Strategic Alliance. Yesterday, Voyager announced a strategic alliance with Alameda Research, one of the largest crypto market makers in the world. Alameda purchased $75 million of VGYVF common shares in a private placement of about 7.7 million shares. The additional investment will enable Voyager to continue to grow its business, in our view.Why Important? Outside of the additional capital, the Alameda investment is a coup for Voyager, in our view. Alameda was founded by Sam Bankman-Fried, the crypto wunderkind, with a net worth estimated at north of $22 billion. Immediate opportunity exists on the order flow and asset management front, with longer term potential in such markets as NFTs and crypto derivatives. Alameda trades over $5 billion per day across thousands of products through its full scale global operation.Dallas Mavericks. Voyager has entered into a five-year exclusive partnership with the Dallas Mavericks, becoming the basketball team's first cryptocurrency brokerage and international partner. Mavericks owner Mark Cuban has been outspoken in his belief of the potential value in certain cryptocurrencies. The Mavericks are giving $100 in Bitcoin to anyone who downloads the Voyager app through October 30th.Favorable Market Reaction. Investors have reacted favorably to the recent announcements, with the shares up over 13% Wednesday and another 37% on Thursday. We continue to see a favorable risk/reward opportunity in VGYVF shares and are maintaining our Outperform rating and $25 twelve month price target.Conference Call. Management is hosting a call this morning at 8am EST to discuss fourth quarter and full year 2021 results and, we expect, additional color on the Alameda investment. We will update our models and provide additional commentary following the call. Read More >>