Preliminary Revenues. Voyager announced preliminary revenues for the fiscal second quarter ended December 31st of $165 million, compared to $81.5 million in the fiscal first quarter, and $3.6 million a year ago. We had projected revenue of $141 million for the quarter. Merchant services revenue increased to $15 million in the quarter, compared to $14 million in the September quarter.Key Metrics. Total verified users grew to 3.2 million at December 31st, up from 2.15 million on September 30th, while totaled funded accounts rose to 1.075 million from 860,000 over the same period. Total funded to total verified fell to .336 from .400. We expect a portion of this reflects the hugely successful Mavericks promotion. Net new deposits in the fiscal second quarter totaled $1.04 billion, up from $827 million in the fiscal first quarter.Industry. With rebounding prices for the major cryptocurrencies, trading volumes also rose for the quarter ended December 31st. Bitcoin price rose from $48,116 at the beginning of the quarter to over $68,000 on 11/10 before settling back to the current $46,500 level. Ethereum price followed a similar path increasing from $3,307 at the beginning of the quarter to $4,843 on 11/10 before falling back to a current $3,814. Notably, November had the third highest cryptocurrency trading volume on record and October the 4th highest, although volume did fall in December.FY2Q22 Results. Voyager will be announcing the results of its fiscal 2022 second quarter ended December 31st on or about February 14th. We will update our models then.Favorable Risk/Reward. We are maintaining our Outperform rating and $25 price target (U.S. dollars). Key cryptocurrency prices have rebounded and volatility remains a friend. Voyager continues to expand its offerings, both from a product standpoint and geographically. Voyager shares continue to trade at a substantial discount to its peer group. Read More >>