Digital asset management firm Galaxy Digital says it’s preparing for an incoming barrage of institutional interest in the digital asset sector.
In its Q3 report released Friday, Galaxy Digital founder and CEO Michael Novogratz says the New York-based firm is gearing up for what it projects will be another busy year.
“We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.”
According to the report, Galaxy Digital’s trading branch had its best quarter to date hosting $1.4 billion in trading volume in the three-month period, representing a year-over-year increase of 75%.
As of September 30th, Galaxy Digital’s asset management branch has $407.4 million worth of assets under management (AUM), $82.4 million of which is invested in the firm’s passive Bitcoin funds such as the Galaxy Bitcoin Fund, LP, the Galaxy Institutional Bitcoin Fund, LP and index fund products such as the Galaxy Benchmark Crypto Index Fund LP.
At the end of Q3, Galaxy’s digital assets are worth about $224.8 million, an increase of over 161% from December 31st of 2019. The firm primarily attributes the steep increase to a surge in the price of digital assets carried by the firm and an increase in the quantity of digital assets held by the firm.
The firm’s net income over the course of the third quarter is approximately $44.6 million, when partially offset by operating expenses.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
