Galaxy Digital’s Q3 earnings surge of institutional interest in the digital asset space this year
Galaxy Digital, the crypto merchant bank was founded in 2018 by billionaire Mike Novogratz has released financial results for the three and nine months ended September 30, 2020. The report showed a 75% year-over-year rise in trading volumes, reaching approximately $1.4 billion. Net income of $44.3 million in the third quarter of 2020, up from a loss of $68.2 million in the year-ago period.
Galaxy Digital CEO Mike Novogratz
Galaxy Digital’s total assets eclipsed $536 million, nearly $225 million of which was in cryptocurrencies. Assets under management totaled $407.4 million at the end of the third quarter, which include $82.4 million in passive Bitcoin and index funds and $325 million in the Galaxy EOS VC Fund. The latter is a partnership with blockchain merchant bank Block.one, founder of EOS.
“Galaxy Digital made progress across our business lines in the third quarter, including record volumes in our Trading business,” said Novogratz. “We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.”
Galaxy Digital Trading on Friday acquired crypto trading firms DrawBridge Lending and Blue Fire Capital for an undisclosed sum. Tim Plakas, head of sales at Galaxy Digital Trading says it’s one of the biggest sources of competitive advantage.
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