Crypto Broker Voyager"s Q1 Revenue Soars 186%, Assets Under Management Jump to $150 Million
Crypto asset broker Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter ended Sept. 30 soared 186% to $2 million from $700,000 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. Former Trump Economic Advisor and Goldman Sachs President Gary Cohn Warns Bitcoin May Fail NEWS | 5 hours ago Over 5,000 Bitcoin Worth $97 Million from the 2016 Bitfinex Hack Spring Into Action NEWS | 17 hours ago Tags in this story AUM growth, Bitcoin, BTC, Canada Stock Exchange (CSE), Crypto asset broker, Cryptocurrencies, earnings, ETH, Ethereum, Stephen Ehrlich, Voyager Digital Ltd
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