Galaxy Digital Reports $860M in Net Income in Q1 2021 and Surpasses $1 Billion in AUM
Mike Novogratz’s Galaxy Digital reported a profitable Q1 2021 with $860.2 million in net comprehensive income, a complete turnaround from the $27 million loss in Q1 2020. Novogratz, founder, and CEO of Galaxy Digital said,
“Galaxy Digital reported another consecutive record quarter, as net comprehensive income grew to $860 million from $336 million in the prior quarter.”
Income from the company’s trading business increased to $508.7 million, while net realized gains from investments were $151.1 million in the quarter.
The firm made 12 new investments in the quarter and now holds about 80 investments across approximately 60 portfolio companies.
In Q1 of 2021, during the bull market, Galaxy Digital reported an increase of 50% in trading volumes from the last quarter and a surge of 510% in gross counterparty loan originations to $670 million.
Galaxy Digital Trading also onboarded over 100 new counterparties in the quarter. The firm further launched several products in this period, including a Bitcoin ETF and an Ether ETF.
As of March 31, 2021, the company had $1.27 billion in assets under management.
In the Bitcoin mining realm, Galaxy started hosting its machines at a third-party data center in the United States and expects to achieve up to 1,995 Petahash per second (PH/s) of mining capacity delivered monthly by the end of next year.
The company has appointed Erin Brown as its Chief Operating Officer, who previously served as Chief Risk Officer at Jump Trading. Novogratz said,
“Beyond delivering dramatic organic growth, we announced we would acquire BitGo, which will establish Galaxy Digital as the first full-service digital asset financial platform for institutions and ensure our business is aligned with broader institutional adoption.”