According to a new press release published on Dec. 19, cryptocurrency exchange Binance.US will acquire assets of bankrupt crypto lender Voyager Digital for $1.022 billion. After a review of strategic options, the firm said that Binance.US represented the “highest and best bid for its assets.”

The $1.022 billion bid is comprised of the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, along with an additional consideration equal to $20 million of incremental value.

“The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery on these and other non-released claims will be distributed to the estate’s creditors. The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”

The deal is set to close by April 18, 2023. Binance has agreed to make a $10 million deposit in good faith and will reimburse Voyager for certain expenses up to a maximum of $15 million. A hearing will be held by the presiding bankruptcy court to approve the purchase agreement on January 5, 2023. In addition, the sale is subject to a creditor’s vote and other customary closing conditions.

 Voyager paused withdrawals in July and filed for bankruptcy amid liquidity issues arising from its exposure to a $650 million loan default from defunct hedge fund Three Arrows Capital. Cointelegraph previously reported in October that troubled cryptocurrency exchange FTX US secured a bid for Voyager’s assets for $1.4 billion. The previous deal enabled senior claims to be paid out in full and allowed unsecured creditors to recover approximately 72% of the value of their accounts.