Q1 Crypto Broker Voyager Revenue Increases 186%, Asset Management Jump to $ 150 Million

Asset broker Crypto Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter ending Sept. 30 had risen 186% to $ 2 million from $ 700,000 the previous quarter, as more users use the platform.

● Voyager co-founder and chief executive officer Stephen Ehrlich said the number of people using their brokerage to invest in cryptocurrencies like bitcoin (BTC) and ether (ETH) has climbed 20% since September so far.

● According to Voyager’s earnings statement, the company listed on the Canadian Stock Exchange (CSE) has a total of $ 150 million in assets under management. This is a significant increase of just $ 5 million AUM in December 2019. Assets under management are up 50% from $ 100 million as of November 6, 2020.

● Net deposits set daily records, the company said, averaging more than $ 750,000 a 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 more consumer deposits,” explained Ehrlich. He added that when markets are flat, “Voyager continues to earn revenue on account balances due to our interest model.”

● Voyager Shares rose 3.8% to 1.65 Canadian dollars ($ 1.25) on the CSE on Monday. Over the past 52 weeks, the stock has rocked between a low of 0.165 and a high of 1.83 Canadian dollars.

What do you think of Voyager’s growing assets under management? Let us know in the comments section below.

Tags in this story

AUM, Bitcoin, BTC, Canadian Stock Exchange (CSE) growth, Crypto asset broker, Cryptocurrencies, earnings, ETH, Ethereum, Stephen Ehrlich, Voyager Digital Ltd.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.