Galaxy

Bitcoin ETF

<div class="cryptonews">
 <p class="is-style-lead">Galaxy Digital’s CEO foresees a delay in U.S. <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> until post-2024 <a rel="noopener noreferrer nofollow" title="election" href="https://thebittimes.com/tag/election.html">election</a>s amid the firm’s report of increased Q3 losses.</p>
 <p>Galaxy Digital Holdings CEO Michael Novogratz voiced skepticism regarding the advancement of cryptocurrency regulations in the U.S. prior to the upcoming 2024 presidential elections. His comments came amid market speculation surrounding the imminent approval of the first U.S.-based Bitcoin exchange-traded fund (ETF) by the SEC.</p>
 <p>During the company’s earnings call for the third quarter, Novogratz remarked that any new regulatory decisions are unlikely with the <a rel="noopener noreferrer nofollow" title="election" href="https://thebittimes.com/tag/election.html">election</a> on the horizon, but post-<a rel="noopener noreferrer nofollow" title="election" href="https://thebittimes.com/tag/election.html">election</a> could see a significant drive in progress, given the cadre of knowledgeable individuals in Washington.&nbsp;</p>
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 <p>Novogratz further opined that a pivot in the Federal Reserve’s interest rate policy might occur in the upcoming year, potentially in the first quarter. This shift, coupled with the expected regulatory clarity, could catalyze the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> sector’s expansion over the subsequent 18-month span. Analysts from Bloomberg Intelligence suggest the SEC may greenlight a spot Bitcoin ETF by Jan. 10, although there is speculation the approval could occur even earlier.</p>
 <h2 class="wp-block-heading" id="galaxy-s-financial-performance-and-prospects">Galaxy’s financial performance and prospects</h2>
 <p>Galaxy’s financial disclosures revealed a significant third-quarter net loss of $94 million, escalating from the prior year’s $68 million. The increase in losses was attributed to the downturn in token valuations and an unprecedented dip in market volatility. The firm had anticipated the losses to plateau, following a $46 million loss in Q2, with forecasts predicting a steady $44 million loss for Q3.</p>
 <p>Despite a 70% surge in trading volumes, Galaxy’s trading revenue dipped to $14 million in the quarter, a $6 million fall from Q2 figures. The company’s lending ventures, however, experienced growth, with the average loan book size inflating to $553 million.</p>
 <p>October painted a brighter financial picture for Galaxy, with a remarkable $124 million in pretax income and $24 million in trading revenue. This uptick was largely due to strategic market positioning and a resurgence in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency prices, highlighted by Bitcoin’s impressive 35% price increase within the month.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/galaxy-ceo-predicts-no-changes-in-crypto-regulations-until-the-2024-election-tbt69720.html">https://thebittimes.com/galaxy-ceo-predicts-no-changes-in-crypto-regulations-until-the-2024-election-tbt69720.html</a></p>

Galaxy CEO predicts no changes in crypto regulations until the 2024 election

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