Voyager Digital Sells Over $350 Million in On-Chain Assets in Past Six Weeks
Voyager Digital, a publicly-traded cryptocurrency trading platform, has reportedly sold off more than $350 million worth of its on-chain assets in the past six weeks, according to sources close to the matter. The company has used a combination of Binance US, Coinbase, and direct over-the-counter (OTC) trades via Wintermute to liquidate its holdings.
This news has taken the cryptocurrency community by surprise, as Voyager Digital had previously been seen as a major player in the space, with a reputation for holding large amounts of crypto assets. However, the company’s decision to sell off such a significant portion of its holdings has raised questions about its financial stability and long-term prospects.
According to the reports by Arkham, Voyager Digital’s remaining assets are now worth around $760 million, the majority of which has been converted to USDC, a stablecoin pegged to the US dollar. The company now holds $488 million worth of USDC, as well as $151.22 million in ETH, $49.53 million in VGX, and $41.4 million in SHIB.
The sale of such a large amount of assets has been attributed to a number of factors, including the recent acquisition of Binance US, as well as concerns about the overall state of the cryptocurrency market. With prices of many cryptocurrencies having fallen sharply in recent weeks, some investors may be looking to liquidate their holdings and move into more stable assets.
Despite these concerns, some analysts remain optimistic about the long-term prospects of the cryptocurrency market, and believe that Voyager Digital may be well-positioned to weather any short-term volatility. The company has a number of revenue streams, including transaction fees and interest on customer deposits, which could help to offset any losses from a drop in the value of its assets.
As the cryptocurrency market continues to evolve and mature, it will be interesting to see how companies like Voyager Digital adapt to changing conditions. While there may be some bumps in the road, many experts believe that the overall trajectory of the market is upward, and that there are still significant opportunities for growth and innovation in this space.
Read more:
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- US Judge Approves Binance’s Acquisition Of Voyager