Galaxy Digital (TSX: GLXY), the publicly listed cryptocurrency conglomerate helmed by Mike Novogratz, saw its third-quarter income grow to $517 million, according to a Monday earnings release. That’s an increase of 1,146% from the $41.5 million the firm made in 2020′s third quarter.

In addition, Galaxy said preliminary income for the fourth quarter of this year currently stands at approximately $400 million for the period Sept. 30 to Nov. 12.

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs

00:57

What Do EigenLayer's Outflows of $2.3B Signal?

04:20

What Do TradFi Crypto Moves Mean for Decentralization?

02:02

Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking

00:53

Ether Slides as Grayscale's ETHE Outflows Ramp Up

The company reported income of $1.2 billion year to date through Sept. 30.

Galaxy’s results reflect a booming crypto industry with areas like decentralized finance (DeFi) and non-fungible tokens (NFTs) adding to the firm’s revenues.

Galaxy has deployed $62 million of strategic capital into 22 different NFT-related companies through direct investments and through Galaxy Interactive Fund strategies, according to a press release. The firm also directly purchased two NFTs from prominent collections.

That said, the firm’s trading business represents the lion’s share of money-generating operations. Trading accounted for $360.7 million of the $517 million in third-quarter revenues.

“Year-to-date through November 12th, we have provided shareholders with approximately $1.6 billion in net comprehensive income, on the back of our strong operational and investing portfolio growth,” Novogratz said in a statement. “We look forward to our U.S. listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter 2022.”

Galaxy Digital reported assets under management (AUM) of $3.2 billion, as of Oct. 31, 2021.

Novogratz said on Galaxy’s earnings call that it wouldn’t surprise him to see a “pretty sharp move” in bitcoin, ether and other cryptos by year-end, though he expects there to be a correction at some point in the first quarter of next year. “Being an investor in crypto after the kind of move we’ve had is difficult,” Novogratz said.

Shares of Toronto-listed Galaxy Digital were down about 1.3% Monday to $40.41. Bitcoin edged higher about 0.1% while ether rose 1.6%.

UPDATE (Nov. 15, 16:58 UTC): Adds conference call commentary and share price info at end.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Galaxy Digital Reports Q3 Earnings of $517M

Income for the fourth quarter currently stands at $400 million.

RFK Jr. Says He's 'Fully Committed' to Bitcoin; Jersey City to Invest in Bitcoin ETFs