Voyager secures $200M, 15K BTC loan from Alameda Research to safeguard against 3AC default

According to the company’s announcement, the recognition installation volition beryllium utilized to safeguard lawsuit assets successful airy of existent marketplace volatility and lone “if needed.”

The marketplace volatility threatening Voyager originated from Three Arrows Capital, an concern money that took retired a $350 cardinal USDC and 15,250 BTC indebtedness from the institution and has truthful acold failed to repay it.

Voyager is struggling to enactment afloat adjacent with Alameda’s loan

Alameda‘s indebtedness to Voyager is intended to assistance the level conscionable the liquidity needs of its customers arsenic threats of Three Arrows Capital defaulting connected their indebtedness inches closer.

Voyager’s operating subsidiary, Voyager Digital, said that it whitethorn contented a announcement of default to Three Arrows Capital (3AC) for nonaccomplishment to repay its indebtedness of 15,250 BTC and $350 cardinal USDC. The institution initially made a petition for a repayment of $25 cardinal USDC by June 24th. However, marketplace volatility and liquidity issues wrong the level pushed Voyager to petition a repayment of 3AC’s full equilibrium of USDC and BTC by June 27th.

According to the company’s announcement, neither of these amounts person truthful acold been repaid and nonaccomplishment to repay either petition magnitude by June 27th volition beryllium considered a default. Voyager said that it intends to prosecute betterment from 3AC and is presently discussing the people of ineligible enactment it volition take. However, the institution said that it was incapable to measure the magnitude of funds it volition beryllium capable to retrieve from 3AC.

It’s unclear whether Alameda’s indebtedness volition alteration Voyager to enactment afloat. The company’s vulnerability to 3AC is implicit $150 cardinal higher than the recognition it secured from Alameda.

As of June 20th, Voyager held astir $152 cardinal successful currency and crypto assets, arsenic good arsenic astir $20 cardinal successful currency restricted for the acquisition of USDC. Alameda’s loan, worthy astir $500 cardinal successful total, brings the company’s full liquidity to $652 million.

The presumption of the indebtedness dictate that nary much than $75 cardinal whitethorn beryllium drawn implicit immoderate rolling 30-day play and that the firm indebtedness indispensable beryllium constricted to astir 25% of lawsuit assets connected the platform. Voyager is besides required to unafraid further sources of backing wrong the adjacent 12 months.

Providing the indebtedness has granted Alameda indirect entree to astir 11.56% of Voyager’s outstanding shares.

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