Galaxy Digital earnings report: everything even better than expected
Galaxy Digital, a сrypto-focused company founded by investor Mike Novogratz, has presented its earnings report for the third quarter of 2020. Galaxy’s growth in trading volumes is linked to the expansion of its global counterparty base, which included 30 new entities in the third quarter, as well as the launch of an electronic trading system and the expansion of its crypto derivatives business. Its trading volumes in the third quarter were $1.4 billion, an increase of 75% over the same period last year.
The investment division remains the largest within the company. Assets under its management amounted to $407.4 million at the end of the quarter, with $90.5 million at the beginning of the year.
The return on the Bitcoin fund linked to the Bloomberg CFIX index was 17.3%. The Galaxy Crypto index fund, which allows accredited investors to access the largest cryptoсurrencies, rose by 32.2% due to the rise of altcoins in late summer.
At the same time, the company’s net total revenue reached $44.6 million in the third quarter, breaking the negative trend of previous quarters. This was the result of realized and unrealised gains from digital assets and investments. The net loss in the third quarter of 2019 was $68.2 million.
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