Crypto asset broker Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter soared 186% to $2 million from $700,000 in the previous quarter, as more users utilized the platform.
● Voyager co-founder and chief executive officer Stephen Ehrlich said the number of people using their brokerage to invest in cryptocurrencies such as bitcoin (BTC) and ether (ETH) has climbed 20% since September to date.
● According to Voyager’s earnings release, the Canada Stock Exchange (CSE)-listed firm now has a total of $150 million in assets under management. This is a significant increase from just $5 million AUM in December 2019. Assets under management are up 50% from $100 million on Nov. 6, 2020.
● Net deposits set daily records, said the company, averaging more than $750,000 per day during November 2020, a 1,000% increase since June this year.
● “While the rise of bitcoin and other cryptocurrencies has contributed to our AUM growth, more than 65% of the growth is driven by increased user deposits,” explained Ehrlich. He added that when markets are flat, “Voyager still earns revenue on account balances due to our interest model.”
● Shares of Voyager rose 3.8% to 1.65 Canadian dollars ($1.25) on the CSE on Monday. Over the past 52 weeks, the stock has swung between a low of 0.165 and a high of 1.83 Canadian dollars.
What do you think about Voyager’s rising assets under management? Let us know in the comments section below.
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