Galaxy Digital is the digital currency bank involved with Mike Novogratz and as things stand now for the firm, there is good news. In the first 9 months of this year alone, the enterprise has made a head-spinning sum of $58.4 million as a net income. This corresponds to a massive 133% rise when compared with the same duration in 2018.
Their third-quarter financial analysis clearly showed a net loss of $68.2 million in the quarter. This was even in the face of an overall profit in the first three quarters of the same year. The loss was blamed on over-the-counter trading which one of the most significant aspects of their business. Over-the-counter trading brought in as much as $43.3 million in losses alone.
Not All Bad News
Well, it was also not all bad news for the enterprise. There was also some good news here and there. As for the trading division of the venture, there was a rise of almost 50% in the sum of onboarded counterparties in the third quarter when compared with Q2.
In addition to these, the asset management division of Galaxy Digital also had a sum of $336 million in assets that were being managed. This was the figure as at the end of September of this year. Out of this sum, $325 million was dedicated to the EOS fund. The fund has been instrumental in the investment in several areas in the third quarter. These include venture investments to brands like Predictive Pop, Loopland Group Holding, Immutable, Versiart and FinCo Services.
Through the 10th month of this year, the sum of investment that the venture has made was $156.5 million in all. A quick look at the figures shows that is actually a $22.9 million reduction when compared with the records of 2018. When a similar comparison is done for the total digital asset, it ended at $133.5 million which is a $63.7 million rise from what was obtained last year.
Brighter Times Ahead
Although overall, it can be said that this quarter has been a particularly challenging one for the cryptocurrency niche as a whole, Galaxy Digital seems to be on the right path. It is more than determined to record success at every level. The venture has three main business lines of operation and it is working on making the most effective use of its resources to ensure that they get the best results.
Michael Novogratz is the founder and chief executive officer of the brand and he has made 4this very clear. He believes that effective use and spread of resources will allow them not just gain ground but result in overall excellent performance. He explained that the second half of 2019 has been a very eventful one. It was also a period that gave the brand the opportunity to make the best of existing relationships and upgrade their position. The position being talked about here is the one they occupy in the blockchain technology industry.
This article is Originally posted on CoinCentral.com
Author: Ali Raza