Voyager Digital Raises $60M in Private Placement Led by Alameda

Crypto trading platform Voyager Digital (VOYG) raised $60 million in a private placement offering at $2.34 a share led by Alameda Research.

The placement also included participation from Galaxy Digital, Blockdaemon and Digital Currency Group, the parent company of CoinDesk. Investment bank BTIG is the sole agent and bookrunner.

Voyager said the company will have liquidity of more than $225 million, about $175 million in cash and another $50 million in crypto, when the offering is fully completed. It expects to use the proceeds for general corporate purposes.

The company also reported revenue of $102.7 million in the fiscal third quarter ended March 31, up 70% from the year-earlier period. Still, it sank to an operating loss of $43.0 million compared with income of $29.8 million the year before.

"With the recent changes to our rewards model and actively addressing our cost structure to ensure an efficient use of capital, we are working toward a goal of returning to positive operating income, after adding back stock-based compensation, in early calendar 2023," the company said in a statement.

Total assets on its platform fell to $5.8 billion from $6.0 billion at Dec. 31, 2021.

The private placement "points to a challenging operating environment," Chris Allen, a research analyst with Compass Point, told clients in a note Monday. Allen maintained a buy rating and a C$14 (US$10.83) price target on shares.

Voyager's Toronto-listed shares, which closed at C$4 on Friday, fell as much as 13% at Monday's open.