3 reasons why Voyager Digital stock continued to rise on Thursday

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in… read more.
on Oct 28, 2021
  • Shares of Voyager Digital Ltd jumped another 19% on Thursday morning.
  • Voyager partnered with Dallas Mavericks as its first official cryptocurrency brokerage.
  • Alameda Research made a $75 million strategic equity investment in Voyager.

Shares of Voyager Digital Ltd (TSE: VOYG) jumped 19% on Thursday morning to $15.05, which was particularly impressive considering the stock already closed up 16% in the previous session.

Partnership with Dallas Mavericks

The sharp increase in Voyager’s per-share price in the past 48 hours is partially attributed to its partnership with Dallas Mavericks. In a press release on Wednesday, Voyager said it became the team’s “first official cryptocurrency brokerage and international partner”.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Together, the cryptocurrency brokerage and billionaire investor Mark Cuban’s Mavericks will promote accessibility to cryptocurrency via educational and community programs, global activations, and fan engagement promotions. Cuban said:

Crypto assets and applications are changing how business and personal finance are done. We believe our partnership with Voyager will allow Mavs and NBA fans to learn more about Voyager and how they can earn more from Voyagers’ platform than from traditional financial applications.

Equity investment from Alameda Research

Also on Wednesday, a crypto space pioneer, Alameda Research made a strategic equity investment worth $75 million in Voyager Digital that further helped push the stock up.  

While the two companies refrained from divulging other financial details related to the transaction, Voyager hinted it will later collaborate with Alameda for crypto derivative and NFT offerings on its platform.

High trading volume

On top of that, Voyager is greatly benefitting from the recent meme phenomenon, related particularly to Dogecoin and Shiba Inu that’s keeping trading volumes up in the crypto space.

High volume is likely to boost revenue for Voyager this quarter. Its crypto trading app has already won its place back on the “top 15” of both Android and iOS – another factor that’s being rewarded by the shareholders.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
67% of retail CFD accounts lose money