Victor Ugochukwu · Dec 14, 2020 . 5min read
Mike Novogratz’s Galaxy Digital records $44.3 million Q3 earnings
Galaxy Digital's earnings increased by over 75% year-over recording close to $1.4 billion in trading volume.
By Victor Ugochukwu · Nov 16, 2020 . 5min read
Galaxy Digital, a public company listed on Canadian’s Toronto Stock Exchange in a recent Q3 filing reports shows the OTC trading desk is up in revenue to the tune of $44.3 million.
Its third-quarter earnings increased by over 75% year-over recording close to $1.4billion in trading volume. This year, Galaxy Digital rolled out the digital trading platform as well as upped its game in crypto derivatives trading.
With a growing business, Galaxy Digital total asset under management for Q3 has surpassed $536 million. Out of this figure, about $225M, representing more than 50% resides in cryptocurrencies.
Galaxy Digital’s AUM comprises $82.4 million in passive Bitcoin and index funds. Its EOS VC Fund sits around $325 million. It’s Bitcoin Fund rose by 17.3% in third-quarter alone, clearly a representation of the increasing institutional Bitcoin appeal.
Prominent Galaxy Digital investment activities in Q3
Galaxy Digital Investment Banking, a wing of Galaxy Digital has been at the forefront of some of the biggest deals in crypto in Q3 2020. To begin with, in August, it served as sell-side advisor to Blockfolio on the FTX acquisition. The deal was worth $150 million.
In addition to its strides in Q3 launched a cryptocurrency mining practice providing innovative and sophisticated financial tools for North American miners. Still on its investment in Q3, Galaxy Digital invested in two of the most active investments in DeFi. That would be ParaFi Capital and Robot Ventures.
Galaxy acquires two cryptocurrency trading firms.
More recently, Mike Novogratz brainchild acquired crypto lender DrawBridge and proprietary trading firm Blue Fire Capital. Consequently, the acquisition helps Galaxy Digital to expand beyond its OTC and trading. With the strategic takeover, Galaxy can now offer derivatives and futures trading. It will also be able to facilitate on-exchange market-making, as well as lending, borrowing and structured products.
Billionaire Mike Novogratz founded Galaxy Digital in 2018 with a mandate to bring institutional investors into cryptocurrencies. However, it went on to suffer huge losses due to the protracted bear market of 2018, which dove-tailed into 2019.
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