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Galaxy Digital Announces Fourth Quarter 2020 Financial Results

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Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital” the “Company” or “GDH Ltd.”) today released financial results for the year ended December 31, 2020 for both itself and Galaxy Digital Holdings LP (the “Partnership” or “GDH LP”).

“I am proud to share the results of Galaxy Digital’s transformational fourth quarter, as net comprehensive income increased over 1,100%, AUM increased over 98%, and counterparty trading volumes increased over 80%,” said Michael Novogratz, Founder and CEO of Galaxy Digital. “That dramatic growth accelerated further into the first quarter, which we expect to be another record quarter.”

“Moreover, and as a key component of our growth strategy, I am pleased to announce we are actively preparing for a U.S. listing in the second half of 2021. I am also excited to welcome industry veteran Alex Ioffe as our new Chief Financial Officer, and I want to thank Ash Prithipaul for his significant contributions and for leaving Galaxy well positioned for even brighter days ahead. 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.”

Select Financial Highlights for the Fourth Quarter 2020, compared to Fourth Quarter 2019

  • Net comprehensive income1 increased 1,175% to $335.7 million, from a net comprehensive loss of $31.2 million in the prior year period.
    • The increase was primarily a result of realized and unrealized gains on digital assets and on investments, coupled with strong contributions from our trading business, partially offset by higher operating expenses.
    • Income from our trading business increased 842% to $238.7 million, from a loss of $32.2 million in the prior period.
  • Fair Value of Net Asset Holdings3 increased 272% to $813.5 million, from $218.7 million in the prior year period.
    • The increase was primarily a result of unrealized gains on digital assets and on investments.
    • The Partnership had a material holding in bitcoin of $433.0 million as of December 31, 2020, an increase of $351.8 million from December 31, 2019, excluding non-controlling interests.
    • Investments stood at $260.4 million as of December 31, 2020, an increase of $102.2 million from December 31, 2019. The change was primarily due to the increase in unrealized gains and $39.3 million of new capital deployed by the Principal Investments team during the year, which were partially offset by the sale of some investments.

Operating Highlights and Other Updates for the Fourth Quarter 2020, compared to Third Quarter 2020

  • Galaxy Digital Trading (“GDT”) generated a record in: counterparty trading volumes, the size of its counterparty loan book, and in gross counterparty loan book originations in the fourth quarter 2020, compared to the third quarter 2020.
    • In the quarter ended December 31, 2020, GDT counterparty volumes were up 80%+ sequentially quarter over quarter and 230%+ year over year.
    • In the quarter ended December 31, 2020, GDT’s counterparty loan book grew in excess of 300% to approximately $110 million, and the Company grew gross counterparty loan originations in excess of 90% to approximately $110 million.
  • Galaxy Digital Asset Management (“GDAM”) reported assets under management (“AUM”) of $807.3 million as of December 31, 2020, an increase of over 98% from $407.4 million as of September 30, 2020. AUM consisted of $482.3 million in GDAM’s Galaxy Fund Management products, and $325.0 million in the Galaxy Interactive fund.
    • Recent product launches include the CI Galaxy Bitcoin Fund (Ticker: BTCG), a TSX-listed closed end mutual fund in partnership with CI Financial. Additionally, the Bloomberg Galaxy Bitcoin Index (Ticker: BTC) went live.
    • Galaxy Bitcoin Fund, LP, Galaxy Institutional Bitcoin Fund, LP, and Galaxy Institutional Bitcoin Fund, Ltd. (collectively the “Bitcoin Funds”) track the Bloomberg CFIX pricing of bitcoin (“XBT”), and the XBT returned 170.8% in the fourth quarter of 2020, and 305.6% for the year ended December 31, 2020.
    • Galaxy Benchmark Crypto Index Fund LP (the “Index Fund”) is a passively managed index fund which tracks the Bloomberg Galaxy Crypto Index (the “BGCI”). The BGCI returned 120.5% in the fourth quarter of 2020 and 276.7% for the year ended December 31, 2020.
  • Galaxy Digital Investment Banking (“GDIB”) continued to make progress for clients across financing, mergers and acquisitions, and other strategic matters, with several active mandates in various stages of execution.
    • GDIB recognized an advisory fee from serving as sell-side advisor to Blockfolio on its announced sale to FTX Trading Limited for $150.0 million, which closed in October 2020. Blockfolio is a leading mobile app for cryptocurrency portfolio tracking and management and has over six million users globally.
  • Principal Investments: The Company completed seven new investments in companies and held approximately 70 investments across 50 portfolio companies as of December 31, 2020.

_________________

1 

Excluding non-controlling interests (“NCI”).

2

AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by affiliates. Changes in AUM are generally the result of performance, contributions, and withdrawals.

