thecoinrise.com
American crypto asset manager, Galaxy Digital has unveiled its third-quarter earnings performance with strong results to show for it. The New York-based firm said it grew its Net comprehensive income increased 1,146% to $517 million, from a net comprehensive income of $41.5 million in the prior-year period.
The third quarter was a very remarkable one for the digital currency industry where Galaxy Digital plies its trade. Amongst the prominent events that drove the market strides within the period include the legalization of Bitcoin as a legal tender in El Salvador, as well as the resettlement of Bitcoin miners after they were expelled from China, restoring healthy mining activities to the industry.
Galaxy Digital maximized the market trends to grow its trading business which increased to $360.7 million, from an income of $10.0 million in the third quarter of last year. The company’s Net Realized Gains from investments came in at $32.6 million for the third quarter, while its Partner’s Capital notably surged to 405% to $2.0 billion, from $401.3 million at the end of the prior year period.
Finalizing the BitGo Deal
In the third quarter, Galaxy Digital announced it has acquired crypto-asset custodian and infrastructure provider, BitGo for $1.2 billion. The firm said it intends to complete the acquisition procedure before the end of the first quarter next year. As a way to suture its growing business, Galaxy Digital said it is looking forward to completing its secondary listing in the US by next year.
“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 in the prior year period,” CEO Mike Novogratz said in a statement. “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.”
As of the end of October, the company said it has $3.2 billion in Assets Under Management (AUM).