Mike Novogratz' digital asset and investment firm plans to list on a U.S. stock exchange in Q1 2022.
Crypto investment firm Galaxy Digital today reported a smashing third quarter, with earnings up more than 1,100% over the previous year.
The publicly listed company announced net comprehensive income of $517 million, up from $41.5 million in Q3 2020.
Galaxy Digital Holdings has several major lines of business, including asset management, institutional trading, investment banking, cryptocurrency mining, venture funds and investments, and prime brokerage. Founder and CEO Mike Novogratz said:
"As the cryptoeconomy continues to mature and adoption trends accelerate, driving both asset price increases and greater quantities of institutional capital into the space, I have never been more bullish about the future of our Company. 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."
The company is continuing to see strong growth in Q4, with net comprehensive income of about $400 million through November 12. Income from its trading business was $360.7 million in Q3, up from $10 million in the previous year.
As of September 30, year-to-date income was $1.2 billion
, which the company attributed to "a booming crypto industry with areas like decentralized finance (DeFi)
and non-fungible tokens (NFTs)
adding to the firm's revenues
Galaxy Digital Asset Management now has $3.2 billion in assets under management.
Novogratz also said that the company plans to list on a U.S. stock exchange in the first quarter of 2022. It used a reverse merger to list on the Toronto Stock Exchange as GLXY in 2018.
Galaxy Digital also expects to complete its acquisition of crypto custodian BitGo in Q1 2022, he added. The company announced the $1.2 billion
purchase on May 5, marking the first billion-dollar deal
in the cryptocurrency industry.
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Other big news in Q3 included Galaxy Digital Asset Management partnerships: One to develop U.S.-listed, physically backed, digital asset ETFs and equities ETF with the $1.6 trillion asset management firm Invesco, and another to develop crypto and blockchain-focused indices with index provider Alerian.
Unsurprisingly, the company has also been focusing on investments in the red hot NFT space, with its Galaxy Interactive Fund investing $62 million
in 22 companies. It also launched an NFT collection, buying CryptoPunk No. 8466
for almost $440,000
in early November.