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Voyager Digital

Crypto brokerageUSA
New to Unitard
💀 Dead / Bankrupt
Peak $3 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    ~2021
  2. 📈
    Peak valuation
    $3 Billion ’21
  3. 💔
    Became a Unitard
    Jul 2022
  4. 💸
    Last valuation
    Wiped out
Capital raised
$100M
Total raised
$67.8K/day
Raised per day

Total raised averaged per day over approximately 4.0 years from founding to bankruptcy or shutdown. This is not measured cash burn. Methodology

Funding: press (Series C/D rounds)
Current status
Chapter 11 (2022); wound down

The rise & fall

7 moments · 2018–2023

The key moments, with employee sentiment along the way.

2018
Founded
A commission-free brokerage pitch for crypto: one app, dozens of tokens, and yield on deposits.
Wikipedia
2021
The peak: ~$3B in the retail crypto frenzy$3B
The 2021 bull run carries the Canada-listed brokerage to roughly a $3B valuation as retail traders pile in.
CNBC
Jun 2022
Three Arrows defaults
The crypto hedge fund fails to repay a loan of roughly $650M — largely uncollateralized — and Voyager's balance sheet caves.
CNBC
From the inside · Glassdoor reviews, 2022
Employees largely praised the engineering culture and faulted the top: Glassdoor reviewers recurringly blamed the collapse on senior leadership's risk-taking and the lack of risk management around the uncollateralized loan, contrasting a capable technical team with the reckless decisions made above it.
Jul 2022
Chapter 11 — joins the Unitard Club 💔
Days after freezing withdrawals, Voyager files for bankruptcy, its ~$3B valuation effectively gone.
Cleary Gottlieb
2022
FTX wins the auction — then implodes
FTX US bids about $1.4B for Voyager's assets; the rescue dies when FTX itself collapses weeks later.
Reuters
2023
Second rescue fails; wind-down
A Binance.US deal falls apart too; the estate winds down, selling assets and returning only part of what customers held.
Reuters
$3Bof peak value erased · 4 years

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Voyager Digital was a US crypto brokerage and lending platform valued at roughly $3B at its 2021 peak. It was heavily exposed to the failed crypto hedge fund Three Arrows Capital, whose default triggered a liquidity crisis; Voyager filed for Chapter 11 bankruptcy in July 2022 and wound down, assets partly sold off, leaving it essentially worthless.

Source: Cleary Gottlieb

Where they went

  • Stephen Ehrlich
    co-founder & CEO
    Chief Strategy Officer at SOL Strategies Inc.
    LinkedIn ↗
  • Oscar Salazar
    co-founder (also an early Uber engineer)
    Not on record
  • Philip Eytan
    co-founder & chairman
    Co-Founder at Particle
    LinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (7)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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