Shiba Inu (SHIB) Joins BTC and ETH in Voyager’s Major Asset Sell-Off on Coinbase

Voyager Digital, the crypto lender which filed for bankruptcy last year, has offloaded a significant portion of its cryptocurrency holdings on Coinbase over the past four days, according to data provided by Lookonchain. The sale saw the liquidation of 49 tokens for a total of approximately $63M.

The assets sold included 781 Bitcoin ($23M), 9,570 Ethereum ($17.6M), 1.4 trillion Shiba Inu ($14.4M), and other cryptocurrencies such as LINK and MATIC. This move comes after Voyager’s declaration in May that customers would recover about 35% of their cryptocurrency deposits as the firm winds down its operations.

Further adding to this sequence of transactions, Voyager also made a significant USDC-related move. The firm received 84.5 million USDC from Coinbase and subsequently deposited 85 million USDC to Circle.

Voyager’s current asset holdings remain substantial at $11.3M, which includes 52.4 million VGX worth $8.27M and 55 BTC valued at $1.62M among other assets.

This sell-off occurs against a backdrop of considerable financial turmoil in the crypto industry and Voyager’s struggles, in particular. In July, Voyager filed for Chapter 11 bankruptcy protection, citing volatility in the crypto market and a significant default by crypto hedge fund Three Arrows Capital.

The firm’s effort to sell its assets to the now-defunct FTX for $1.42 billion fell through, followed by a second failed attempt when Binance.US retracted its $1.3 billion offer.

Despite the bleak circumstances, Voyager continues to fulfill its obligations as it liquidates assets to pay back its customers. In May, it predicted that it could recover roughly 35% of customers’ deposits.