Voyager Digital Faces Delisting From Toronto Stock Exchange Following Bankruptcy Filing
The exchange has suspended trading of the stock as it looks at whether the shares meet its listing requirements.
Jul 6, 2022 at 3:00 p.m. UTCUpdated May 11, 2023 at 4:18 p.m. UTC
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The shares of crypto broker Voyager Digital have been suspended from trading on the Toronto Stock Exchange while the exchange starts an expedited review about whether the stock continues to meet its listing requirements. The shares have also been halted on over-the-counter markets in the U.S.
- The Investment Industry Regulatory Organization of Canada announced Wednesday that Voyager Digital's stock trading on TSX had been halted as of 8 a.m. ET. The Toronto Stock Exchange later announced it had begun an expedited delisting review. The shares are also halted in the U.S., where they trade over the counter under the ticker symbol VYGVF.
- The company filed for Chapter 11 bankruptcy protection in the Southern District of New York late Tuesday, with estimates that it had more than 10,000 creditors and between $1 billion and $10 billion in assets with the same range for its liabilities.
- The crypto broker's loan book is estimated to be nearly 60% composed of loans to crypto hedge fund Three Arrows Capital, which Voyager CEO Steven Ehrlich blamed for most of his company's woes. Three Arrows Capital filed for bankruptcy on July 1 following a court order in the British Virgin Islands to liquidate.
- As with fellow lender Celsius Network, Voyager has suffered severe losses with the downturn in the crypto markets in recent weeks, culminating in it suspending trading, deposits and withdrawals at the start of the month.
- Voyager didn't immediately respond to a request for comment.
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Jamie Crawley is a CoinDesk news reporter based in London.