Digital currency investment management company Galaxy Digital has shown astonishing performance this year, mainly when looking at net income. The company has broken all of its previous records and is all set to fly a chariot to the moon for the future.
Previous records show that Galaxy Digital had experienced a major loss of about $26.9M back in 2020. The first quarter of 2020 also gave Galaxy Digital a $31.5M loss in trading income. But now, the company had seen such an improvement in performance that helped it swell up to its net income to $860.2M, recorded on the 31st of March. As of the early quarter of 2021, the total number of managed assets has scaled up to a massive 50% in growth, and the income from trading inflated up to nearly $508.7M. Reports have also shown that three of the Bitcoin Funds run by Galaxy Digital have managed to return an extremely positive 101.92%, soaring profits to unimaginable levels.
This is surprisingly a hugely successful run for Galaxy Digital, practically confirming its legitimacy as an asset management company and now attracting more new users than ever before. CEO of Galaxy Digital Mike Novogratz has definitely shown his experience as a CEO for Galaxy Digital, helping the company display such astonishing numbers and statistics.
Galaxy Digital and BitGo
BitGo is one of the leading crypto asset caretaking companies, which also provides various other useful services for the trading of cryptocurrencies. Mike said earlier this month that Galaxy Digital would soon acquire BitGo, which will cost around $1.2B in stocks and cash, helping Galaxy Digital gain a position as the first full-service digital asset platform designed for institutions, creating more opportunities for more institutions to join hands with Galaxy Digital. To successfully acquire BitGo, Galaxy Digital is planning to use its balance sheet and then shift the remaining payments for 12 months.
Novogratz pushing forward with ETFs
Galaxy Digital has also been in the works to help list the USA’s first Bitcoin Exchange-traded fund. The company has submitted a formal application to the Securities and Exchange Commission of the United States, demanding the approval of the first Bitcoin ETF to run in the market. Bitcoin ETFs will help smoothen out the adoption of digital assets like cryptocurrency and make trading easier.
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from CryptocyNews.com https://www.cryptocynews.com/crypto-investment-firm-galaxy-digitals-net-income-spiked-to-860m-in-first-quarter/
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