Voyager Digital Posts Income of $3.2M in Fiscal Q2, Plans to Add Equity Trading and NFTs

Revenue of $164.8 million for the quarter ended Dec. 31, 2021, more than doubled from the previous three months.

AccessTimeIconFeb 15, 2022 at 2:13 p.m. UTC
Updated May 11, 2023 at 4:03 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Online cryptocurrency platform Voyager Digital Ltd. (VYGVF) reported operating income of $3.2 million for its fiscal second quarter versus a loss of $2.9 million a year earlier, according to its earnings statement Tuesday morning.

While fiscal second quarter revenue of $164.8 million was shy of analyst estimates for $178.1 million, it more than doubled from the first quarter, and was up 4,400% from the previous year. Of that $164.8 million, $149 million was from the company’s historical crypto trading business, and $15.8 million from the Coinify merchant operation.

“We are a product delivery organization and are taking the necessary steps to continue our revenue diversification strategy,” said CEO Steven Ehrlich. Next up, he said, is the launch of the Voyager Debit Card. The company also has plans to add equity trading to its platform, expand to Europe and Canada, and offer a non-fungible token (NFT) product and wallet.

Looking at other metrics, Voyager reported total verified users of 3.2 million as of Dec. 31, 2021, up 49% from 2.15 million three months earlier; total funded accounts of 1.074 million, up 25%; and total assets on platform of $5.9 billion, up 37%.

Company headcount rose to 250 as of Dec. 31, 2021, up from 231 in the previous quarter.

Speaking on the earnings call, management said it expects to be more active in mergers and acquisitions, but will be focused on finding the right cultural fit. Asked about buybacks given the more than 50% decline in the stock price over the past three months, the team declined to comment.

“Overall, it was a solid quarter for Voyager in our view as revenues continued to expand/diversify, account growth was strong and the gap between lending/staking revenues and rewards tightened,” said Compass Point analyst Chris Allen in a note to clients. He continues with a buy rating on the shares.

Shares are higher by 2.6% in morning action.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.