Sam Bankman-Fried’s cryptocurrency exchange FTX US has won an auction to buy the assets of now-defunct crypto brokerage firm Voyager Digital Ltd., subject to the approval of the United States Bankruptcy Court, on a bid of about $1.4 billion.

Voyager said in a statement late Monday that the bid was made up of “fair market value of all Voyager cryptocurrency at a to-be-determined date in the future” which is at current market prices is $1.3 billion along with an estimated $111 million of estimated “incremental value.”

Upon the completion of the bankruptcy process, Voyager customers will be able to transfer to the FTX US platform in order to resume cryptocurrency trading. The purchase agreement is to be presented to the court for approval on Oct. 19.

Details about how customers will access their own crypto holdings after transferring to the new platform are not available, with Voyager stating that additional information “will be shared as it becomes available.”

Voyager filed for bankruptcy in July, becoming the second major company to file in 2022 after the collapse of major crypto hedge fund Three Arrows Capital. Voyager went under after 3AC defaulted on a $650 million loan and called for a restructuring plan in order to protect its assets and customers.

The bid follows a series of failed attempts to bail out Voyager with a $200 million revolving line of credit from Alameda Research, a trading house affiliated with FTX.

Later that month FTX and Alameda Research made a joint bid to acquire Voyager, but the company rejected it calling it “a low-ball bid dressed up as a white knight rescue,” that was designed only to “generate publicity” and it would wait for a serious proposal.

Voyager said it has received multiple bids and determined that the sale to FTX was the best alternative for its customers and investors to maximize value. Cointelegraph reported that crypto trading platforms Binance and CrossTower also submitted bids to purchase Voyager.

Image: Voyager Digital