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Mike Novogratz's Galaxy Digital Nets $44.3M in Q3

Galaxy Digital was trading slightly higher on the news.

By Danny Nelson
AccessTimeIconNov 13, 2020 at 5:12 p.m. UTC
Updated Sep 14, 2021 at 10:30 a.m. UTC
Michael Novogratz of Galaxy Digital
Michael Novogratz of Galaxy Digital
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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.

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