Voyager Digital, a bankrupt cryptocurrency lending platform, recently sold approximately 400 billion Shiba Inu ($SHIB) tokens on Coinbase, alongside other cryptocurrencies like Ethereum ($ETH), Voyager Token ($VGX), and Chainlink ($LINK).
According to blockchain analytics service Lookonchain, Voyager received $33.7 million in USDC from Wintermute Trading, Binance US, and Coinbase. Despite these transactions, Voyager retains $757.8 million in assets, including $459.8 million in USDC and 4 trillion SHIB.
Key Transactions and Holdings
- Recent SHIB Sales: Voyager transferred 300 billion SHIB (worth ~$3.4 million) to Coinbase in recent weeks.
- ETH Transfers: Moved 15,000 ETH ($25.3 million) to Coinbase and Binance.
- Ongoing Activity: Since February 14, Voyager has systematically sent assets to Coinbase, including 2.24 trillion SHIB (~$28 million).
Bankruptcy and Restructuring
Voyager filed for bankruptcy in July 2022. Notably:
- Client Support: 98% of creditors approved a restructuring plan involving Binance.US’s acquisition of select assets.
- Court Approval: A $1.3 billion asset sale to Binance.US was greenlit, though final hurdles remain.
- Binance.US Terms: $20 million cash payment + crypto deposits from Binance.US users.
SHIB Investor Sentiment
Data suggests most SHIB holders resist large-scale selling. The median holding period for SHIB on Coinbase exceeds 230 days, indicating long-term confidence.
FAQs
1. Why did Voyager sell SHIB on Coinbase?
Voyager is liquidating assets as part of its bankruptcy proceedings, converting holdings like SHIB into stablecoins (e.g., USDC) to repay creditors.
2. How much SHIB does Voyager still own?
As of the latest data, Voyager holds 4 trillion SHIB, valued at ~$40 million.
3. What’s the impact of Voyager’s sales on SHIB’s price?
The transfers are gradual, minimizing market disruption. Long-term holder metrics suggest sustained demand.
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4. What happens to Voyager’s users?
They’ll migrate to Binance.US upon deal finalization, with assets transitioned under the new platform.
5. Are other cryptocurrencies affected?
Yes. Ethereum and LINK sales occurred alongside SHIB, though SHIB’s volume stands out due to its meme-coin status.
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6. What’s next for Voyager?
Pending regulatory approvals, the Binance.US acquisition will proceed, concluding Voyager’s restructuring.