Digital asset management firm Galaxy Digital says it’s preparing for an incoming barrage of institutional interest in the digital asset sector.
In its Q3 report released Friday, Galaxy Digital founder and CEO Michael Novogratz says the New York-based firm is gearing up for what it projects will be another busy year.
“We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.”
As of September 30th, Galaxy Digital’s asset management branch has $407.4 million worth of assets under management (AUM), $82.4 million of which is invested in the firm’s passive Bitcoin funds such as the Galaxy Bitcoin Fund, LP, the Galaxy Institutional Bitcoin Fund, LP and index fund products such as the Galaxy Benchmark Crypto Index Fund LP.
The firm’s net income over the course of the third quarter is approximately $44.6 million, when partially offset by operating expenses.