Digital asset management firm Galaxy Digital reported a net income of $44.3 million in its Q3 2020 financial results, which was published on Nov. 13.
- The firm reported a net income of $44.3 million, a far cry from the $68.2 million loss reported the same time last year
- Trading volume also grew by 75% year over year to a record $1.4 billion, which was attributed to Bitcoin’s price increase in recent months
- Galaxy Digital reported $407.4 million in assets under management (AUM) at the end of Q3 2020
- Galaxy’s institutional Bitcoin fund has provided returns of 125.7% YTD, while its multi-crypto fund returned 126.7% YTD
- CEO Mike Novogratz noted the the firm’s accomplishments in the latter half of 2020, including taking steps to improve institutional investment, key hires, and expanding the capital base
- The company announced on Nov. 12 that it had acquired two firms, DrawBridge and Blue Fire Capital, with the intention of improving services for institutional investors