148 Interactions, 2 today
The firm had a $26.9 million substantial loss the previous year.
Galaxy Digital Holdings, a cryptocurrency-focused fund manager, had a fantastic first quarter thanks to rising digital asset valuations.
In the fiscal quarter ended March 31, the company’s overall comprehensive profits, which includes nett income and unrealised income, increased to $860.2 million. Galaxy Digital lost $26.9 million in the first quarter of 2020.
Assets under management increased 58% during the quarter. Income from trading surged to $508.7 million from a $31.5 million loss in the first quarter of last year.
Galaxy Digital’s three Bitcoin (BTC) funds returned 101.92% year-to-date through March 31.
Over the year, assets under control rose by 58%. Trading income increased to $508.7 million, up from a loss of $31.5 million in the first quarter of last year.
Via March 31, Galaxy Digital’s three Bitcoin (BTC) funds had returned 101.92 percent year to date.
“In addition to delivering dramatic organic growth, we announced the acquisition of BitGo, which will establish Galaxy Digital as the first full-service digital asset financial platform for institutions and insure our business is aligned with broader institutional adoption,” CEO Michael Novogratz said.
The Novogratz-led company is one of several institutions competing to be the first Bitcoin ETF to be listed in the United States. Galaxy Digital, as previously stated, filed an application for a Bitcoin ETF with the Securities and Exchange Commission on April 12.
Many cryptocurrency supporters claim that a Bitcoin ETF will accelerate institutional acceptance of digital assets in the United States. The SEC has yet to sanction a Bitcoin ETF due to fears about speculation and price manipulation.