Galaxy Digital Holdings Ltd. has announced its financial results for the year ended December 31, 2022, for both Galaxy Digital Holdings LP and itself. The company’s founder and CEO, Michael Novogratz, stated that 2022 was a pivotal year for the company, and despite the unprecedented macroeconomic events faced by the industry, it successfully stayed on course and took advantage of strategic opportunities to build its operating businesses for the future. Novogratz expressed confidence in the company’s go-forward strategy, businesses, and team.

Galaxy Digital Holdings LP generated about $150 million in income before tax as of March 24, 2023. The company maintained a strong liquidity position after recent disruptions in the commercial banking sector. Galaxy Digital Holdings Ltd. anticipates net profits for the first quarter of 2023 in its operating businesses and positive gains from its balance sheet holdings of liquid coins and investments.

The company’s trading operating business benefited from heightened market volatility and increased volumes from existing counterparties. Furthermore, Galaxy Mining has doubled its capacity since the beginning of the year, and by the end of 2023, it expects to have more than 4 EH/s of Hashrate Under Management.

Galaxy Digital Holdings LP’s net loss was $287.8 million for the fourth quarter of 2022, compared to a net income of $521.3 million in the prior year’s period. For the year ended December 31, 2022, net loss was $1.0 billion, compared to a net income of $1.7 billion for the year ended December 31, 2021. The loss was primarily due to unrealized marks to market on investments in the company’s Principal Investments portfolio, driven by depressed market conditions.

Galaxy Digital Holdings Ltd. maintained a strong liquidity position of $957 million as of December 31, 2022, including $542.1 million in cash and a net digital assets position of $415 million. However, the net digital assets balance of $415 million at December 31, 2022, was lower than the $1.2 billion at the end of the prior year.

Galaxy Trading reported continued growth of counterparty count and strong operational net revenue contributions. The company’s cumulative gross counterparty loan originations were approximately $370 million within the quarter.

The value of GT’s counterparty loan and yield portfolio decreased approximately 8% quarter over quarter. The company is focused on the strategic build-out of GalaxyOne, its unified, client-centric prime-brokerage platform for digital assets. A beta version of the trading component of the platform will be released to select customers in the second quarter of 2023.

Galaxy Asset Management reported preliminary assets under management of approximately $1.7 billion as of December 31, 2022, a 14% decrease from the previous year.

#GalaxyDigital #Galaxy #Novogratz #BTC #azcoinnews

This article was republished from azcoinnews.com

Post By: CryptosHeadlines.com

Mike Novogratz’s Galaxy Digital is taking a positive stance on Bitcoin and Ethereum by participating in decentralized lending platforms Aave and Compound, as reported by Lookonchain.The CEO, Mike Novogratz, has been vocal about his optimism for the crypto market and his belief that the U.S. SEC will greenlight a spot Bitcoin ETF in the near future. According to on-chain data, Galaxy Digital’s investments reflect their confidence in Bitcoin and Ethereum.
Galaxy Digital Holds Bullish Positions in Bitcoin, Ethereum, Aave, and Compound
Mike Novogratz’s crypto investment firm, Galaxy Digital, has taken long positions in Bitcoin (BTC) and Ethereum (ETH) on decentralized lending platforms Aave and Compound, according to Lookonchain’s report on October 28.
Data from Debank suggests that Galaxy Digital deposited 4,168 Wrapped Bitcoin (WBTC) worth $142 million and 16,000 ETH valued at $28.6 million into Aave and Compound. They borrowed 71.6 million USDT and 21.9 million USDC from these platforms.
This move by Galaxy Digital, diversifying its positions in Bitcoin and Ethereum while utilizing Aave and Compound, is seen as a bullish development for the decentralized finance (DeFi) sector.
As a result, AAVE and COMP tokens have experienced a 5% and 3% increase in the past 24 hours, respectively. These gains have been part of a broader rally in Aave and Compound prices, with increases of over 20% and 12%, respectively, likely driven by the recent surge in the crypto market following the news about a Bitcoin ETF.
Mike Novogratz is optimistic that the constructive discussions between Bitcoin ETF issuers and the U.S. SEC signal the approval of a spot Bitcoin ETF in 2023. He believes it’s just a matter of when, not if.
Potential Rally Ahead for Bitcoin and Ethereum Prices
Galaxy Digital predicts that a spot Bitcoin ETF could bring in $14.4 billion in the first year after it’s issued.They also believe that the price of Bitcoin (BTC) could surge by about 74.1% during the first year following the launch of a spot Bitcoin ETF in the United States.
Currently, BTC is trading at $34,239, which is a 0.70% increase in the last 24 hours and a 15% rise in the past week. Another research report from Matrixport suggests that Bitcoin might reach $45,000 in 2023 and $125,000 by December 2024.
Ethereum (ETH) has seen a 0.70% increase in the past 24 hours, with its price now at $1,788.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #GalaxyDigital #Ethereum #Lookonchain

