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Galaxy Digital (TSX:GLXE) reported earnings of $517 million in Q3, up over 1,000% from the same period last year, the publicly traded cryptocurrency firm said on Monday.
“It’s hard not to be bullish [on crypto],” CEO Mike Novogratz said to investors. “It’s pretty remarkable earnings power that this industry is providing us.”
Galaxy Digital manages roughly $3.2 billion in assets (AUM), as of October 31. The digital asset conglomerate reported Q4 preliminary income at roughly $400 million from Sept. 30 to Nov. 12, according to their earnings release.
“It’s fair to say that some of the income is attributable to the overall price appreciation of the assets and the venture investments that we hold,” Novogratz said, adding that he expects crypto adoption trends to accelerate even more.
Additionally, the company announced Neal Katyal, former US Acting Solicitor General, as chair of Galaxy’s advisory board on policy and regulatory affairs. Kaytal will help the firm “navigate what we think is going to be an interesting political and regulatory framework [in DC],” Novogratz added.
Damien Vanderwilt, co-president of Galaxy, also commented on the regulatory environment around crypto, adding that once they do “get regulatory clarity, there is a gigantic wall of capital that is waiting to be allocated to the sector directly.”
Elsewhere, Galaxy and Bloomberg LP announced a new Bloomberg Galaxy Solana Index on Monday, according to Linkedin.
Galaxy Digital is trading down 1.34%, at $40.41 per share, at time of publication.
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