The initial plan of Galaxy Digital was to become listed on the US exchange in the fourth quarter of 2022 but the firm has enjoyed an incredible 2021 so far.
The capital market company Galaxy Digital Holdings Ltd which is owned and controlled by Michael Novogratz, a popular billionaire and big shark in the crypto space, is targeting a United States Exchange listing in the Q1 of 2022.
Novogratz’s company made some cut-throat decisions like taking over inactive companies in 2018 so that it could trade on the Toronto Stock Exchange.
The initial plan of Galaxy Digital was to go for public listing on the US exchange in the fourth quarter of 2022 but the firm has enjoyed an incredible 2021 so far. In Galaxy’s words, “the purchase of crypto custodian BitGo is also expected to close in the first three months of next year.” The company also reiterated that the “fourth-quarter net comprehensive income, which includes unrealized gains from appreciation on digital coins it holds, is already around $400 million.”
As a company into capital marketing and digital asset management, Galaxy Digital is into almost everything in the crypto sphere from Bitcoin mining down to crypto management. Before November, the company had about $555.2 million worth of Bitcoin and $261.4 million worth of Ethereum in its name. Altogether, Galaxy’s crypto valuation sits around $3.2 billion.
Galaxy Digital Reports Q3 Earnings of $517M
Q3 has been particularly successful for Galaxy Digital with an increase of 1,146% within the last year. In the third quarter of 2020, Galaxy Digital made just $41.5 million. This rose to about $517 million in the third quarter of this year. Subsequently, the ongoing fourth quarter has seen the company raking approximately $400 million between September 30 to November 12.
Part of the company’s revenue has been from the booming Decentralized Finance and Non Fungible Tokens industry which is increasingly taking over the crypto space. Galaxy has invested about $62 million into 22 NFT companies. The press statement also showcased Galaxy as a holder of NFT collections.
“Galaxy has deployed $62 million of strategic capital into 22 different NFT-related companies through direct investments and Galaxy Interactive Fund strategies,” according to a press release. “The firm also directly purchased two NFTs from prominent collections. Galaxy’s trading section provided most of the revenue generated for the quarter with $360.7 million of the $517 million generated.”
“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 investment portfolio growth. We look forward to our US listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter of 2022,” said Novogratz, speaking on the income and their expected listing in the US Exchange.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.