Alameda Ventures Extends a $500 Million Line of Credit to Cryptocurrency Company Voyager Digital in Response to 3AC Exposure

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Alameda Ventures Extends a $500 Million Line of Credit to Cryptocurrency Company Voyager Digital in Response to 3AC Exposure

Alameda Ventures Extends a $500 Million Line of Credit to Cryptocurrency Company Voyager Digital in Response to 3AC Exposure
Source: BitcoinCom
1656322785 27 Jun / 09:39

Three days ago, News reported on the publicly traded business Voyager Digital after declaring it was due $655 million in digital assets. According to a news statement from Voyager, the firm has obtained money from Alameda Ventures to have greater liquidity access.

Alameda Ventures has granted Voyager Digital Holdings, Inc. a line of credit, revealing a partnership between the two entities. The funds are "designed to assist Voyager in meeting the liquidity requirements of its customers at this moment of heightened volatility." Last week, it was reported that Voyager's exposure to Three Arrows Capital was causing them financial difficulties (3AC). Voyager disclosed to investors in a note that it is owed 15,250 BTC and 350 million USDC and gave 3AC a deadline to repay the cash.

After the revelation, the value of Voyager's TSX-listed shares plunged by almost 50 percent in less than 24 hours. By taking out a loan from Alameda, Voyager will be able to satisfy client liquidity requests and bolster operations throughout the crypto market turbulence.

“[Voyager] entered into a formal deal with Alameda for a US$200 million cash and USDC revolver and a 15,000 BTC revolver,” stated Voyager. The firm included:

As previously reported, the credit facility funds are intended to be utilized to protect client assets in light of current market volatility, but only if such protection is required.

The development comes after crypto lender Blockfi secured a $250 million credit line from FTX. According to a story in the Wall Street Journal, FTX is reportedly exploring the purchase of a share in Blockfi following the loan. Alameda is providing Voyager with funding, but Voyager must adhere to specific terms. For example, “Alameda’s duty to provide funds is subject to several terms, including no more than $75 million may be pulled down in any 30-day rolling period.” The loan agreement summary includes the following:

[Voyager’s] corporate debt must be limited to around 25 percent of client assets on the platform, minus $500 million, and new financial sources must be obtained within 12 months.

Voyager continues to pursue 3AC’s assets and has been exploring “legal options possible.” The release states that Voyager “is currently unable to estimate the amount it will be able to recover from 3AC.” On June 21, Voyager’s TSX-listed shares were exchanging hands for $1.23 a unit; however, the stock is selling for $0.58 per unit. In addition, Alameda indirectly owns 22,681,260 common shares of Voyager, accounting for 11.56 percent of all outstanding common and variable voting shares.

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