3

This supplementary financial measure is defined as Digital assets plus Investments, less Digital assets sold short, less Investments sold short, less Non-controlling interests.

Operating Highlights and Other Updates through March 22, 2021

  • The Company has appointed Alex Ioffe as its new Chief Financial Officer, effective April 1, 2021. Mr. Ioffe was most recently the CFO of Virtu Financial and prior to that spent over 15 years as CFO for the brokerage business at Interactive Brokers. Mr. Ioffe is taking over the role from Ashwin Prithipaul, who is stepping down to spend more time with his family and will be remaining on through the second quarter of 2021 to ensure a smooth transition.
  • Galaxy Digital Trading (“GDT”) expects to generate records in: counterparty trading volumes, the size of its counterparty loan book, and in gross counterparty loan book originations in the first quarter 2021.
    • In the period between January 1, 2021 and March 22, 2021, GDT counterparty trading volumes continued significant growth, up 40%+ from the quarter ended December 31, 2020, and over 270% year over year.
    • GDT continued to experience strong growth in the Company’s counterparty loan book for the period from January 1, 2021 to March 22, 2021, increasing in excess of 240% to approximately $380 million, and grew gross counterparty loan originations in excess of 400% since December 31, 2020 to approximately $560 million.
  • Galaxy Digital Asset Management (“GDAM”) expects to report preliminary assets under management (“AUM”) of $1.24 billion as of March 22, 2021. AUM consisted of $911.0 million in GDAM’s Galaxy Fund Management products, and $325.0 million in the Galaxy Interactive fund.
    • Recent product launches include: the CI Galaxy Bitcoin ETF (Ticker: BTCX), and the Galaxy Ethereum Funds. The Galaxy Ethereum Funds track the newly launched Bloomberg Galaxy Ethereum Index (Ticker: XET), the third in the Bloomberg-Galaxy family of indices.
    • In March 2021, Morgan Stanley began offering its wealth management clients access to bitcoin funds, including the Galaxy Bitcoin Fund LP, and the Galaxy Institutional Bitcoin Fund LP.
    • Galaxy Bitcoin Fund, LP, Galaxy Institutional Bitcoin Fund, LP, and Galaxy Institutional Bitcoin Fund, Ltd. (collectively the “Bitcoin Funds”) track the Bloomberg CFIX pricing of bitcoin (“XBT”), and the XBT has returned 92.0% on a year-to-date basis through March 22, 2021.
    • Galaxy Benchmark Crypto Index Fund LP (the “Index Fund”) is a passively managed index fund which tracks the Bloomberg Galaxy Crypto Index (the “BGCI”). The BGCI has returned 105.6% on a year to date basis through March 22, 2021.
  • Galaxy Digital Investment Banking (“GDIB”) continued to make progress for clients across financing, mergers and acquisitions, and other strategic matters, with several active mandates in various stages of execution.
    • Key activities as of March 22, 2021 include consulting on a recent cryptocurrency company’s fundraising round.
    • GDIB also acted as a Strategic Advisor in connection with a public offering in the FinTech space.
    • GDIB increased client coverage to 90%+ of its target universe.
  • Galaxy Digital Mining (“GDM”) established its own proprietary bitcoin mining operation, hosting its machines at a third-party data center in the United States, and has begun proprietary mining.
    • GDM closed its first two mining financing deals.
    • GDM has built a strong pipeline, speaking with over 70+ companies in the space.
  • Principal Investments: The Company made 12 new investments and now holds approximately 80 investments across approximately 60 portfolio companies.
    • The Company recognized a liquidity event of over $125 million from one of its portfolio companies during the first quarter 2021.
    • There was no significant change in the Company’s digital asset holdings (excluding non-controlling interests) since December 31, 2020, and the Company has, as a result, benefited from the increase in asset prices since the start of the year.

Select Financial Highlights for the Fiscal Year 2020 compared to Fiscal Year 2019

  • Net comprehensive income increased 1,396% to $385.5 million, from $25.8 million in the prior year.
    • The increase was primarily a result of realized and unrealized gains on digital assets and on investments, coupled with strong contributions from our trading business, partially offset by higher operating expenses.
    • Income from our trading business increased 202% to $270.9 million, from $89.6 million in the prior year.
  • Fair Value of Net Asset Holdings increased 272% to $813.5 million, from $218.7 million in the prior year.
    • The increase was primarily a result of realized and unrealized gains on digital assets and on investments.
    • The Partnership had a material holding in bitcoin of $433.0 million as of December 31, 2020, an increase of $351.8 million from December 31, 2019, excluding non-controlling interests.
    • Investments stood at $260.4 million as of December 31, 2020, an increase of $102.2 million from December 31, 2019. The change was primarily due to the increase in unrealized gains and $39.3 million of new capital deployed by the Principal Investments team during the year, which were partially offset by the sale of some investments.

