ボイジャーデジタル shares dropped by XNUMX% in the five trading days that led up to the announcement. The crypto trading platform was サスペンド from trading on the Toronto Stock Exchange on July XNUMX to give Canadian watchdogs some time to review the firm’s listing requirements.
Trading stopped on Wednesday morning after the crypto broker’s decision to file for Chapter XNUMX bankruptcy, together with affiliates Voyager Digital Holdings and Voyager Digital LLC, in the Southern District of New York on Tuesday.
Voyager has a market cap of more than $XNUMX million. The firm saw its share price drop by about XNUMX% to reach $.XNUMX in the five trading days leading up to the delisting decision. Its shares are down by nearly XNUMX% since peaking at about $XNUMX in March XNUMX.
The day before VYGVF was delisted, the trading volume surged to over triple its average rate, to XNUMX million compared with XNUMX million, based on data published by ヤフーファイナンス.
This company’s bankruptcy declaration comes barely a week after Three Arrows Capital (XNUMXAC), the Singapore-based crypto hedge fund, also declared bankruptcy.
Stephen Ehrlich, Voyager CEO cited XNUMXAC’s collapse as one of the reasons for Voyager’s need to restructure. In a ツイート he stated:
“We strongly believe in the future of the industry but the prolonged volatility in the crypto markets, and the default of Three Arrows Capital, require us to take this decisive action.”
Voyagers, today we began a voluntary financial restructuring process to protect assets on the platform, maximize value for all stakeholders, especially customers, and emerge as a stronger company. Voyager will continue operating throughout.https://t.co/TxlO4eua8E
— Stephen Ehrlich (@EhrlsXNUMX) July 6, 2022
Voyager Digital Was Impacted By XNUMXAC Saga
Voyager announced in June that it had $XNUMX million in exposure to XNUMXAC, which has already become insolvent after it failed to meet margin calls from many investors.
At the end of last month, Voyager Digital had $XNUMX billion in crypto assets loaned and it held $XNUMX million in crypto assets, based on the preliminary figures availed in a market update, adding that it is “uncertain what amount Voyager will be able to recover from XNUMXAC.”今すぐビットコインを購入する
In a statement delivered on July XNUMX, Voyager Digital stated that it would have to suspend deposits, trading, withdrawals, and loyalty rewards for its clients. Ehrlich said in the update:
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions. This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform.”