Benzinga | May 26, 2021 03:00AM EDT

Crypto Trading Platform Voyager Digital Sees 1578% Sequential Surge In Q3 Revenue

Voyager Digital Ltd (OTC:VYGVF) announced results for the third quarter ended March 31 on Tuesday. The crypto-asset platform's quarterly revenues surged 1578% sequentially, quarter-over-quarter.

What Happened: Total revenue for Q3 rose to $60.4 million, a 16x jump over $3.6 million recorded in the preceding quarter.

Operating profit came in at $30 million with an operating margin of 50%. This is the first time Voyager Digital has recorded profit in a quarter.

"Our focus on a wide range of coins has contributed to a long-term economic model with fiscal third-quarter operating margins increasing to 50%. Given our success to date, we anticipate that our operating margin should continue to scale in future periods," said Steve Ehrlich, CEO of Voyager and its co-founder in a statement.

Voyager Digital OTC shares closed 3.14% higher at $19.08 on Tuesday.

See Also: Crypto Broker Voyager Digital's AUM Crosses $2.4B After Record-Setting Month

Why It Matters: Benzinga founder and CEO Jason Raznick named Voyager Digital as one of his picks earlier in the month based on strong "account openings."

Ehrlich attributed "exponential adoption of cryptocurrencies" as a recognized and investable class for the company's growth.

In the same period when Voyager reported its Q3 results, Bitcoin (BTC) rose 103.21%. At press time, BTC traded 5.01% higher over a 24-hour period at $40,471.98.

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