After the compensation funds were in place, I built a part of the $VGX base position on CB, and returned to and held Voayger/VGX again. For the first time, I expressed my logic for building a position:
1) Voyager sold the VGX held by creditors into USDC three months before executing the liquidation procedure, and finally paid compensation at a weighted average price of $0.394, and this price was determined only based on the claim rate of 35.72%. So I think this is the official recognition of the value of VGX. Once the price returns to $0.394, it also means that I can mentally believe that my claim rate is above 100%;
2) The next step is for the administrator to deal with the remaining assets and sell all the assets that Voyager can sell to recover more funds, including the resale plan that everyone is most concerned about!
As previously revealed by UCC, the program administrator is preparing to resell the Voyager platform, including "platform, technology, IP and VGX smart contracts". In addition, the official still holds more than 52 million VGX tokens that have not been sold. All of the above assets may be packaged and sold as a whole to a third-party institution, so that the acquirer will also have the conditions to restart operations.
In addition, resale is a high probability event, because according to the bankruptcy process, Voyager will be deregistered and closed. If the Voyager platform is not sold, it will rot and become worthless. I don't think Paul Hage is so foolish;
3) $VGX’s current market value is only $34 million. As a project backed by the US judicial system, its compliance business and license far exceed its current value (it used to be the core brokerage business, the first in the US). This can be seen from the fierce participation of dozens of institutions in the first two rounds of bidding.
4) Of course, we also take into account the ever-changing risks of bankruptcy projects. The originally planned process may be disrupted by various factors, such as the intervention of creditors or regulators. Referring to all the sudden events that happened to Voyager before, the final result may be different from the current prediction. I don’t think the bankruptcy judge and officials can accurately predict the outcome, let alone me.
5) In short, while I am betting on Voyager's resale expectations, I also hope that a third-party agency can restore the value of VGX. As for the expected price, please refer to item (1). Of course, before the sale is confirmed, the price fluctuation of VGX still depends on the trend of Bitcoin.
6) The current acquirer is unknown, and the time of sale is also unknown. As for the issue of VGX moving to the Binance Innovation Zone, I believe that after this round of legal action by the US, Binance will not mindlessly remove VGX.
The above position building logic is only personal thinking, not investment advice, please interpret it rationally!
