Galaxy Digital Reports $517M in Q3 Net Income, Up 91% From 2020

Galaxy Digital Reports $517M in Q3 Net Income, Up 91% From 2020

Digital assets and investment management firm Galaxy Digital has released its third-quarter financial results.

A standout figure in the firm’s Q3 results is its net comprehensive income—the total net assets of the company, including unrealized gains and losses—of $517 million, up 91% from last year’s figure of $41.5 million.

“Our organic growth demonstrates our continued ability to capitalize on opportunities, with our net comprehensive income growing to $517 million from a net comprehensive income of $41.5 million the prior year period,” the company said in a statement.

The company added that this increase was a result of realized and unrealized gains on cryptocurrencies and investments, as well as “strong contribution” from the company’s trading business.

Michael Novogratz, CEO and founder, is bullish on the results he’s seen, claiming he has never before been as optimistic as he currently is about the future of Galaxy Digital.

“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,” he said.

Crunching the numbers

The firm’s Q3 results have yielded additional metrics beyond just net comprehensive income.

When it comes to income for Q4 of 2021, this figure stands at $400 million for the period September 30 and November 12. The firm’s total year-to-date earnings amount to $1.2 billion.

As of October 31, 2021, Galaxy Digital Asset Management reported a total of $3.2 billion assets under management.

The company also has $62 million worth of “strategic capital” in 22 different NFT-related companies. “The company also directly purchased two NFTs from prominent collections,” the prepared statement adds.

The company has also seen a whopping increase in trading business to a total of $360.7 million, from an income of $10 million in the third quarter of 2020.

Similarly, company investments have skyrocketed, too. As of September 30, 2021, this figure stood at $779.9 million, an increase of $519.5 million from December 31, 2020.

Looking ahead

Alongside reported Q3 figures, Galaxy Digital is looking ahead to several key events in the near future.

This includes the company’s upcoming U.S. listing, and an upcoming acquisition of BitGo, an institutional digital asset platform.

“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 of 2022,” the company said.

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