Crypto Craze. Running against the flow of declining crypto currency prices, a number of crypto asset related firms have announced plans to come public, either through IPOs or through a SPAC merger. We took a look at the estimated valuations of these firms and continue to believe Voyager shares represent compelling value. While it is true the competitive environment appears to be heating up, we believe additional publicly-traded assets in the space will attract additional investor interest and the young, fast growing industry can accommodate additional competitors.Bullish. Crypto exchange Bullish recently announced it is coming public through a merger with SPAC Far Peak Acquisition. Estimated equity valuation is $9 billion, with an estimated enterprise value of $7.4 billion. Bullish provides a range of revenue-$468-$888 million-and EBITDA-$209-$491 million-in its investor presentation. This generates valuation multiples of 8.3x-15.8x revenue and 15.1x-35.4x EBITDA.eToro. Israeli-based financial trading platform eToro is coming public through a merger with SPAC FinTech Acquisition Corp. with a projected post merger valuation of $10 billion. eToro derives nearly 50% of revenue from equity trading and had $8.4 billion of AUM as of March 31st. Based on firm projected 2022 revenue and EBITDA, eToro will trade at 9.7x 2022 revenue and 92x 2022 EBITDA.Circle. Payment technologies focused Circle is merging with Concord Acquisition Corp with an expected post merger valuation of $4.5 billion. This values Circle at 12.8x company projected 2022 revenue.Maintaining Outperform and $25 PT. We are maintaining our Outperform rating and $25 price target (U.S. dollars). At our price target, Voyager shares would trade at 6.9x our estimated fiscal 2022 revenue and 13.4x our estimated fiscal 2022 EBITDA. Trading at a substantial discount to estimated valuations of the existing and the coming public group, we believe VYGVF shares present a favorable risk/reward opportunity. Read More >>