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Seeking Alpha 2021-11-15 15:29:37

Galaxy Digital Q3 reflects increased crypto adoption, trading income

Galaxy Digital Q3 reflects increased crypto adoption, trading income

Galaxy Digital (OTCPK:BRPHF) Founder and CEO Mike Novogratz has "never been more bullish about the future" of the company as crypto adoption trends accelerate in the third quarter. The increased crypto adoption is driving both asset price increases and greater quantities of institutional capital in the space, Novogratz says. Still, shares of BRPHF are off by 1.4% out of the gate. Q3 net comprehensive income of $517M increases substantially from just $41.5M in the year-ago quarter primarily due to realized and unrealized gains on digital assets, coupled with strong contribution from its trading business, partially offset by higher operating expenses. Q3 income from the company's trading business increases to $360.7M, compared with just $10.0M in Q3 of last year. Partners' Capital of $2.0B in Q3 rises from $401.3M in Q3 2020, due to gains on its core long digital asset positions, as well as gains in its investment portfolio. Galaxy Digital Investment

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