Galaxy Digital Expects U.S. Stock Listing Next Quarter, Q3 2021 Income Tops $500M

Source : beincrypto.com

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Galaxy Digital Holdings is expected to be listed on a U.S. stock exchange in the first three months of next year, which is later than expected.

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Billionaire Michael Novogratz’s crypto firm is also expected to close the deal for the purchase of crypto custodian BitGo in the first quarter of 2022. According to Bloomberg, the company does not expect a stock listing in the U.S. before then. In May, Galaxy Digital signed a deal to acquire BitGo for $1.2 billion in cash and stock.

The firm carried out a “reverse takeover” of an inactive company in 2018 so it could trade on the Toronto Stock Exchange. It had hoped to secure a U.S. stock market listing in Q4, 2021 but has been stymied by the Securities and Exchange Commission which has yet to sign off on any planned listings.

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In late August, Galaxy Digital joined forces with Bloomberg to launch a crypto index tied to decentralized finance called the Bloomberg Galaxy DeFi Index.

Profits up 1,146% from Q3 2020

On Nov 15, Galaxy Digital announced its third-quarter earnings and reported that net comprehensive income was $517 million for the period and $1.2 billion year-to-date through Sept 30. Net income has increased by 1,146% from $41.5 million in the third quarter of 2020.

Novogratz commented on the bullish quarter, stating:

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.

As of Sept 30, Galaxy Digital held about $555.2 million in bitcoin and $261.4 million in Ethereum, and as of Oct 31, it reported preliminary assets under management of $3.2 billion.

Fourth-quarter net comprehensive income through Nov. 12, which includes unrealized gains from appreciation on crypto assets, is already around $400 million.

Big hire for Galaxy Digital

The company has also recently hired Supreme Court lawyer and former U.S. Acting Solicitor General, Neal Katyal. On Nov 16, Novogratz tweeted:

I am super excited to be working with my friend @neal_katyal. Good for crypto. Good for $GLXY. And going to be a whole lot of fun.

Katyal has joined the company as Senior Advisor and Chair of its newly-formed Advisory Board where he will be advising on strategy, regulatory policy, and governmental affairs.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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