses hold $271 million in Ethereum, $236 million in USDC, $77 million in SHIB, $63 million in the VGX native token, $13 million in LINK, $5.5 million in FTM and $5 million in APE.

The court earlier allowed Voyager to liquidate cryptocurrencies from customers’ accounts with negative USD balances and use fiat on third-party platforms.

The broker was one of the creditors of hedge fund Three Arrows Capital. The latter failed to repay a debt of 15,250 BTC and $350 million USDC, so in June 2022 Voyager Digital sent it a default notice.

A month later the company and its two subsidiaries — Voyager Digital Holdings Inc and Voyager Digital LLC — filed for bankruptcy, stating total liabilities in the range of $1 billion to $10 billion with around 100,000 clients.

In December Binance.US offered the highest price for the debtor’s assets — $1.002 billion and another $20 million as a potential upside adjustment.

Earlier last week the U.S. Securities and Exchange Commission and the New York Department of Financial Services opposed the purchase of Voyager Digital assets by Binance’s U.S. unit.

In the SEC’s view, the deal could violate securities laws, as it envisages paying debt to former Voyager clients, including in the VGX token.