Crypto trading platform Voyager Digital (VOYG) has raised $60 million at $2.34 per share in a private placement led by Alameda Research.
Galaxy Digital, Blockdaemon and Digital Currency Group, the parent company of CoinDesk, also participated in the placement. Investment bank BTIG is the sole broker and bookrunner.
According to Voyager, the company will have more than $225 million in liquidity after the closing of the placement, about $175 million in cash and another $50 million in cryptocurrencies. It is expected to use the proceeds for general corporate purposes.
The company reported revenues of $102.7 million for the third quarter ended March 31, up 70% from the same period last year. Still, the company suffered an operating loss of $43.0 million, compared with a profit of $29.8 million a year earlier.
"With recent changes to our compensation model and actively addressing our cost structure to ensure efficient use of capital, we are working toward our goal of returning to positive operating income in early 2023 after adding back share-based compensation," the company said in a statement.
Total assets on the platform decreased to $5.8 billion from $6.0 billion at Dec. 31, 2021.
The private placement "points to a challenging operating environment," Chris Allen, an analyst at Compass Point, said in a note to clients Monday. Allen maintained a buy rating and C$14 ($10.83) price target on the shares.
Toronto-listed shares of Voyager, which closed Friday at C$4, fell as much as 13% at Monday's open.