Voyager looks good on paper. Fundamentals outshine that of Coinbase $COIN. Per user notes:1. Spreads - Voyager has 1% to 1.5% (?) spreads on transactions. Big brokers like Schwab are more like .1% to .01% (eg one to two orders of magnitude less - .01% from the Trainer article - did not fact check that). The open question is what happens to Voyager spreads as competition increases and growth tapers off. Going to take awhile to get to where spreads start to compress, but it is THE major long term valuation risks in my opinion. My sense is spreads will remain higher than Schwab et al but hard to know how much higher. Bottom line is I think this requires some financial modelling to quantify the risk level. 2. Getting Hacked - Voyager has undergone extreme growth. I have never seen such a rate of growth. If you extend 35% monthly growth for just one year I think you end up 20X larger by the end of the year. The question in my mind is whether they were able to keep to the highest level of computer security, particularly white hat testing, during such extreme growth. Computer security is inherently slow given the level of code review and testing required. If they get hacked and customers lose their crypto coins it is game over I think. $VYGVF, Voyager Digital Ltd. / H1 3. Quantum computing - probably a non-issue but the Shor algorithm supposedly can crack the encryption used by cryptocurrencies (factoring of large primes). But it requires a large quantum computer. One article I read estimated a minimum of 20 years to get to such a large quantum computer. But quantum computing keeps seeing unanticipated progress. So perhaps this is an area to take a look at. Having said that, if the encryption is cracked the entire financial system is toast. We live in bizarre times.Miners are a way to trade the bitcoin and ETH rise and fall. Look at $MARA and $RIOT: $RIOT, Riot Platforms, Inc. / H1 Bottom lineMiners and platforms move with bitcoin and Ethereum.