Galaxy Digital Reports Q3 Earnings of $517M

Galaxy Digital Reports Q3 Earnings of $517M

Galaxy Digital (TSX: GLXY), the publicly listed cryptocurrency conglomerate helmed by Mike Novogratz, noticed its third-quarter revenue develop to $517 million, in accordance with a Monday earnings release. That’s a rise of 1,146% from the $41.5 million the agency made in 2020′s third quarter.

In addition, Galaxy stated preliminary revenue for the fourth quarter of this yr at present stands at roughly $400 million for the interval Sept. 30 to Nov. 12.

The firm reported revenue of $1.2 billion yr up to now by Sept. 30.

Galaxy’s outcomes mirror a booming crypto trade with areas like decentralized finance (DeFi) and non-fungible tokens (NFTs) including to the agency’s revenues.

Galaxy has deployed $62 million of strategic capital into 22 completely different NFT-related corporations by direct investments and thru Galaxy Interactive Fund methods, in accordance with a press launch. The agency additionally immediately bought two NFTs from outstanding collections.

That stated, the agency’s buying and selling enterprise represents the lion’s share of money-generating operations. Trading accounted for $360.7 million of the $517 million in third-quarter revenues.

Read extra: Galaxy Digital’s Entertainment Arm Raises $325M Fund for NFT, Gaming Bets

“Year-to-date by November twelfth, we now have supplied shareholders with roughly $1.6 billion in web complete revenue, on the again of our robust operational and investing portfolio progress,” Novogratz stated in an announcement. “We sit up for our U.S. itemizing and the shut of our BitGo acquisition, which we now count on will happen within the first quarter 2022.”

Galaxy Digital reported belongings below administration (AUM) of $3.2 billion, as of Oct. 31, 2021.

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