Why Voyager Digital Shares Are Falling Today

Voyager Digital Ltd. VOYG VYGVF reported third-quarter revenue growth of 70% year-over-year to $102.74 million, and EPS loss narrowed to $(0.36) from $(0.49) a year ago.
Operating loss was $(43) million for the quarter compared to income of $29.8 million for 3Q21.
Total verified users on the platform grew 9% Q/Q to 3.5 million.
Total funded accounts reached 1.19 million as of March 31, 2022, up 11% sequentially.
Total Assets on Platform decreased to $5.8 billion from $6 billion on December 31, 2021.
Voyager Digital appointed Ashwin Prithipaul as its CFO. Evan Psaropoulos moves into a new role as Chief Commercial Officer to build out the revenue diversification and partner with the new CFO in creating cost efficiencies.
Separately, Voyager Digital revealed a private placement of its common shares for gross proceeds of ~$60 million at $2.34 per share (equivalent to C$3 per share).
Alameda Research led the offering with participation by, among others, Galaxy Digital, Blockdaemon, and Digital Currency Group. The company plans to use the offering net proceeds for general corporate purposes.
Price Action: VOYG shares are trading lower by 24.5% at C$2.98 on TSX, and VYGVF is lower by 24% at $2.33 on the last check Monday.