BTIG initiates Voyager Digital with a Buy rating, citing its differentiated offerings

BTIG analyst Mark Palmer picks up coverage of Voyager Digital ([[VYGVF]] -5.4%) with a Buy rating, noting that the only fully regulated, crypto-only brokerage in the U.S. is poised for rapid growth in trading volumes, revenue, profit, and operating cash flow.Palmer points to VYGVF's increase in verified users — 1.6M as of May 25 vs. 36K in CY2020; customer assets on its platform increased to $3.3B in April from $230M at year-end 2020."VYGR’s differentiated retail crypto trading app is set to be enhanced by planned new offerings, such as equity trading, credit and debit card offerings, cryptobacked loans, margin and payments, and it is pursuing opportunities to expand geographically in Europe, Canada, and New York State (where its application for a BitLicense is pending)," Palmer writes in a note to clients.Downside risks include declines in crypto prices that could hurt growth of trading volumes and assets under management and delays in