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Galaxy Digital Prepares for US Listing in 2021, Names New CFO

“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift," said CEO Mike Novogratz.

Updated Apr 10, 2024, 2:32 a.m. Published Mar 30, 2021, 7:33 p.m.

Galaxy Digital founder and CEO Mike Novogratz

Canada-based digital asset merchant bank Galaxy Digital (TSX: GLXY) said it is actively preparing for a U.S. listing after reporting positive Q4 earnings Tuesday.

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In a press release, the Toronto Stock Exchange (TSX) listed-firm founded by Mike Novogratz said it will list in the U.S. in the second half of the year. It also has named Alex Ioffe as the company’s new CFO, effective April 1, replacing Ash Prithipaul. Prithipaul is stepping down to spend more time with his family, the company said.

The company reported its Q4 net comprehensive income, excluding non-controlling interests, rose 1,175% to $335.7 million, from a loss on the same basis of $31.2 million in the year-earlier period. Galaxy attributed the improvement mostly to realized and unrealized gains on digital assets and on investments.

Income from the company’s trading business increased 842% to $238.7 million in the Q4 from a loss of $32.2 million in the year-earlier period.

In 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 said. The unit expects to report preliminary assets under management of $1.24 billion as of March 22.

The company said its Galaxy Digital Trading operations expect to generate record gains in counterparty trading volumes, the size of its counterparty loan book and gross counterparty loan book originations in the Q1 2021.

“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. Galaxy Digital is committed to leading our clients and the industry through this transformation," said CEO Novogratz.

In March the firm launched the CI Galaxy Bitcoin ETF which is trading on the TSX under the ticker “BTCX.”

Also during March, Galaxy Digital announced its new bitcoin mining business, Galaxy Digital Mining, is using Blockstream facilities for an initial deployment of machines in the U.S. and Canada.

At the time of publication, Galaxy Digital shares listed on the TSX were trading up 3.53% at C$24.66.

Canada Hires Mike Novogratz Galaxy Digital Earnings Reports U.S. Listing

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.