After multiple bidding rounds, FTX crypto exchange has bagged the assets of bankrupt crypto lender Voyager. The development comes after FTX’s bid war with Binance crypto exchange over these assets made it to the headlines recently. FTX’s bid is valued at approximately $1.422 billion (roughly Rs. 11,602 crore). The deal has taken into consideration the fair market value of all Voyager cryptocurrency, which at current market prices is estimated to be $1.311 billion (roughly Rs. 10,695 crore).

New Jersey-based Voyager Digital that reached a $3.74 billion (roughly Rs. 29,791 crore) market cap last year, slipped down the business ladder following the collapse of 3 Arrows Capital (3AC). The bankrupt company is now asking for $650 million (roughly Rs. 5,194 crore) from 3AC in damages.

Given the situation, FTX’s winning big comprised an additional consideration that is estimated as providing approximately $111 million (roughly Rs. 905 crore) of incremental value, an official press release said.

“The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022 and the objection deadline to the transaction is October 12,” the release noted.

Binance crypto exchange was among the top contenders for Voyager’s assets. An auction for Voyager’s assets was recently held in New York City before this result was announced.

Voyager, in July, had categorically rejected a buyout offer from FTX and its subsidiary Alameda Research, calling it a ‘low-ball bid’.

At the time, Voyager had said it would entertain “any serious proposal” made under its bidding procedures, while the joint offer from Bankman-Fried’s firms “was designed to generate publicity” rather than provide value to customers, they added.