Shares of Voyager Digital tumbled 60% after it was reported that the crypto broker had raised over $650 million in crypto assets to the Three Arrows Capital (3AC) fund.

According to CoinDesk, Voyager Digital has made a loan to 3AC for 15,250 BTC (~$308 million at the time of writing) and 350 million USDC.

“3AC’s debt exacerbates Voyager Digital’s viability problems,” said Compass Point analyst Chris Allen. It is unclear whether the fund will be able to repay its loans, given that Three Arrows Capital plans to sell the assets or recover them through another firm.”

According to him, even if 3AC finds a way to pay its obligations, the process will take some time.

Voyager Digital has requested a $25 million USDC repayment from the fund by June 24. After that, the broker decided to collect the entire amount on June 27.

Company representatives said that so far the requirements have not been met. If 3AC does not pay its debt soon, Voyager Digital will issue a Notice of Default.

“Failure to pay the requested amount within the specified period will be considered as default. “Voyager plans to seek a refund from 3AC and is currently advising on available remedies.”

On June 18, cryptocurrency broker Voyager Digital announced that Alameda Research has provided him with a 200 million USDC loan and a 15,000 BTC (~$300 million) revolving loan.

The contract is valid until 31 December 2024. The conditions stipulate that at the end of this period, an annual interest of 5% will be paid.

In May, Alameda Research spearheaded a $60 million funding round for Voyager Digital.

Recall that 3AC explored the possibility of selling assets to save the company, and also tried to negotiate with creditors to delay payments.

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