Mike Novogratz's Galaxy Digital Nets $44.3M in Q3
Galaxy Digital was trading slightly higher on the news.
Nov 13, 2020 at 5:12 p.m. UTCUpdated Aug 19, 2021 at 5:37 a.m. UTC
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Galaxy Digital, the crypto merchant bank headed by noted crypto evangelist Mike Novogratz, reported net income of $44.3 million in the third quarter of 2020, up from a loss of $68.2 million in the year-ago period.
STORY CONTINUES BELOW
- Galaxy Digital's total assets eclipsed $536 million, nearly $225 million of which was in cryptocurrencies.
- Volume at subsidiary Galaxy Digital Trading (GDT) was up 75% year over year to a record $1.4 billion.
- Galaxy attributed the soaring trading volume to momentum in bitcoin markets.
- GDT on Friday acquired crypto trading firms DrawBridge Lending and Blue Fire Capital for an undisclosed sum.
- GLXY was trading up 30 basis points around $5.37 CAD (US$4.08) on the Toronto Stock Exchange at press time.
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