CrossTower Inc. admitted submitting a revised bid for Voyager Digital assets while simultaneously shopping to acquire compliance-focused and transparent crypto companies following the sudden FTX collapse.
In a revelation published by Bloomberg on November 24, CrossTower chief executive Kapil Rathi regretted the disruptive FTX collapse as behind the crypto market turmoil. In light of the aftershock, Rathi emphasized that CrossTower prioritizes acquiring firms demonstrating a healthy balance sheet and clientele.
Competitive Pursuit of Voyager Digital Assets
Despite the current bearish steam exhibited by the crypto industry, CrossTower’s head emphasized the need to pursue the company’s organic growth. While admitting the tense crypto industry, CrossTower chief disclosed the competitive bid involving FTX Group and Binance to acquire bankrupt Voyager Digital assets. He confessed FTX trading emerged the winner with a $1.4 billion bid accepted on September 27.
Nevertheless, the bankruptcy filing by FTX Group and affiliates on November 11 threw a spanner in the takeover, forcing Voyager to reopen the bid. Rathi admitted the new twist allowed CrossTower to submit a revised offer.
Also read:CrossTower president Kristin Boggiano portrayed the revised offer as designed to yield comprehensive benefits to Voyager customers. Besides, the offer replicated the CrossTower community-focus attribute by promising to benefit the entire crypto industry stakeholders.
Impact of Exposure to FTX-Related Investments
While details of the latest bid remain scanty, Boggiano dismissed the possibility that Voyager’s $3 million investment in FTX is a determinant factor in completing the potential acquisition. He confessed that CrossTower is carrying minimal exposure in the fallen FTX Group.
While considering the FTX collapse enlightening, Boggiano challenged crypto firms to prioritize investments in highly transparent schemes and compliance-focused platforms. Nevertheless, Rathi reported CrossTower’s appetite to acquire companies is leveling off by replacing the short-to-mid-term priorities with a cautious progressive acquisition.
Contrastingly, Rathi’s remarks for cautious acquisition coincided with the revelation that Binance and Wave Financial venture capital expressed secondary participation in the second Voyager’s assets acquisition. Nevertheless, the chief executive Rathi exuded confidence for a successive bid despite the US crypto asset exchange witnessing relatively modest trading volume that hardly exceeded $200000 daily.
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