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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.
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Samuel Edyme

Samuel Edyme

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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.

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