Earnings Conference Call

An investor conference call will be held today, March 30, 2021 at 8:30 AM Eastern Time. A live webcast with the ability to ask questions will be available at: https://www.galaxydigital.io/investor-relations/ or directly at: http://public.viavid.com/index.php?id=143959. The conference call can also be accessed by investors in the United States or Canada by dialing 1-877-407-0789, or 1-201-689-8562 (outside the U.S. and Canada). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website. Through April 27, 2021, the recording will also be available by dialing +1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) passcode: 13717682.

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Mintos expands its reach and officially debuts in France and the Netherlands

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BERLIN, March 19, 2024 /PRNewswire/ — Following its successful entrance in Germany, Italy and Spain, Mintos, the multi-asset platform offering a unique mix of alternative and traditional investment options, continues its European rollout by making its official debut in the French and Dutch investment markets. Since its founding in 2015, the platform has attracted over 500,000 users across Europe. Authorised by MiFID, the company currently manages over 600 million euros in assets under administration.

Investment Trends in France and the Netherlands

According to a recent survey conducted by AMF in France in collaboration with the European Union through the OECD*, nearly 1 in 4 French individuals report owning investments in financial instruments or crypto-assets. The survey reveals that new investors are primarily driven by the desire to diversify their savings, with 35% citing this as their primary reason for investing. An overwhelming 90% of investors believe that maintaining their investments over the long term will yield profitable returns.

In the ever-evolving landscape of investment, we want to emerge as the go-to platform for investors seeking sustained portfolio growth over time, prioritising stability over speculative gains.” comments Martins Sulte, CEO and co-founder of Mintos.

Similarly, Statistics Netherlands (CBS) and the Dutch Authority for the Financial Markets (AFM)** report that among the approximately 8.3 million private households in the Netherlands, approximately a quarter (totaling around 1.9 million), actively engage in investment activities.

“These findings underscore the widespread interest and participation in investment opportunities among Dutch households, reflecting a growing awareness of the importance of financial planning and wealth management” adds Martins Sulte.

Mintos offering: loans, Fractional Bonds and ETFs.

Mintos already holds a prominent position as the leading European platform for investing in loans, offering investors the opportunity to invest in consumer and small business credit for potentially attractive long-term returns.

Another recent addition to Mintos’ offerings is Fractional Bonds which allow customers to invest in high-yield bonds from as little as €50 and zero commissions and enjoy regular, fixed returns.

Mintos distinguishes itself by offering managed ETF portfolios with a minimum investment of €50 and completely free of charge, a significant advantage compared to other players in the market. These include bond and equity ETFs from renowned providers such as Amundi, iShares, JP Morgan, Vanguard, and others.

Investments in financial instruments are associated with risks.

* Source AMF France 

** Source dnb Netherland 

Media contact: email [email protected], contact number +49 1627383049

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Telkomsel and Huawei Inaugurate Indonesia’s First 5G Smart Warehouse and 5G Innovation Center

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JAKARTA, Indonesia, March 19, 2024 /PRNewswire/ — Leading telecommunications provider Telkomsel and global ICT solutions provider Huawei have inaugurated Indonesia’s first 5G Smart Warehouse and 5G Innovation Center in Bekasi Regency, West Java. This landmark facility showcases the potential of 5G technology to transform warehouse management, boosting operational efficiency and creating new opportunities for the logistics industry to support the digital economy leapfrog towards the Golden Indonesia Vision 2045.

The inauguration ceremony was officiated by Mr. Long, CEO of Huawei Indonesia, and attended by dignitaries including Dr. Ir. Ismail MT, Director General of Resources Management and Equipment of Posts and Informatics, Ministry of Communication and Informatics; Indra Mardiatna, Telkomsel Director of Network; Derrick Heng, Telkomsel Marketing Director; Mahendra Rianto, Chairman of the Indonesian Logistics Association; and representatives from Bandung Institute of Technology, Telkom University, and other representatives from industry partners.

Director General Dr. Ir. Ismail MT emphasized, “Huawei’s 5G Smart Warehouse stands as both a wake-up call and a quintessential model for the ecosystem, demonstrating the immediate and seamless integration of 5G technology into digitalization efforts. This integration evidently yields innovative solutions that extend benefits beyond the logistics sector to a multitude of industries. Such advancements are attainable solely through the concerted efforts of all stakeholders, united in the pursuit of accelerating the nation’s digital transformation.”

