Voyager Digital Ltd VYGVQ

Looking Ahead

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Voyager is pleased to provide stakeholders with an update for the following key metrics for the month ended February 28, 2021:

• Preliminary revenue from operations in excess of US$20 million
• Net deposits for the month exceeded US$400 million
• Assets Under Management (AUM) exceeded US$1.7 billion
• Trades per day for the month averaged more than 70,000 
• New funded accounts for February 2021 were in excess of 70,000, with total funded accounts over 175,000 as of February 28, 2021
• Verified Users on the platform were approximately 605,000 at February 28, 2021
• The value of customer trades for February increased to US$1.6 billion

	February  2021	January  2021	December 2020
Preliminary Revenue	$20M	$8.6M	$1.7M
Net Deposits	$400M	$170M	$28M
AUM	$1.7B	$750M	$230M
Trades Per Day	70,000	30,000	6,500
New Funded Accounts	70,000	65,000	6,000
New Verified Users	190,000	250,000	36,000
Principal Value traded	$1.6B	$840M	$150M

All figures are preliminary and unaudited and subject to final adjustment. All amounts are in US dollars,



The AUM increased by $950 milion  from January to February.
February is a short Month.

So, an AUM of about $2.6 billion US should be our March  AUM at Exit.


Annual Revenue runrates  continued above peer norms ( 10 % of AUM ) in February when $20 m in Revenue ( $240 m on an annual basis )  was earned on $1.7 billion in AUM ...a 11.8 % ratio.

This suggests that March revenue will be in the  $30 m to $35 million range or an annual  revenue runrate of  $360 million US

Coinbase will trade above 3 times AUM based on best current estimates.

This suggests a fair value of about $7.5 billion US  on reasonably expected March AUM....or about $70 per sahtres in CAD

This sector trades in the range of 25-30 times revenue..

Using a 25 multiple and reasonably expected March annulaized revenue indicates a fair value of about $9 billion US or about $85 in CAD