Story from News Galaxy Digital Prepares for US Listing in 2021, Names New CFO
We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift," said CEO Mike Novogratz.
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Canada-based digital asset merchant bank Galaxy Digital (TSX: GLXY) said it is actively preparing for a U.S. listing after reporting positive Q4 earnings Tuesday.
In a press release, the Toronto Stock Exchange (TSX) listed-firm founded by Mike Novogratz said it will list in the U.S. in the second half of the year. It also has named Alex Ioffe as the company’s new CFO, effective April 1, replacing Ash Prithipaul. Prithipaul is stepping down to spend more time with his family, the company said.
The company reported its Q4 net comprehensive income, excluding non-controlling interests, rose 1,175% to $335.7 million, from a loss on the same basis of $31.2 million in the year-earlier period. Galaxy attributed the improvement mostly to realized and unrealized gains on digital assets and on investments.
Income from the company’s trading business increased 842% to $238.7 million in the Q4 from a loss of $32.2 million in the year-earlier period.
In the firm’s Digital Asset Management business, assets under management increased over 98% to $807.3 million from $407.4 million in the year-earlier quarter. Galaxy Digital said. The unit expects to report preliminary assets under management of $1.24 billion as of March 22.
The company said its Galaxy Digital Trading operations expect to generate record gains in counterparty trading volumes, the size of its counterparty loan book and gross counterparty loan book originations in the Q1 2021.
“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift into cryptocurrencies as an institutionalized asset class. Galaxy Digital is committed to leading our clients and the industry through this transformation,” said CEO Novogratz.
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