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Friday, August 12, 2022

Bitcoin-Related Voyager Digital Issues Default Notice To Three Arrows Capital

  • Voyager Digital Ltd’s VYGVF operating subsidiary, Voyager Digital LLC, has issued a notice of default to Three Arrows Capital (3AC), a crypto-focused hedge fund.
  • The notice is for 3AC’s failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC.
  • The total loan equates to more than $670 million.
  • Voyager intends to pursue recovery from 3AC and is in discussions with the company’s advisors as to the legal remedies available.
  • Three Arrows Capital is still facing a credit crunch exacerbated by the continued pressure on cryptocurrency prices.
  • RelatedWhy Bitcoin-Related Stock Voyager Digital Is Plunging
  • As of June 24, 2022, Voyager had $137 million cash and owned crypto assets on hand. The company has access to the previously announced $200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures Ltd.
  • Price Action: VYGVF shares closed higher by 3.64% at $0.58 on Friday.
  • Photo Via Wikimedia Commons

 

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