Galaxy Digital Holdings Ltd. (TSX: GLXY) released today its Q1 2021 financial results, which saw the company posting an income of US$849.7 million. This is an increase from Q1 2020’s losses of US$30.5 million, and a significant improvement over the $336 million recorded in the prior quarter.
The company attributes the increase to net realized gain on digital assets and investments, US$666.7 million and US$151.1 million, respectively. The total of these gains comprises 96.2% of the company’s income for the quarter.
Looking at the financials, the company ended the quarter with US$2.0 billion worth of digital assets, a climb from last quarter’s US$850.4 million. Galaxy Digital has a material net holding in bitcoin of approximately US$761.8 million at the end of Q1 and the increase in digital asset value is being attributed to the increase in bitcoin price.
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At the end of Q1, Galaxy Digital has US$93.2 million in cash, a decline from last quarter’s US$135.8 million.
You may see the full details of Galaxy Digital’s financial results for Q1 2021 here.
Galaxy Digital Holdings Ltd. last traded at $29.70 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.
