Galaxy Digital To Go Public In U.S. After Reporting Positive Q4 Results

Los Angeles (CoinChapter) – Canada-based digital asset merchant bank Galaxy Digital is preparing to go public in the United States later this year. After reporting positive Q4 2020 earnings.

The firm, which is already listed in the Toronto Stock Exchange, said its Q4 net comprehensive income rose 1,175% to $335.7 million. One year prior, the company reported a $31.2 million loss on the same basis.

Income from Galaxy’s trading business also increased 842% to $238.7 million in Q4. Which was a substantial improvement from suffering a loss of $32.2 million in the year-earlier period.

As for 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 attributed the turnaround to realized and unrealized gains on digital assets. As Q1 of 2021 draws to a close, the company expects to generate record gains in counterparty trading volumes. As well as the size of its counterparty loan book and gross counterparty loan book originations.

“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,” said Galaxy Digital CEO Mike Novogratz.

“Galaxy Digital is committed to leading our clients and the industry through this transformation.”

The firm continued its growth in March, launching the CI Galaxy Bitcoin ETF. Which is trading on the TSX under the ticker “BTCX.”

Galaxy Digital additionally announced its new Bitcoin mining business, Galaxy Digital Mining. Is using Blockstream facilities for a deployment of machines in North America.

At press time, Galaxy Digital shares listed on the TSX were trading at $24.66 — a 3.53% gain from the previous day.

Galaxy Digital names new CFO

In other news, Alex Loffe was named as the company’s new CFO, effective April 1. Replacing Ash Prithipaul, who is stepping down to spend more time with his family.