According to a tweet from blockchain intelligence company Arkham Intelligence, troubled cryptocurrency broker platform Voyager Digital has been quickly selling off its bitcoin holdings.
According to blockchain transaction data compiled by Arkham, Voyager transferred at least $54 million in cryptocurrency to the exchanges Coinbase and Binance.US during the course of the previous week with the intention of selling the tokens. According to Arkham’s statistics, it sent at least $24.7 million worth of ether (ETH), $12.2 million worth of shiba inu (SHIB), and $2.5 million worth of Chainlink’s LINK to exchanges over the course of the previous seven days.
Since the start of February, the cryptocurrency broker has deposited $121 million in total to exchanges.
Also, according to transaction data, Voyager acquired roughly $150 million in Circle’s USDC stablecoin from Coinbase over the course of the previous four days, most likely as a result of cryptocurrency sales.
In July, Voyager stopped all trading and requested Chapter 11 bankruptcy protection. It consented to auction itself off to Binance.US as part of the legal proceedings. Concerns from federal and state regulators about the purchase have grown, and the U.S. Securities and Exchange Commission (SEC) is currently looking into Voyager’s VGX token as an unregistered securities offering.
The new move by the cryptocurrency broker may also portend selling pressure for some of the company’s major holdings, particularly for ETH and SHIB.
According to Arkham data, Voyager holds the following non-stablecoin crypto assets in the biggest quantities: 166,223 ETH worth $271 million, 6.2 trillion SHIB tokens worth $77 million, and 148.4 million of its own VGX token, which is worth about $63 million. The company also has some $13 million worth of LINK, $5.5 million worth of FTM, and $5 million worth of APE tokens from Bored Ape.
According to Arkham, Voyager crypto addresses are currently holding $697 million worth of cryptocurrencies, including $236 million worth of USDC stablecoin.
