Galaxy Digital Reports Net Income of $44.3M in Q3 2020

Galaxy Digital Reports Net Income of $44.3M in Q3 2020

By Abhimanyu Krishnan | News | 16 Nov 2020


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

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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