Voyager Digital provides market updates

New YorkAnd the July 1, 2022 /PRNewswire/ – Voyager Digital LLC, an operating platform Voyager Digital Ltd. (“Voyager” or “the Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), announced that it will temporarily suspend trading, deposits, withdrawals and loyalty rewards, effective at 2:00 PM EDT today.

Voyager Digital, Ltd. (CNW Group / Voyager Digital Ltd.)

“This was a very difficult decision, but we believe it is the right decision given the current market conditions,” he said. Stephen ErlichCEO of Voyager. “This decision gives us additional time to continue to explore strategic alternatives with various interested parties while preserving the value of the Voyager platform that we have built together. We will provide additional information in due course.”

Voyager previously announced that its subsidiary, Voyager Digital LLC, has issued a default notice to Three Arrows Capital (“3AC”) for failing to make required payments on its previously disclosed loan of 15,250 BTC and 350 million dollars USDC. Voyager actively seeks to pursue all available remedies to recover from 3AC, including through the court-ordered liquidation process in British Virgin Islands.

To support the exploration of strategic alternatives, the firm has appointed Moelis & Company and The Consello Group as its financial advisors, and Kirkland & Ellis LLP as its legal advisors.

Voyager has also provided the following financial and balance sheet updates, in accordance with the requirements of Canada’s securities laws. All figures are preliminary, unaudited, unaudited and subject to final adjustments after completion of the quarterly and year-end closing procedures.

30 June 2022

Crypto assets held (in thousands)

$685,373

Loan Crypto Assets (Thousands)

$1,124,825

a

Cash held for customers (in thousands)

$355,725

Cryptographic guarantees received / held (in thousands)

168685 dollars

Note A: Balance includes 350 million dollars of USDC and 15,250 BTC loaned to Three Arrows Capital.

From 30 June 2022The loaned crypto assets consist of the following (in thousands, excluding coins):

30 June 2022

number of coins

fair value

fair value share

BTC

21,796

$434,779

39%

B

USDC

401.762.866

401763

36%

c

ETH

170336

182.160

16%

else

106123

9%

the total

$1,124,825

100%

Note B: It includes 15,250 BTC loaned to Three Arrows Capital.

Note C: includes 350 million dollars USDC has been lent to Three Arrows Capital.

From 30 June 2022Led crypto assets categorized by borrowing counterparty were as follows (in thousands) (refer to previous filings for comparative information):

30 June 2022

borrowing rates

30 June 2022

counterparty a

1% – 11.5%

$376,784

opposite party b

3% – 10%

654195

counterparty c

4% – 13.5%

17556

counterparty d

1% – 14%

27342

counterparty

1% – 30%

34427

the opposite party and

0%

counterparty G

10.0%

13770

else

4% – 8%

751

the total

$1,124,825

From 30 June 2022the balances of crypto-assets lent with counterparties were concentrated as follows (see previous filings for comparative information):

geography

30 June 2022

counterparty a

British Virgin Islands

$376,784

opposite party b

Singapore

654195

Dr

counterparty c

United State

17556

counterparty d

United kingdom

27342

counterparty

Canada

34427

the opposite party and

United State

counterparty G

United State

13770

else

Different

751

the total

$1,124,825

Note D: represents the amount loaned to three capital shares.

About Voyager Digital Ltd.

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary Voyager Digital, LLC, is a cryptocurrency platform in United State Founded in 2018 to bring choice, transparency and cost-effectiveness to the market. Voyager offers a secure way to trade over 100 different crypto assets using an easy-to-use mobile app. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions to both consumers and merchants worldwide. To learn more about the company, please visit https://www.investvoyager.com.

forward-looking statements

Certain information in this press release, including, but not limited to, statements regarding exploration of strategic alternatives, discussions with third parties regarding strategic alternatives and the results of those discussions, the temporary nature of the platform suspension, future growth and business performance, and exploration of strategic alternatives, The future adoption of digital assets, anticipated trends and challenges in our business and industry, regulation of digital asset offerings, availability of the credit agreement, the impact of the 3AC default on the Company, including its ability to use the credit agreement, the Company’s liquidity, its ability to satisfy customer orders, withdrawals, and the Company’s expected results may constitute information Forward-looking statements (collectively, forward-looking statements), which may be identified through the use of terms such as “may,” “will,” “should,” “expect,” “expect,” “project,” “estimate,” “intend,” Continue” or “believe” (or negatives) or other similar variables. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Voyager’s actual results, performance or achievements to differ materially from any of its future results, performance or achievements expressed or implied by forward-looking statements. Furthermore, we operate in a highly competitive and rapidly changing environment. New risks appear from time to time. It is not possible for our management to predict all risks, and we cannot assess the impact of all factors on our business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those in any future. Appearance statements we may make. In light of these risks, uncertainties and assumptions, future events and trends discussed in this press release may not occur and actual results may differ materially and negatively from those projected or implied in the forward-looking statements. It is not certain how much Voyager will be able to recover from 3AC for non-payment and whether a default of 3AC would constitute a default under its credit agreement or the legal remedies available to Voyager with respect to such non-payment or the impact on future business, cash flow, liquidity and Voyager’s prospects as a result of 3AC not reimbursed. Forward-looking statements are subject to the risk that the global economy, industry or the Company’s business and investments may not perform as expected, or estimates of revenue or expenditures may not be met, or may be less or more than expected, from parties to whom the Company lends assets will be able to repay these Loans in full and on time This trading momentum does not continue or demand for trading solutions decreases Customer acquisition does not increase as planned International product expansion does not occur as planned Compliance risks with laws and regulations that currently apply or become applicable on business and those other risks contained in the company’s public filings, including management discussion, analysis, and annual information form (AIF). Factors that could cause the Company’s actual results and business to differ materially from those described in such forward-looking statements include, but are not limited to, results of exploration of strategic alternatives, inability to resume trading, deposits and withdrawals. and rewards on the platform in a timely manner, the inability to withdraw from credit facilities or access to other funding sources, an increase in customer requests for withdrawals from the platform, any bankruptcy or similar proceedings in connection with 3AC, our ability to find a strategic alternative, a decline in the market digital assets or general economic conditions; Changes in laws or regulatory approaches, and failures or delays in the adoption of digital assets and the blockchain ecosystem by institutions; Changes in the volatility of cryptocurrencies, changes in the demand for Bitcoin and Ethereum, changes in the status or rating of crypto-assets, cybersecurity breaches, delays or failures in developing business infrastructure or fulfilling mandates and gaining power; Failure to develop the assets under management, or an adverse development with respect to an issuer or party to the transaction, or failure to obtain the required regulatory approval. Readers are cautioned that the assets on the platform and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the control of the Company. Forward-looking statements, past and current performance and trends are not guarantees of future performance, and therefore, you should not place undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties about the Company is included in its files with the Canadian Securities Regulators available at www.sedar.com. The forward-looking statements contained in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances. After that date or to reflect the occurrence of unforeseen events, except as required by law. The Company has no obligation to provide operational updates, except as required by law. If the Company updates one or more of the forward-looking statements, it should not infer that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance. There is no guarantee that funds available under the Loan Agreement will be available, or, even if available, with any other Voyager assets that will be sufficient to protect the assets.

TSX does not agree or reject the information contained herein.

Click on Contacts

Voyager Digital, Ltd.

Voyager PR Team
[email protected]

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SOURCE Voyager Digital Ltd.

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