Source : coinspeaker.com
Galaxy Digital noted that its counterparty trading volumes decreased 28% from record highs in the second quarter of 2021, but demonstrated a dramatic increase in excess of 280% versus the year-ago quarter.
American capital markets company, Galaxy Digital Holdings Ltd (TSE: GLXY) has reported its Q3 financial and operational performance with a record 1,146% income growth. As announced by the firm, its income came in at $517 million, up from $41.5 million recorded in the year-ago period.
The massive income growth was attributed to the increase in both the realized and the unrealized gains from the company’s digital asset holdings and general investments. The income from the firm’s trading business increased to $360.7 million, from the income of $10 million in the third quarter of last year. The firm noted that its Partners’ Capital topped 405% to $2 billion, from $401.3 million at the end of the prior-year period.
Galaxy Digital was amongst the major players in the cryptocurrency ecosystem and its multilateral businesses helped in condensing investors’ funds to take a strategic position in the growing market. Based on this, the company said its investment was valued at about $779.9 million as of September 30, 2021, up from the $519.5 million reported as of the end of December 31, 2020.
Galaxy Digital has a leadership team whose trust in the potentials of the nascent cryptocurrency industry is being expressed via different media platforms.
“As the cryptoeconomy continues to mature and adoption trends accelerate, driving both asset price increases and greater quantities of institutional capital into the space, I have never been more bullish about the future of our Company,” said Michael Novogratz, Founder, and CEO of Galaxy Digital.
Novogratz is a strong proponent of Bitcoin, and his views about the industry are visibly featured on his Twitter profile.
Galaxy Digital Holdings’ Operational Highlights in Q3
Across its various business models, particularly trading and lending, Galaxy Digital Holdings said it has experienced relatively solid growth across the board. Per the quarterly report, the company noted that its counterparty trading volumes decreased 28% from record highs in the second quarter of 2021, but demonstrated a dramatic increase in excess of 280% versus the year-ago quarter.
The company currently boasts of a total of $2.2 billion in Assets Under Management (AUM) as of September 30, 2021, a 57% increase from the quarter ended June 30, 2021, and a 175% increase year-to-date. The company inked a number of partnerships in the quarter, one of which is with Invesco, billed to aid the floating of a functional digital asset-backed Exchange Traded Fund product.
Amidst all of its impressive figures, the company has its eyes fixed on completing its acquisition of BitGo, a leading digital asset custodian company in the first quarter of 2022. The company is also eyeing a secondary listing in the United States, opening up its business to the largest financial powerhouse in the world.
“Year-to-date through November 12th, we have provided shareholders with approximately $1.6 billion in net comprehensive income, on the back of our strong operational and investing portfolio growth. We look forward to our U.S. listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter 2022,” CEO Novogratz said in the statement.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.