Galaxy Digital CEO Mike Novogratz, one of the leading Bitcoin advocates in the cryptocurrency markets, said that the company will move its crypto trade out of the country due to regulatory problems in the US.

Mike Novogratz, in his last statement, said that Galaxy Digital is ready to move its operations abroad to a large extent. Novogratz attributed this decision to the increasing regulatory pressure after the bankruptcy of many crypto companies with high market value, especially Ftx, and said it was time for them to focus on growth abroad.

Expressing his statements at a conference he attended after the company's first quarter report, Novogratz said that he did not think that the regulatory pressure in the USA would end in the short-term. Galaxy Digital CEO believes that the pressure will continue with lawsuits in the next period and the crypto industry in the country will come to a standstill.

#Bykaranteli #BTC #GalaxyDigital #crypto2023 #Binance

Galaxy Digital CEO, Mike Novogratz, believes that the approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) could have a positive effect on the cryptocurrency market. Novogratz considers such approval as a "seal of approval" for the asset class and believes that the increase in ETF applications received by the SEC has contributed to Bitcoin's impressive performance in 2023. #GalaxyDigital #etf #BTC #sec

Growing Adoption and Significance of ETF Applications:

Despite facing rejections from the SEC, major companies such as BlackRock, Ark Invest, and WisdomTree have submitted applications for spot Bitcoin ETFs. Novogratz views this as a significant sign of adoption and believes that these firms' interest signals a broader trend of growing acceptance and integration of cryptocurrencies into the traditional financial system. #blackrock

Matured Infrastructure and Simultaneous Approvals:

Novogratz highlights the maturity of the infrastructure supporting ETF operations, stating that it has significantly advanced over the past decade. He suggests that, similar to the approval of a futures ETF in 2021, the SEC might approve multiple firms simultaneously due to similarities in their applications. However, Novogratz expresses doubts about approvals being granted before the end of the year, given the SEC's cautious approach to cryptocurrencies.

SEC Concerns and Need for Surveillance-Sharing Agreement:

The SEC has expressed concerns about spot Bitcoin ETFs, citing potential fraud and manipulation risks in the underlying Bitcoin spot market. The rejection of some applications in June emphasized the need for a surveillance-sharing agreement with a trading platform. This agreement is seen as a solution to address concerns about price manipulation and provide investor protection.

Expected Impact on Bitcoin's Value and Investor Access:

Novogratz believes that the approval of spot Bitcoin ETFs will lead to a surge in Bitcoin's value, as new investors gain access to the cryptocurrency through these regulated investment vehicles. He points out that following the approval of a BTC futures ETF, Bitcoin reached its all-time high of $69,789, suggesting a potential similar trajectory for Bitcoin's price upon spot ETF approval.

