Voyager Digital was suspended from trading on the Toronto Stock Exchange on Wednesday to give Canadian regulators time to review the company’s listing requirements.

Trading halted Wednesday morning following the crypto broker’s decision to file for Chapter 11 bankruptcy, along with affiliates Voyager Digital LLC and Voyager Digital Holdings, in the Southern District of New York just a day before.

Voyager, which has a market capitalization of over $51 million, saw its share price fall by 27% to $.26 in the five trading days leading up to the delisting. The company’s shares are down by over 99% since peaking around $27 in March 2021. The day before VYGVF was delisted, trading volume surged to more than triple its average rate, to 5 million compared with 1.5 million, according to Yahoo Finance.

The company’s bankruptcy declaration comes less than a week after Three Arrows Capital (3AC), the Singapore-based cryptocurrency hedge fund, also declared bankruptcy.

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Voyager CEO Stephen Ehrlich cited 3AC’s collapse as one of the reasons for Voyager’s need to restructure. In a tweet he said: “We strongly believe in the future of the industry but the prolonged volatility in the crypto markets, and the default of Three Arrows Capital, require us to take this decisive action.”

Voyager disclosed last month it had $661 million in exposure to 3AC, which became insolvent after failing to meet margin calls from multiple investors. At the end of June, Voyager had $1.12 billion in crypto assets loaned and held $685 million in crypto assets, according to preliminary figures provided in a market update, adding that it’s “uncertain what amount Voyager will be able to recover from 3AC.”

In the same statement delivered last Friday, Voyager said it would have to temporarily suspend trading, deposits, withdrawals, and loyalty rewards for customers.

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“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” Ehrlich said in the update. “This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform.”

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