After a price rally for the top crypto-asset, Galaxy Digital’s bitcoin funds posted double-digit returns in Q3 of 2020.
Founded by Mike Novogratz, a billionaire investor, Galaxy Digital published its Third Quarter 2020 Financial Results last November 13. The release stated that Galaxy Digital made progress across its business lines, involving posting record volumes in its trading business.
Novogratz said in a statement,
“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.”
Galaxy Digital Trading (GDT) saw its best quarter in 2020, generating a $1.4B trading volume, up to 75% over a year. The increase in trading has been a part attributed to bitcoin’s rising price from October to November.
Galaxy’s “Bitcoin Funds,” offer crypto-assets to institutional and accredited investors, returned 17% in the Q3 for a total of 125.7% year-to-date.
Additionally, the firm’s crypto-centered Galaxy Benchmark Crypto Index Fund LP returned 32.3% in the same quarter, for a year-to-date total of 126.7%.
According to the release, Galaxy Digital holds $407.4M worth of assets under management, including $82.4M in passive Bitcoin and Index fund products and $325M in the Galaxy EOS VC Fund.
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