Galaxy Digital Gets $860 Million in Profit Amid Growing Cryptocurrency Market
The total income of Galaxy Digital Holdings in the first quarter of 2021 was $ 860.2 million against a cumulative loss of $ 26.9 million in the same period last year.
The indicator includes net income and unrealized income.
During January-March 2021, the cryptobank received income from trading activities in the amount of $ 508.7 million against a loss of $ 31.5 million for the same period in 2020. Net realized investment income was $ 151.1 million.
The amount of funds managed by Galaxy Digital reached $ 1.27 billion as of March 30, 2021. Compared to the data as of December 31, 2020, the figure increased by 58%.
Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund returned 101.92%, Galaxy Benchmark Crypto Index 118.32%.
In May 2021, Galaxy Digital agreed to purchase custodian services provider BitGo for $ 1.2 billion. According to the head of the firm, Mike Novogratz, this deal will provide organic growth with a focus on institutional clients.