Galaxy Digital Stories Q3 Earnings of $517M

 Galaxy Digital Stories Q3 Earnings of $517M

Galaxy Digital (TSX: GLXY), the publicly listed cryptocurrency conglomerate helmed by Mike Novogratz, noticed its third-quarter earnings develop to $517 million, based on a Monday earnings release. That’s a rise of 1,146% from the $41.5 million the agency made in 2020′s third quarter.

As well as, Galaxy stated earnings for the fourth quarter of this 12 months at the moment stands at $400 million for the interval Sept. 30 to Nov. 12.

It brings the agency’s earnings to date this 12 months to $1.2 billion.

Galaxy’s outcomes replicate a booming crypto business with areas like decentralized finance (DeFi) and non-fungible tokens (NFTs) including to the agency’s revenues.

Galaxy has deployed $62 million of strategic capital into 22 completely different NFT-related firms by way of direct investments and thru Galaxy Interactive Fund methods, based on a press launch. The agency additionally straight bought two NFTs from distinguished collections.

That stated, the agency’s buying and selling enterprise represents the lion’s share of money-generating operations. Buying and selling accounted for $360.7 million of the $517 million in third-quarter revenues.

Learn extra: Galaxy Digital’s Leisure Arm Raises $325M Fund for NFT, Gaming Bets

“12 months-to-date by way of November twelfth, we’ve supplied shareholders with roughly $1.6 billion in web complete earnings, on the again of our sturdy operational and investing portfolio progress,” Novogratz stated in an announcement. “We sit up for our U.S. itemizing and the shut of our BitGo acquisition, which we now count on will happen within the first quarter 2022.”

Galaxy Digital reported belongings below administration (AUM) of $3.2 billion, as of Oct. 31, 2021.

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