Voyager Digital shares have fallen by 60% after it was reported the crypto broker had provided Three Arrows Capital (3AC) fund with over $650 million worth of crypto assets.
Voyager Digital has reportedly issued a 15,250 BTC loan to 3AC for and 350 million USDC.
Compass Point analyst Chris Allen has said:
“3AC’s debt raises Voyager Digital’s viability issues. Given that Three Arrows Capital plans to sell assets or bail out through another firm, it is unclear whether the fund will be able to repay its loans.”
He has said that even if 3AC finds a way to pay off the obligations, the process will actually take some time.
Voyager Digital has demanded a refund of $25 million in USDC from the fund by June 24. After that, the broker decided to collect the entire amount on June 27.