Business Update. Voyager provided a business update for the first quarter of fiscal 2022, which ended September 30th. On the positive side, user metrics continued to grow positively. On the negative side, projected revenue is significantly below consensus projections.The Negative. 1Q22 revenue is projected in the $63-$67 million range, compared to an estimated $109 million in 4Q21, and consensus of $113 million. While disappointing, as we stated previously we would expect to see variability in crypto trading volumes as this remains an emerging industry, and this may result in some lumpiness in revenue growth. And this is what occurred as volumes fell sharply from 4Q21 levels. Nonetheless, longer term we believe trading volumes will rise.The Positives. Total funded accounts grew 29% to over 860,000 in the quarter. Total verified users rose 23% to more than 2.15 million. Net new deposits were about $827 million in the quarter. Current marketing programs and expected international growth should continue to drive these metrics higher going forward.New Recurring Revenue Stream. Voyager continues to diversify its revenue streams, which should lessen the quarterly variability over time. Management noted the new staking program will generate between $40-$50 million of revenue in the September quarter, when combined with yield revenue. As AUM rises, this source of recurring revenue likely will increase.Favorable Risk/Reward. Investors almost appear to be looking in a rear-view mirror given the current price of VYGVF shares. While legislative uncertainty remains, we believe formal rules and regulations could actually work in Voyager's favor. Key cryptocurrency prices have rebounded and volatility remains a friend. As such, we are maintaining our Outperform rating and $25 price target (U.S. dollars). Voyager shares continue to trade at a substantial discount to its peer group. Read More >>