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Crypto Bank Galaxy Digital Announces $860 Million in Net Comprehensive Income in Q1, Showing 58% Rise

Finance

u.today 17 May 2021 16:20, UTC
  
Reading time: ~2 m

Recently published press-release of Galaxy Digital shows that the crypto bank founded and headed by Mike Novogratz has increased its net comprehensive income by 58 percent in the first quarter of 2021, pushing it to a staggering $860 million after losing $27 million last year.

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Major income rises thanks to cryptocurrencies

This has been another record quarter for the company in succession. During Q4 of 2020, Galaxy Digital showed up with a net comprehensive income of $336 million.

Now, it has soared 58 percent, amounting to a whopping $860 million. Losses during the previous year totalled $26.9 million.

As per the press-release, this income has mainly come from digital currencies and investments (realized and unrealized gains) and the trading business of Galaxy Digital.

Income that came particularly from trading this year totals $508.7 million. $151.1 million is the net realized gains made by investments of the company.

Fair Value of Net Asset Holdings has seen a rise by 128 percent, to a total of $1.85 billion. While at the end of 2020 this figure equaled $813.5 million.

The increase in these gains was down to the purchase of extra digital assets, the press-release says.

The crypto-based products launched by the company recently are the CI Galaxy Bitcoin ETF (BTCX) and the Galazy Ethereum Funds.

This line of products also includes the Galaxy Bitcoin Fund LP and the Galaxy Institutional Bitcoin Fund LP – both have been offered by Morgan Stanley to its wealthy customers since March.

There are other products offered by Mike Novogratz’s company as well.

The announced BitGo purchase

Earlier this month, U.Today reported that Galaxy Digital announced the upcoming purchase of the leading crypto custody platform BitGo, based in the USA.

The acquisition will be closed in quarter 4 this year, with Galaxy Digital paying $265 million in cash and 33.8 million in the Galaxy’s recently emitted stocks.


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