Galaxy Digital Posts $517 Million Net Income For Q3 2021
Galaxy Digital Holdings Ltd. (TSX: GLXY) released today its Q3 2021 financial results, which saw the company posting a net comprehensive income of $517 million. This is an increase from Q3 2020’s net comprehensive income of $41.5 million.
The company attributes the increase to net realized and unrealized gain on investments, which are US$32.6 million and US$144.3 million, respectively. Net realized and unrealized gain on digital assets also contributed to the income with $149.7 million and $379.5 million, respectively.
Looking at the financials, the company ended the quarter with $2.1 billion worth of digital assets from a balance of $931.5 million at the start of the year. Galaxy Digital has a material net holding in bitcoin of approximately $555.2 million and in ethereum of approximately $261.5 million at the end of Q3, The increase in digital asset value is being attributed to the increase in both crypto prices.
At the end of Q3, Galaxy Digital has $275.8 million in cash coming from a starting balance of $138.0 at the beginning of the year.
Galaxy Digital Holdings Ltd. last traded at $42.34 on the TSX.
Information for this briefing was found via Sedar and Galaxy Digital. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.