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Galaxy Digital Q1 AUM Rose 58%, Net Comprehensive Income More Than Doubles

Galaxy Digital said in March, Morgan Stanley began offering its wealth management clients access to a number of its bitcoin funds.

May 17, 2021 at 3:58 p.m. UTC
Updated Sep 14, 2021 at 12:56 p.m. UTC

Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, says its assets under management (AUM) increased 58% in Q1.

In an announcement Monday, the Toronto Stock Exchange-listed company reported its net comprehensive income grew to $860 million from $336 million in the year-earlier quarter. The firm’s counterparty loan originations increased over 510%. 

On May 6, Galaxy Digital announced an agreement to buy BitGo, the U.S.-regulated crypto custody specialist, for $1.2 billion in stock and cash. The acquisition is expected to close in the Q4, subject to approval by regulators and the firm’s shareholders. 

"Beyond delivering dramatic organic growth, we announced we will acquire BitGo, which will establish Galaxy Digital as the first full-service digital asset financial platform for institutions and ensure our business is aligned with broader institutional adoption," said Novogratz, the Galaxy CEO, in a statement. 

Net realized gains from investments were $151.1 million in the quarter. Income from the company’s trading business was $508.7 million in Q1, up from a loss of $31.5 million in the year-earlier period.

The firm said its asset management arm, Galaxy Digital Asset Management, reported total AUM of $1.27 billion at March 31, consisting of $950.0 million in GDAM's Galaxy Fund Management products, and $325.0 million in the Galaxy Interactive fund.

Recently the firm launched the CI Galaxy Bitcoin ETF (TSX: BTCX) on the Toronto Stock Exchange and the Galaxy Ethereum Funds. Galaxy Digital announced in March Morgan Stanley began offering its wealth management clients access to a number of its bitcoin funds. 

The company also said it has appointed Erin Brown as its chief operating officer effective immediately. Previously, Brown was chief risk officer at the proprietary trading firm Jump Trading.

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