Galaxy Digital posts $860 million in revenue as crypto markets rally

The consolidated revenue of Galaxy Digital Holdings for Q1 2021 amounted to $860.2 million, compared with a net loss of $26.9 million for the same period last year.

The metric includes net income and unrealized gains.

During January–March 2021 the cryptobank generated trading income of $508.7 million, versus a loss of $31.5 million for the comparable period in 2020. Net realized profit from investments was $151.1 million.

Assets under management reached $1.27 billion as of March 30, 2021, up 58% from December 31, 2020.

The Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund produced 101.92% and 118.32% returns, respectively.

In May 2021 Galaxy Digital agreed to acquire the custodian BitGo for $1.2 billion. According to chief executive Mike Novogratz, the deal will drive organic growth with a focus on institutional clients.

Earlier ForkLog reported that Galaxy Digital planned to open a research division and expand headcount by 40%.

Before that the cryptobank launched a Bitcoin mining division.

In April 2021, Galaxy Digital filed for the launch of an ETF based on Bitcoin.

In February, Mike Novogratz’s firm launched three Ethereum funds.

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