#1VOYAGER First Day Presentation In re Voyager Digital Holdings, Inc. (Case No. 22-10943) United States Bankruptcy Court for Southern District of New York Honorable Judge Michael E. Wiles July 8, 2022#2Company Overview Industry Headwinds ◆ Voyager has: ◆ Over $110 million of cash and owned crypto assets on hand; ◆ $350 million of cash held in the For Benefit of Customers (FBO) account at Metropolitan Commercial Bank; ◆ Approximately $1.3 billion of crypto assets on platform; and ◆ Claims against Three Arrows Capital of more than $650 million. VOYAGER Proactive Steps Restructuring Process 3#3Company Overview Customers VOYAGER Cash Crypto Crypto Industry Headwinds MCB FBO Bank Account Voyager V Proactive Steps C 2 I Crypto I 7 Crypto I C Restructuring Process Third-Party Crypto Custodians Cash C Third-Party Crypto Exchanges 4#4Company Overview Industry Headwinds Lending ◆ Industry-leading cryptocurrency brokerage that customers to buy, sell, trade, and store cryptocurrency ◆ Over 100 unique crypto assets to trade 3.5 million active users Trading Services VOYAGER Custodial Services allows Proactive Steps 9:41 8 Top News > How to Property Invest in New Coins? 1H Assets BTC INVITE A FRIEND AND EARN BITCOIN ETH XRP USDT DOT ADA UNI LINK Market TD Price $51,846.96 $1,774.35 $0.4784 TW $1.0000 $34.12 $1.115 $33.28 $30.90 IM TW Change 17.3% + 17.1% + 10.4% -0.0% 4-12.8% +29.2% 17.1 a Bou TV pay Me B 6 SE S Restructuring Process ( 9:41 1H ETH | Ethereum $1,776.82 10 Bid Price $1,762.49 Interest Rate 4.00% $1,441.71 Total Return +5986.64 (+1,210%) You own 0.60117 ETH (1,068.17 USD) 1W Buy ETH 1M + 17.3% TW Change Avg. Cost $135.61 ail Ask Price $1,789.59 History Req, Monthly Avg 0.50000 TY $1,780.81 ☆ Sell ETH Transfer 5#5Company Overview 0 Users/ 0 Assets on Platform 2018 2019 TSX V Voyager founded VOYAGER O Publicly Apple App Traded Launched Industry Headwinds Acquires Ethos 2020 Android App Launched Acquires Circle Proactive Steps 2021 Acquires LGO Restructuring Process $5.8 billion of assets on platform* 1.77 million* 2021 Q4 * As of December 31, 2021 6#6Company Overview VOYAGER Industry Headwinds Funded Debt Alameda Ventures LTD Loan Facility Size: $200 Million of USDC and 15,200 BTC (approx. $500 million) Drawn: $75 million USDC Alameda Ventures LTD Loan Facility $75 million Total: $75 million Proactive Steps Outstanding Loans Three Arrows Capital $654 million Alameda Research Ltd $377 million Galaxy Digital LLC $34 million Wintermute Trading Ltd $27 million Genesis Global Capital $18 million Tai Mo Shan Limited $13 million Other $.75 million Total: $1.124 billion Restructuring Process 7#7Industry Headwinds 9:41 Total Value $15,986.98 +$760.05 Total Return Asset Allocation 32.5% VOX 5.0% XRP Cash USD 7.5) USDG View Orders and Transfers Position Portfolio ETH✰ Ethereum Market 12.5% Other Balance $0.00 Quantity 1.05748 Portfolio 25.0% ETH Available Ⓒ $0.00 Value 17.5% ADA Debit $3077.49 2 Do Account 8#8Company Overview Industry Headwinds What to Expect from This Bear Market Based on History Bear market confirmed as U.S. stocks' 2022 descent deepens The Equity Bear Market Won't Be Over Before Recession Begins Stock Market Crash 2022: It's All About The Fed And Its Taper S&P 500 posts worst first half since 1970, Nasdaq falls more than 1% to end the quarter Inflation rose 8.6% in May, highest since 1981 VOYAGER 4,600 Daily Close of the S&P 500 Since its Peak on Jan. 3 4,800 4,400 4,200 4,000 3,800 3,600 T Proactive Steps Jan. 2022 I Feb. M Restructuring Process Bear market level T March Source: FactSet By The New York Times T April T May Wy my T June 9#9Company Overview Industry Headwinds 'The Music Has Stopped': Crypto