In Summary:

Mike Novogratz, the CEO of Galaxy Digital, anticipates a positive impact on the cryptocurrency market if the SEC approves spot Bitcoin ETFs. Despite acknowledging the SEC's cautious approach to cryptocurrencies and its concerns about investor protection, Novogratz sees the growing adoption of ETF applications from major financial companies as a signal of acceptance and integration. The approval of spot Bitcoin ETFs is expected to bring new investors into the cryptocurrency market and potentially drive up Bitcoin's value. However, the exact timeline for SEC approvals remains uncertain.

Post By: CryptosHeadlines.com
A new development: Another proposed Spot Bitcoin ETF is now listed on the Depository Trust and Clearing Corporation’s (DTCC) website, marking the second such ETF to appear on the corporation’s site.The Invesco Galaxy Bitcoin ETF, with the ticker ‘BTCO,’ has been added to the DTCC website. This comes after BlackRock’s spot Bitcoin ETF, known as ‘IBTC,’ was also listed. The uncertainty surrounding the approval of these funds is causing increased attention.
DTCC Listing of Bitcoin ETFs Doesn’t Guarantee Approval by SEC
Anticipation for BlackRock’s IBTC approval had grown, but it waned after a spokesperson clarified that the listings were routine and didn’t hint at SEC approval.
An ETF expert emphasized that the DTCC’s listing doesn’t carry significant meaning in the context of SEC approval for Bitcoin ETFs. It simply indicates that asset managers are getting ready in case the SEC grants approval.
Asset managers like BlackRock and VanEck have disclosed their intentions to start seeding their funds. Although this step doesn’t ensure that the SEC will approve these funds in the near future, it does reflect these companies’ optimism that their Spot Bitcoin ETFs will eventually launch.
Valkyrie Joins Spot Bitcoin ETF Amendment Trend
Bloomberg analyst James Seyffart noted that Valkyrie, an asset management firm, has joined others like ARK Invest, BlackRock, Fidelity, and Bitwise in amending their Spot Bitcoin ETF prospectus. These amendments have sparked speculation about the possibility of the SEC approving such a fund in the near future. ARK Invest was the first to make such amendments, leading to predictions that approval could come as early as next year.

BTC price hovering above $34,400 | Source: BTCUSD on Tradingview.com
The SEC has been quiet about Grayscale’s application, and the Commission is scheduled to have a closed meeting on November 2, which is its first meeting since the Grayscale deadline passed. One of the agenda items for the meeting is to address litigation claims, which could potentially involve Grayscale’s application.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#GalaxyDigital #Invesco #ETF #BlackRock #DTCC

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Galaxy Digital is expanding into Europe in response to stricter crypto regulations in the US.

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Galaxy Digital is extending its presence in Europe because of stricter crypto regulations in the US. They’ve appointed a former executive from Genesis, a crypto broker, to lead their European operations and explore growth prospects in the region, especially with the MiCA crypto regulation in mind.Galaxy Digital Shifts Attention to Europe
Billionaire Mike Novogratz’s crypto company, Galaxy Digital, is growing in Europe from its London office. They’ve chosen Leon Marshall as the CEO to lead their European expansion and oversee operations and client connections.
Michael Novogratz, the founder of Galaxy Digital, expressed his excitement about Leon becoming the CEO of Europe. He emphasized the region’s importance to their growth plans and praised Leon’s leadership skills and track record in developing digital asset products for European institutional investors. This expertise will be highly valuable as they expand their operations in the United Kingdom and continental Europe.
Leon’s appointment as CEO of Europe comes after Galaxy Digital formed a strategic partnership with asset management firm DWS. Together, they will provide a range of digital asset exchange-traded products (ETPs) in Europe. Additionally, Leon will maintain his role as Galaxy’s global head of sales.Crypto Companies Seek Crypto-Friendly Nations
Galaxy Digital, along with Ripple Labs and other crypto companies, is expanding its presence in Europe and crypto-friendly nations like Singapore and the UAE. This move comes as U.S. regulators are criticized for lacking regulatory clarity, and Europe introduces strict crypto regulations through the MiCA law.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoNews #cryptomarket #Ripple #European #GalaxyDigital