Voyager Digital shares drop 34% as crypto platform limits services


Voyager Digital shares fell 34% on Monday following last week’s announcement that the crypto lender was limiting services for users.

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Shares in the Canadian firm were trading for 0.39 Canadian dollars, at the time of writing, according to Toronto stock exchange data.

Trading resumed in Canada on Monday following a national holiday on Friday, the same day Voyager revealed it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.”

Monday’s losses come on the back of a turbulent second quarter in which shares in the company plunged over 90%.

While Voyager has been affected by the downturn in markets, its issues were exacerbated in June by its exposure to the crypto hedge fund Three Arrows Capital (3AC). The firm issued a notice of default to 3AC over failed repayment of a $650 million loan last Monday — before 3AC filed for Chapter 15 bankruptcy on Friday. 

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The latest losses have pulled Voyager’s stock market valuation below the market cap of its native Voyager token (VGX). At the time of writing on Monday, the market cap of VGX was about $72 million, according to data from CoinGecko — while the company’s equity was worth about $58 million. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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