FTX, the bitcoin exchange founded by billionaire Sam Bankman-Fried, will take over Voyager Digital’s assets after winning an auction to acquire the company assets following the collapse of Voyager Digital. Following several bidding rounds, FTX’s U.S. subsidiary won the bid for Voyager’s assets, the companies announced late Monday. The bid was valued at roughly $1.4 billion, a figure that includes $1.3 billion for the fair market value of Voyager’s digital assets, plus a $111 million “additional consideration” in anticipated incremental value. In July, Voyager filed for Chapter 11 bankruptcy protection due to the plummeting price of digital currencies, preventing it from redeeming customers’ withdrawals. Among the factors contributing to the firm’s demise was the collapse of Three Arrows Capital, a so-called hedge fund which borrowed money from other institutions, like Voyager, to make risky investments in tokens, including the failed stablecoin terraUSD. In June, 3AC defaulted on borrowings from Voyager worth $670 million.

Voyager hinted at a possible transition of its customers over to FTX U.S., saying the exchange “will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.” The asset purchase deal will be presented to the U.S. Bankruptcy Court for the Southern District of New York for approval on Oct. 19. The sale of Voyager’s assets to FTX U.S. is dependent on a vote by creditors, as well as “other customary closing conditions,” according to the statement.