Galaxy Digital’s Third Quarter Financial Report Shows That Libra Uncertainties Led to A Drop In The Broad Market

Galaxy Digital, a financial services, and digital assets investment company, recently released its third-quarter financial report. The report shows that the company’s trading enterprise, Galaxy Digital Trading, witnessed a rise in trading counterparties and onboard traders in comparison to the previous financial quarter. Over the period, Galaxy Digital Trading volumes dropped at a rate lower than the rate in the broader market.

According to the report, the decrease in the volumes in the overall market is attributed to factors such as regulatory and geopolitical uncertainties in the Libra and the de-levering witnessed in summer. There have also been regulatory policies on international exchanges.

The company had invested $156.5 million by the end of September, which is $22.9 million lower compared to the total investment worth by the close of 2018. However, the digital assets increased by $63.7 million from last year to a current value of $133.5 million.

According to the report, the company recorded a loss of $68.2 million during the three months of the third quarter. The comprehensive loss was attributed to the partnership’s holdings of Ethereum and Bitcoin, whose prices significantly fell during the period.

The company’s assets under management were worth $336 million as of September 30: $325 million were in committed capital under the EOS Fund and the remaining $11 million under the Galaxy Benchmark Crypto Index Fund.

Galaxy Digital’s Investments Team closed seven follow-on investments worth $16.9 million and three new investments worth $4.8 million.

The investments made during Q3 brought the deployed capital to $41,2 million through sixteen follow-on investments and nine new investments. The total investments made during the first nine months of 2019, through 26 follow-on and 34 new investments, were worth $174.1 million.

Michael Novogratz, CEO at Galaxy Digital, commented on Mark Zuckerberg’s Congressional hearing concerning Libra a month ago. He stated that in the proposed Facebook stablecoin, Chinese CBDC would serve as an additive.

This article is Originally posted on CoinCentral.com
Author: Denis Miriti

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