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.
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.