Galaxy Digital Reports ‘Dramatic’ Growth in Q1 of 2021 After A Transformational Q4 2020

Galaxy Digital released its financial report for the year ended Dec. 31, 2020, reporting an increase of more than 1100% in net income and over 98% in AUM in Q4 due to gains on digital assets.

As of Dec. 31, 2020, the fund had $807.3 million in assets under management.

The company’s net comprehensive income increased 1,175% to $335.7 million, from a loss of $31.2 million in the prior year. Income from the trading business jumped 842% to $238.7 million, from a loss of $32.2 million in the year before that.

Galaxy Digital reported $433 million of BTC holding at the end of last year, up from $351.8 million from the previous year-end.

The firm also had a record trading volume up 80% quarter over quarter and 230%+ year over year in the quarter ended Dec. 31, 2020. The loan book meanwhile grew over 300% to $110 million.

“That dramatic growth accelerated further into the first quarter, which we expect to be another record quarter.”

Michael Novogratz Founder & CEO of Galaxy Digital

In less than the first three months of 2021, the “continued significant growth” resulted in volume increasing by 40% and the counterparty loan book increasing in excess of 240% to $380 million. As for assets under management, it has soared to $1.24 billion.

The fund is also preparing for a US listing in the second half of 2021.

“We believe our industry is at an inflection point as we participate in a once-in-a-lifetime secular shift into cryptocurrencies as an institutionalized asset class.”

The financial report also revealed that Galaxy Digital Investment Banking advised Blockfolio on its $150 million sale to FTX, earning an advisory fee on it.

Additionally, it made seven new investments in companies and, by the end of last year, led about 70 investments across 50 portfolio companies which has increased to 12 new investments as of March 22, 2021.

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