Coinify Acquisition. Continuing its expansion of its digital asset ecosystem, Voyager Digital is acquiring Coinify ApS, a leading cryptocurrency payment platform with a global user base in over 150 countries. Payment will consist of 5.1 million shares and $15 million of cash. Based on Friday's closing price, this amounts to approximate total consideration of $84.3 million. The transaction is expected to be immediately accretive to both revenue and cash flow. Notably, key members of the management team are staying.Multiple Benefits. The Coinify acquisition brings multiple benefits to Voyager. First and foremost, Voyager's nearly 2 million customers now have a fast, easy, and secure way to make payments from their Voyager accounts. The acquisition also accelerates Voyager's international expansion, as Coinify has users in over 150 countries. Finally, Coinify should help expand Voyager into the business-to-business payments space, adding another revenue source.Who Is Coinify? Since 2014 Coinify has enabled businesses and individuals to adopt financial innovation. Coinify offers a variety of two-way virtual currency services tailored to businesses and customers of different sizes and needs. Coinify's global enterprise services include individual payment processing in 15 major cryptocurrencies and transaction settlement in 20 fiat currencies. The Company is the leading virtual currency payment processor in Europe.Why A Cryptocurrency Payment Platform? In a word, disruption. Visa has estimated crypto-linked cards and other emerging payments including biometrics and QR code have the potential to disrupt the $18 trillion spent every year with cash and checks globally.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 >>