Firms Quake as Prices Fall Bitcoin Flirts With Lowest Level Since 2021 as Equities Drop Bitcoin Plummets Below $20,000 for First Time Since Late 2020 A $2 Trillion Free-Fall Rattles Crypto to the Core A market that has gone through several major downdrafts in its short life may be facing its biggest test yet. Cryptocurrencies Melt Down in a 'Perfect Storm' of Fear and Panic The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA VOYAGER Proactive Steps Peaks and Valleys The crypto market is known for its ups and downs, but the latest slide is unprecedented in its magnitude Crypto market cap 2018 Source: CoinMarketCap 2019 Restructuring Process 2020 2021 2022 $3T 2 0 10#10Company Overview $6,000.00 $5,000.00 $4,000.00 $3,000.00 $2,000.00 $1,000.00 $0.00 2015 Ethereum (ETH) 2016 2017 VOYAGER 2018 2019 2020 2021 Industry Headwinds Bitcoin, Ether Bounce Off Lows After Record-Breaking Rout ■ Largest cryptocurrency tumbles below previous cycle's highs ■ Cryptocurrencies have lost over $2 trillion in market value $80,000.00 $70,000.00 $60,000.00 $50,000.00 $40,000.00 $30,000.00 $20,000.00 $10,000.00 $0.00 2015 Bitcoin (BTC) 2016 2017 2018 2019 2020 2021 Proactive Steps -79.07% -69.06% -65.67% -70.09% -57.14% -55.59% -60.84% Restructuring Process Bitcoin (BTC) Ethereum (ETH) Binance Coin (BNB) -11.77% Cardano (ADA) Ripple (XRP) Solana (SOL) Polkadot (DOT) Tron (TRX) BA 11#11Company Overview Industry Headwinds Proactive Steps A stablecoin is a type of cryptocurrency that is tied (or "pegged") to another currency, commodity, or financial instrument. TerraUSD ("UST") was a stablecoin that was "pegged" to Terra Luna ("Luna") via an arbitrage mechanism. VOYAGER In May 2022, UST "de-pegged" and the arbitrage mechanism was unable to "re-peg" UST. The ensuing "death spiral" led to the collapse of Luna and UST. ◆ $18 billion of Luna was wiped out in a matter of weeks. The collapse of Terra (Luna) $120 $100 $80 $60 $40 $20 $0 Restructuring Process سلام 9 May 1 Mar 15 Mar 1 Apr 15 Apr 1 May 15 May Daily closing price in USD, last three months (22 February - 22 May 2022) Source: CoinMarketCap BBC 12#12Company Overview Industry Headwinds Proactive Steps Three Arrows Capital ("3AC") is a Singapore-based hedge fund that focuses on the cryptocurrency sector. 3AC was heavily invested in Luna and incurred significant losses when Luna collapsed. On June 27, 2022, 3AC was ordered by a court in the British Virgin Islands to commence liquidation proceedings. VOYAGER ◆ On July 1, 2022, 3AC commenced chapter 15 proceedings in the Bankruptcy Court for the Southern District of New York. Restructuring Process ☆ THREE ARROWS CAPITAL 13#139:41 Total Value $39,356.66 $37,766.80 Total Return Asset Allocation Cash USD 70.5% VGX View Orders and Transfers Positions BTC Bitcoin Portfolio ETH Ethereum Balance $112.17 Quantity 0.185911 0.60117 24.3% BTC 4.9% OTHER 0.3% USD Available? $112.17 Value $9,564.35 $975.95 M > Pric Proactive Steps 14#14Company Overview May 12 Luna crashes, contributing to onset of "crypto winter" VOYAGER Industry Headwinds June 15 Dow enters Bear Market according to NYT June 2022 June 22 Company enters into $500 million Alameda Loan Agreement Proactive Steps June 27 Company calls default on 3AC July 1 Company lowers gates Restructuring Process July 5 Company files for Chapter 11 July 2022 15#15Company Overview LGO SAS France Voyager Europe France VOYAGER Voyager Digital Brokerage Ltd. Canada Industry Headwinds Voyager IP, LLC Delaware Voyager Digital Brokerage Canada Ltd. Canada Director: Steve Ehrlich Voyager Digital Ltd. Canada Independent Directors and Special Committee: Tim Pohl Jill Frizzley Voyager Digital, LLC