Odaily Frontline｜Galaxy Digital raised $50 million and announced two acquisitions
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Summary:
Summary:
Galaxy Digital reported third-quarter financial results that generally topped the third quarter of 2019.
The revenue performance of the trading business did not exceed the third quarter of 2019.
Galaxy also announced two acquisitions on Friday.
Bitcoin prices recovered in the third quarter of 2020, according to Galaxy Digital's third-quarter financial data released on Friday, giving the company's trading business a boost.
Galaxy Digital said its transaction business totaled $1.4 billion during the period, up 75 percent year-on-year.The company states
As for Galaxy's financials, the company posted revenue of more than $44 million in the third quarter, compared with a loss of more than $68 million in the third quarter of 2019. Despite the record trading volume, the firm's trading business only recorded a net gain of $28 million.
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According to reports, on November 12, Galaxy Digital completed a US$50 million fundraising in the form of private equity financing (PIPE), and the company intends to use the funds for general corporate and working capital purposes within its business scope, with a special focus on development Its client financing business and the development of new asset management related products.
Galaxy, which operates trading, asset management and advisory businesses, also announced two acquisitions on Friday aimed at strengthening existing businesses. The two acquired companies are crypto lending firm DrawBridge and market maker Blue Fire.
A press release about the transactions states, "Both DrawBridge and Blue Fire are pioneers in applying their teams' institutional expertise in traditional lending, structured products, futures and market makers to the rapidly growing space of cryptocurrency derivatives and lending." .”
On an analyst call, Galaxy Digital CEO Mike Novogratz described the deals as an "acquihire," noting that the company has found it difficult to keep up with the rapid pace of development in the crypto space in recent months.
On the hiring front, Galaxy announced that it has replaced Ian Taylor, who previously led the company's M&A business. Michael Ashe, a former Oppenheimer banker, joined Galaxy in October as its new head of investment banking.
