Voyager Announces Large Exposure To 3AC
Voyager lent 52% of loan book to Three Arrows Capital and sees its stock fall 48.75% today.
Voyager’s Loan Book Exposure
Early on June 22, 2022, Voyager Digital, a crypto company which enabled users to deposit on their platform for yield, announced it took large losses from loans extended to Three Arrows Capital.
“Voyager concurrently announced that its operating subsidiary, Voyager Digital, LLC, may issue a notice of default to Three Arrows Capital ("3AC") for failure to repay its loan. Voyager's exposure to 3AC consists of 15,250 BTC and $350 million USDC. The Company made an initial request for a repayment of $25 million USDC by June 24, 2022, and subsequently requested repayment of the entire balance of USDC and BTC by June 27, 2022. Neither of these amounts has been repaid, and failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the Company's advisors regarding the legal remedies available. The Company is unable to assess at this point the amount it will be able to recover from 3AC.” — PR Newswire