Delaware HTC Trading, Inc. Cayman Islands Proactive Steps Directors: Steve Ehrlich Philip Eytan Krisztian Toth Jennifer Ackart Glenn Stevens Brian Brooks Independent Director: Matthew Ray Voyager Digital NY LLC Delaware Voyager Digital Holdings, Inc. Delaware 50% r Director: Steve Ehrlich Independent Director: Scott Vogel VYGR Holdings, LLC Delaware VYGR Digital Securities, LLC California Restructuring Process 50% VYGR Management LLC Delaware Voyager European Holdings ApS Denmark Coinify APS Denmark Coinify Payments OU Estonia 16#16Restructuring Process Interest Rate 5.50% Bid Price $22,653.17 Buy BTC Total Return +$84.43 (+47.92%) You own 0.18408 BTC (4,176.09 USD) $22.869.77 Req. Monthly Avg 0.010000 $16.211.28 Sell BTC Avg. Cost $7.981.90 TH Transfer < $22,769.44 21.8% IM Change I 9:41 ID BTC/Bitcoin $24.283.72 4 all History 17#17Company Overview Chapter 11 VOYAGER Industry Headwinds I 1 Proactive Steps Third-Party Plan/Sale Standalone Restructuring Restructuring Process Third-Party Owns Equity of Reorganized Voyager Customers Own Equity of Reorganized Voyager 18#18Company Overview Class Treatment Account Holder Claims Other General Unsecured Claims Alameda Ventures Ltd. Loan Facility Claims Existing Equity Interests VOYAGER ● Industry Headwinds Proactive Steps Standalone Restructuring Account holders will receive a pro rata share of (i) a to be determined percentage of the specific cryptocurrency held by such account holder, (ii) 100% of new common shares in reorganized Topco (subject to dilution by a management incentive plan), (iii) the existing Voyager tokens and (iv) any recovery on account of the 3AC loan. The Plan will provide a mechanism by which each individual account holder may elect to increase (decrease) its pro rata share of new common shares in reorganized Topco in exchange for a decrease (increase) in its pro rata share of coins, subject to certain maximum participation thresholds. Other General Unsecured Claims (includes prepetition trade and litigation claims) will receive a to be determined recovery. Alameda Ventures Ltd. Loan Facility Claims shall be cancelled, released, discharged and extinguished, will be of no further force or effect. All Existing Equity Interests will be cancelled, released, and extinguished, and will be of no further force or effect. Restructuring Process Third Party Transaction Subject to negotiation with strategic third party 19#19Company Overview VOYAGER Industry Headwinds Proactive Steps 60 potentially interested parties contacted 20 parties executed a NDA 20 parties received diligence materials 1 proposal received for an out-of-court transaction Several indications of interest expressed in an in-court restructuring transaction Marketing process remains ongoing Restructuring Process 20#20Company Overview Industry Headwinds Proactive Steps Additionally, Voyager is facing several legal and operational challenges, including: Attempts by several states to terminate the Company's money transmitter licenses. Such attempts clearly violate Section 525 of the Bankruptcy Code. Unauthorized ACH transfers. Objective of the Company's chapter 11 process is to provide customers with clarity through entire process and complete the Company's restructuring as quickly and efficiently as possible. Company is pursuing all available alternatives to maximize return for customers. Chapter 11 process provides the Company with the best opportunity to pursue a value-maximizing reorganization for stakeholders. VOYAGER Voyager intends to fully utilize all available tools provided by the chapter 11 process to engage with customers in an organized and efficient matter. Restructuring Process 21