• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Galaxy Digital Faces Increased Q3 Losses

Galaxy Digital Faces Increased Q3 Losses, Holds Strong For Spot Bitcoin ETF Approval

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Galaxy Digital Holdings Ltd., led by Michael Novogratz, appears to have confronted a turbulent market, reporting a ‘widening’ of its quarterly losses amid a period marked by declining crypto prices and low volatility in the digital asset market.

The firm, known for its range of crypto services, faces the headwinds of a challenging quarter, even as it lays the groundwork for future ventures, including a bid for a Bitcoin exchange-traded fund (ETF).

Related Reading: Galaxy Digital Just Opened A Massive Long On Bitcoin And Ethereum

Financial Fluctuations Amid Expansion And Optimism

In the latest financial disclosures, Galaxy Digital revealed a net loss of $94 million for the third quarter, a notable increase from the $68 million loss reported during the same period last year.

Galaxy Digital Holdings financial summary
Galaxy Digital Holdings financial summary. | Source: Galaxy Digital

This figure also represents a jump from the $46 million loss recorded in the second quarter, defying consensus estimates that had projected the company’s losses to remain relatively stable at around $44 million.

Despite the losses, Galaxy’s diverse operations — spanning trading, asset management, and mining — demonstrated resilience. The firm’s trading revenue stood at $14 million, slightly declining from the previous quarter.

However, this comes against a backdrop of a 70% surge in trading volume and an expansion of its average loan book size to $553 million.

On a brighter note, Galaxy Digital has experienced a turnaround post-quarter, boasting an income before tax of $124 million and trading revenue of $24 million in October alone.

According to the report, this sharp recovery was fueled by favorable market conditions, including the uptick in digital asset prices, with Bitcoin’s value climbing over 30% in the past month.

Resilience Amid Volatility

Galaxy Digital’s earnings from its asset management division experienced a notable increase, with a quarter-over-quarter growth of 11%. The company’s preliminary report on assets under management highlighted a significant boost, with a valuation reaching $3.9 billion as of the end of September, a 58% rise from the second quarter.

However, Galaxy Digital did not emerge unscathed from the market’s volatility, recording a substantial financial adjustment charge of $44.9 million due to a reduction in the value of its smaller stake holdings.

This figure contrasts sharply with the reassessment gain on previous write-downs totaling $128.1 million recognized earlier in the year, underscoring the quarter’s financial pressures.

Meanwhile, Novogratz maintains an optimistic outlook, projecting that the US Securities and Exchange Commission (SEC) will green-light a direct Bitcoin ETF by the close of 2023 — a move Galaxy Digital is preparing for in partnership with investment management firm Invesco.

Related Reading: Bitcoin Spot ETF On The Horizon: Galaxy Digital CEO Forecasts Imminent Approval In 2023

Furthermore, Galaxy Digital’s recent analysts suggest that a spot Bitcoin ETF could see inflows exceeding $14 billion in its inaugural year. They argue that existing investment options have limitations, including high fees and poor liquidity, which limit their appeal to a broader investor base. In contrast, a spot Bitcoin ETF would offer investors a more accessible route to direct Bitcoin exposure without self-custody complexities.

Galaxy Digital Holdings stock price chart on TradingView
Galaxy Digital Holdings stock price is moving sideways on the 1-day chart. Source: GLXY on TradingView.com

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Edyme

Samuel Edyme

Follow

Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

Full Profile

Related Posts

Best Altcoins to Buy as Options & Derivatives Push Bitcoin Toward $10T Market Cap

Best Altcoins to Buy as Options & Derivatives Push Bitcoin Toward $10T Market Cap

3 hours ago
Breakout signaal op XRP charts - Gemini en Chatgpt voorspellen Augustus pump

Gemini AI voorspelt: XRP, Shiba Inu en Solana koers pump in oktober

4 hours ago
Solana Staking ETFs Could Be Approved in 2 Weeks – Why $SNORT Could Be the Biggest Beneficiary

Solana Staking ETFs Could Be Approved in 2 Weeks – Why $SNORT Could Be the Biggest Beneficiary

4 hours ago
Bitcoin’s Global Adoption Will Explode Soon, With Bitcoin Hyper’s $18.6M Making Massive Gains

Bitcoin’s Global Adoption Will Explode Soon, With Bitcoin Hyper’s $18.6M Making Massive Gains

3 hours ago
Bitcoin

Bitcoin, Ethereum, And Dogecoin Suffer Beatdown, But These Factors Say Get Ready For A Bounce

21 hours ago
Bitcoin could reach $200,000 following Powell’s replacement

Mike Novogratz Sees Bitcoin at $200,000 Following Powell’s Replacement, as Bitcoin Hyper Soars

1 day ago

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    2 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    4 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    5 days ago
  • Snorter надхвърли $4 милиона след...

    6 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.