Galaxy Digital’s Q3 earnings mirror crypto euphoria

Galaxy Digital’s Q3 earnings mirror crypto euphoria


Galaxy Digital’s over-the-counter trading desk posted record volumes in the third quarter, signaling once again that institutional uptake of digital assets is on the rise. 

The company’s third-quarter earnings report showed a 75% year-over-year rise in trading volumes, reaching approximately $1.4 billion. The increase was attributed to an expanding counterparty base, the rollout of an electronic trading platform and the continued growth of Galaxy Digital’s crypto derivatives business.

Assets under management totaled $407.4 million at the end of the third quarter, which include $82.4 million in passive Bitcoin (BTC) and index funds and $325 million in the Galaxy EOS VC Fund. The latter is a partnership with blockchain merchant bank Block.one, founder of EOS.

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Galaxy’s Bitcoin funds rose 17.3% in the third quarter. Its large-cap Crypto Index Fund returned 32.3%. Still, the company wasn’t able to turn a profit; its net loss amounted to $44.6 million for the three months ending Sept. 30.

Galaxy Digital was founded in 2018

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