Galaxy Digital’s first three-quarter net income increased by 133% in 2019

In the first three quarters of 2019, Mike Novogratz-supported cryptocurrency investment bank, Galaxy Digital, earned $ 58.4 million in net income, up 133% over the same period last year.

Galaxy Digital

What is Galaxy Digital?

Galaxy Digital is a diversified financial services company dedicated to the digital asset industry, cryptocurrencies and blockchain technology. Galaxy Digital is one of the most capitalized and reliable companies in the industry. The company has raised $ 700 million to date and is trading on the TSX Joint Venture Exchange with the symbol “GLXY”.

Michael Novogratz – Galaxy Digital CEO and founder, is the leader of a group of institutional veterans focused on high-tech, high-tech development space.

Galaxy’s profit

Although the company had a general profit in the first nine months of 2019, the company revealed that it had a net loss of $ 68.2 million in the third quarter, in a financial report.

For the three months ended September 30, 2019, the net comprehensive loss was $ 68.2 million, compared to the net comprehensive loss of $ 76.7 million for the three months ended September 30, 2018.

The result of an unrealized loss on digital assets has mostly led to the current quarterly loss. That is, cryptocurrencies are constantly trading in the market and operating costs.

Transacting over the counter, one of Galaxy Digital’s three businesses largely accounts for this loss of $ 43.3 million.

However, there is still some hope. The trading department saw a 47% increase in the number of partners on board in the 3rd quarter compared to the 2nd quarter.

Meanwhile, Galaxy Digital’s asset management division has a total assets of $ 336 million managed in September 2019, including $ 325 million for the EOS Foundation. The Fund made a number of venture capital investments in the third quarter, including venture capital investments for Loopland Group Holding, Versiart, Immutable, Predictive Pop and FinCo Services.

As of September 30, 2019, the company has made a total investment of $ 156.5 million, down $ 22.9 million since the end of 2018 and has total digital assets of $ 133.5 million, an increase of $ 63.7 million from the end of last year.

Source: Galaxy Digital

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