Voyager Digital Ltd VYGVQ

Coinbase Revenue and Market Cap in 2019

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According to the information in the link below, Coinbase had revenues of $181 million in 2019 and a market cap of $8 billion..

https://growjo.com/company/Coinbase

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Using the conventional rule that Revenue = 0.1 AUM, Coinbase AUM in 2019 was $1.8 Billion US and its market cap of $8 billion US was just over 4 times its AUM and about 43 times its revenue. Higher valuation multiples during the early accelerating growth phase is quite normal. Applied to our current AUM of $800 million US, Voyager is valued at  4 X $800 million US which is  $3.2

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Voyager should reach a revenue run rate of $180 million/year  US sometime in April 2021. With a better footprint than Coinbase, Voyager should certainly be accorded the same market cap of $8 billion US that Coinbase was....$80 CAD per share..