Voyager Digital Posts Fiscal Q1 Revenue of $65.6M, in Line With Guidance

The crypto exchange says it’s positioned to exceed record revenue during the current quarter.

Nov 16, 2021 at 1:37 p.m. UTC
Updated Nov 16, 2021 at 4:45 p.m. UTC

Voyager Digital Ltd. (TSX: VOYG) posted fiscal first-quarter revenue of $65.6 million versus preliminary guidance of $63 million to $67 million.

Voyager, a publicly traded cryptocurrency exchange, said total funded accounts exceed 860,000 as of Sept. 30, up 29% from 665,000 at fiscal year-end on June 30. Total assets under management (AUM) reached $4.3 billion from $2.6 billion on June 30, with AUM currently at just under $7 billion.

Voyager’s earnings come as the broader crypto industry saw headwinds in September volumes, though increased as cryptocurrency prices including bitcoin have risen as of late. The largest U.S. crypto exchange, Coinbase, also flagged a similar outlook.

Voyager also said it wants to diversify its revenue through adding coins that generate staking rewards, and add revenue with products such as non-fungible tokens (NFTs) and crypto-linked payment cards.

“Although the global crypto industry saw reduced volumes in the September quarter, our strategic decision to invest in customer acquisition and retention during that period has paid off as it resulted in a significant increase in downloads and a rise in the app rankings,” CEO Steve Ehrlich said in Voyager’s earnings statement.

“If we look at our results on a calendar basis, we expect to exceed revenue of $360 million for the calendar year,” Ehrlich said.

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Michael Bellusci is CoinDesk's crypto payments reporter.