Here's What You Missed in Crypto This Week » 10:1206/2406/24/22
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Voyager Digital downgraded to Market Perform from Outperform at Noble Capital » 08:2806/2306/23/22
Noble Capital analyst Joe…
Noble Capital analyst Joe Gomes downgraded Voyager Digital to Market Perform from Outperform after the company announced yesterday that it may issue a notice of default to Three Arrows Capital for failure to repay its loan. While Sam Bankman-Fried's Alameda Ventures has agreed to loan Voyager, the uncertainty of when, or if, Voyager will receive its loans back and the quality of its remaining crypto loans raises significant questions about the company's near-term liquidity, Gomes tells investors.
Keefe Bruyette removes rating on Voyager Digital after 3AC exposure disclosed » 15:3306/2206/22/22
Keefe Bruyette analyst…
Keefe Bruyette analyst Kyle Voigt said he will continue covering Voyager Digital, but has moved to a Covered Not Rated designation, removing his previous Outperform rating and C$5.50 price target, after the company disclosed its exposure to crypto hedge fund Three Arrows Capital, or 3AC, and said it may issue a notice of default to Three Arrows for failure to repay its loan. While he will continue covering the company, he does not feel he can "adequately value its shares at this point," Voigt tells investors.
Craig-Hallum suspends rating on Voyager Digital amid 'liquidity crunch' » 11:2306/2206/22/22
Craig-Hallum analyst George Sutton said he is suspending his estimates, rating and price target for Voyager Digital after the company announced in conjunction with closing its loan agreement with Alameda Ventures that it "may issue" a notice of default to distressed hedge fund Three Arrows Capital. While he can "envision a scenario where the company successfully addresses the current financial issues," he is suspending his previous Buy rating and $5 price target given the vulnerability of the balance sheet in light of now knowing that the agreement with Alameda is "effectively a backstop for the company to manage what will likely be significant customer withdrawals," Sutton tells investors.
Voyager Digital says may issue notice of default to Three Arrows Capital » 10:4206/2206/22/22
Earlier, Voyager Digital…
Earlier, Voyager Digital announced its subsidiary, Voyager Digital Holdings, has entered into a definitive agreement with Alameda Ventures related to the previously disclosed credit facility, which it said "is intended to help Voyager meet customer liquidity needs during this dynamic period." VDH entered into a definitive agreement with Alameda for a $200M cash and USDC revolver and a 15,000 BTC revolver. As previously disclosed, the proceeds of the credit facility are intended to be used to safeguard customer assets in light of current market volatility and only if such use is needed. In addition to this facility, as of June 20, Voyager has approximately $152M cash and owned crypto assets on hand, as well as approximately $20M of cash that is restricted for the purchase of USDC, it stated. Voyager concurrently announced that its operating subsidiary, Voyager Digital, LLC, may issue a notice of default to Three Arrows Capital, or "3AC," for failure to repay its loan. Voyager's exposure to 3AC consists of 15,250 BTC and $350M USDC. The company made an initial request for a repayment of $25M USDC by June 24, and subsequently requested repayment of the entire balance of USDC and BTC by June 27, Voyager stated. "Neither of these amounts has been repaid, and failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the company's advisors regarding the legal remedies available. The company is unable to assess at this point the amount it will be able to recover from 3AC," Voyager stated.
Voyager Digital downgraded to Neutral at BTIG on exposure to 3AC » 10:3806/2206/22/22
BTIG analyst Mark Palmer…
BTIG analyst Mark Palmer downgraded Voyager Digital to Neutral from Buy and removed his previous price target of $15 after the company provided a market update in which it announced a definitive agreement with Alameda Ventures on revolving credit facilities with total availability of over $500M, but also disclosed that it has over $660M in loan exposure to troubled crypto hedge fund Three Arrows Capital, or 3AC. Voyager may issue a notice of default to 3AC, which during the past week has failed to meet margin calls while facing liquidity challenges, and it disclosed that its exposure to the fund consists of $350M in USDC and 15,250 bitcoin worth $311.8M at current prices, noted Palmer. When he asked Voyager management about its exposure being collateralized and whether it had hedges or other risk management tools, they directed him to their public commentary, noted Palmer, who is moving to the sidelines given that his ability to assess the situation and to value the stock is "limited" in the absence of what he calls "this critical information."
Voyager Digital downgraded to Neutral from Buy at BTIG » 10:3206/2206/22/22
BTIG analyst Mark Palmer…
BTIG analyst Mark Palmer downgraded Voyager Digital to Neutral from Buy.
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Here's What You Missed in Crypto This Week » 09:5905/2005/20/22
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Voyager Digital downgraded to Neutral from Buy at Compass Point » 09:3405/1705/17/22
Compass Point analyst…
Compass Point analyst Chris Allen downgraded Voyager Digital to Neutral from Buy with a price target of C$8, down from C$14.
Voyager Digital price target lowered to $5 from $12 at Craig-Hallum » 08:1905/1705/17/22
Craig-Hallum analyst George Sutton lowered the firm's price target on Voyager Digital to $5 from $12 and keeps a Buy rating on the shares. With the stock already down over 75% year-to-date, the board decided to raise capital at a 25% discount in the name of liquidity, and while the investor base involved is great, it comes at an expense to the current shareholder base, Sutton says in a research note.