Mike Novogratz’s Galaxy Digital Nets $44.3M in Q3
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Galaxy Digital, the crypto merchant bank headed by noted crypto evangelist Mike Novogratz, reported net income of $44.3 million in the third quarter of 2020, up from a loss of $68.2 million in the year-ago period.
Galaxy Digital’s total assets eclipsed $536 million, nearly $225 million of which was in cryptocurrencies.
Volume at subsidiary Galaxy Digital Trading (GDT) was up 75% year over year to a record $1.4 billion.
Galaxy attributed the soaring trading volume to momentum in bitcoin markets.
GDT on Friday acquired crypto trading firms DrawBridge Lending and Blue Fire Capital for an undisclosed sum.
GLXY was trading up 30 basis points around $5.37 CAD (US$4.08) on the Toronto Stock Exchange at press time.