Voyager Technologies is trading 12.9% down at $32.67 after announcing a proposed $350 million convertible senior-notes offering due October 15, 2032. - Investors appear concerned noteholders could convert into Class A shares, creating potential dilution; purchasers may also buy an additional $52.5 million of notes. - Proceeds are intended partly for capped calls, organic expansion, and strategic acquisitions. - Broader crypto and financial-market weakness is secondary to the company-specific financing catalyst.