Galaxy Digital Announces Q3 Financial Results and Corporate Update

Galaxy Digital Holdings (TSXV:GLXY) has announced its and GH LTd.’s financial results for Q3 ended September 30 and corporate updates.

As quoted in the press release:

GDH Ltd. is a holding company which holds a minority interest in GDH LP as its only material asset. GDH LP is a diversified, multi-service merchant bank dedicated to the digital assets and blockchain technology industry. The financial results of GDH LP have been prepared and are shown separately, as GDH LP is not deemed to control GDH Ltd. as of September 30, 2018. All figures are in U.S. Dollars unless otherwise noted.

Corporate Highlights

• During the third quarter, the Partnership’s Principal Investments team executed on six new investments and one add-on investment, representing $19.8 million and $0.9 million of invested capital, respectively. These investments included:
  • One secured debt and one lending related investment, respectively, including (i) Hut 8 Mining Corp. ($15.7 million), a digital asset mining services company, along with an allocation of warrants, and (ii) $1.8 million of eligible loans purchased from BlockFi Lending LLC, a wholly owned subsidiary of BlockFi, Inc., a crypto-secured consumer lending platform in which the Partnership also has an equity investment.
  • Three new Pre-ICO contributions, covering a full stack crypto asset management solution, a blockchain scalability platform and a privacy-first cloud computing platform on blockchain technology ($1.3 million in total).
  • One new and one add-on equity investment, respectively, in (i) an institutional brokerage firm, and (ii) a Galaxy managed fund.
• In aggregate, the Partnership’s Principal Investments team has deployed approximately $108.6 million represented by 17 new investments and 7 add-on investments since the beginning of 2018 through the end of the third quarter.
• In October 2018, the Partnership’s Asset Management business (“GDCM”) co-hosted an event with Bloomberg and Fidelity Digital Assets focused on the state of crypto asset’s institutionalization and an announcement surrounding Fidelity’s new crypto asset custody offering. GDCM intends to be Fidelity’s alpha custody client starting in early 2019.
• The EOS VC Fund continued to build its pipeline of potential investments during the quarter, with investments in Bloq, Inc., Varius Solutions, Inc., GoQii, Inc., and Mythical, Inc. closing in the early part of the fourth quarter of 2018 and additional deals expected to close prior to year-end.

Click here to read the full press release.