Mr. Long, CEO of Huawei Indonesia, highlighted Huawei’s commitment to supporting the government and industry players to unlock Indonesia’s digital opportunities. “At last year’s Solo 5G summit, together with industry partners, we pledged to boost the 5G ecosystem. The 5G Smart Warehouse is a testament to the value that 5G technology can bring to traditional industries in Indonesia,” he stated.

Indra Mardiatna, Telkomsel Director of Network remarked, “Aligned with Indonesia’s vision of pioneering innovations that propel the nation’s advancement, Telkomsel remains steadfast in its commitment to deliver superior connectivity, pioneering solutions, and inventive services designed to foster empowerment and catalyze expansive opportunities for entrepreneurial growth within the country. We are optimistic that the deployment of the 5G Smart Warehouse alongside the 5G Innovation Center’s conceptual solutions will inaugurate a transformative era for professionals within the logistics sector, particularly by enhancing managerial competencies and amplifying the operational efficacy of warehousing systems. With the unwavering support of the government, courtesy of the Ministry of Communication and Information, and through synergistic partnerships with stakeholders including Huawei, industry associations, and the academic community, Telkomsel pledges to persist in championing the rapid evolution of Indonesia’s digital commerce and economic landscape, with a focus on inclusive and sustainable progress”

The digital economy, which is expected to be a major catalyst for Indonesia’s economy in the future, requires the backing of an efficient and effective logistics industry. Based on data from the Ministry of National Development Planning/Bappenas, Indonesia’s logistics costs have decreased from 23.5% to 14.29% of gross domestic product by 2023.

Benefits of the 5G Smart Warehouse 

Indonesia's first 5G Smart Warehouse

The 5G Smart Warehouse leverages advanced technologies like IoT and big data analytics to streamline operations, enhance safety and security, increase efficiency, and reduce energy consumptions and lower potential unexpected losses.

Warehouse managers can use digital twins and real-time data analysis to optimize inventory management and prevent stockouts.

The 5G network also facilitates swift and accurate communication between staff and autonomous guided vehicles (AGVs), ensuring efficient goods movement. Additionally, intelligent security systems powered by video and infrared sensors ensure warehouse safety.

Huawei’s 5G BTS technology powering the warehouse features an energy consumption of just 5 watts, equivalent to a single energy-saving light bulb, making it a sustainable solution for the future.

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Cognizant to apply generative AI to enhance drug discovery for pharmaceutical clients with NVIDIA BioNeMo

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Cognizant’s AI and industry expertise, combined with the NVIDIA BioNeMo generative AI platform, create a strong foundation to improve outcomes in the healthcare and life sciences sectors

TEANECK, N.J., March 19, 2024 /PRNewswire/ — Cognizant (NASDAQ: CTSH) is advancing the application of generative AI (gen AI) technology with the NVIDIA BioNeMo platform to solve complex challenges of drug discovery in the life sciences industry, such as improving productivity in the development process and increasing the speed at which new, life-saving treatments can be brought to market.

Traditional drug discovery methodologies are process intensive and require the analysis of vast repositories of scientific literature and clinical data in order to reveal relevant insights. Moreover, traditional methods are burdened with high costs and long development lifecycles with a high rate of failure. By leveraging gen AI technologies, clinical researchers can rapidly sift through extensive datasets, more accurately predict interactions between drug compounds and create new, viable drug development pathways. 

“More than any other technological breakthrough in recent decades, generative AI has the potential to revolutionize the way new drugs are researched, developed and brought to market, making the creation of lifesaving discoveries faster, smarter and more accessible to all,” said Anna Elango, EVP, Cognizant’s Core Technologies & Insights. “By collaborating with NVIDIA, Cognizant can open the path to realizing this vision safely, responsibly and cost-effectively for our life sciences clients.”

By leveraging its deep life sciences and AI domain expertise and NVIDIA’s pretrained, industry-specific generative AI models offered as part of BioNeMo, Cognizant aims to give clients access to a suite of model-making services, including pretrained models, cutting-edge frameworks, and APIs, that offers clients the quickest path to train and customize enterprise models using their proprietary data. The offering is intended to enable this with reduced manual intervention for data analysis, and without the need to write elaborate code and build or maintain infrastructure.

“Generative AI will drive the next wave of enterprise productivity gains across industries, enabled by the NVIDIA AI Enterprise software platform,” said Alvin DaCosta, VP, Global Consulting Partner Organization, NVIDIA. “Using NVIDIA BioNeMo, Cognizant will help provide its life sciences clients with advanced, secure and reliable AI services to drive improved outcomes with custom drug discovery applications.”

Cognizant collaborates with leading global firms in pharmaceuticals, biotech and medical devices, covering the entire life sciences value chain from R&D to digital health. This work contributes to the industry’s ability to enhance science, improve patient outcomes, and increase business value, by enabling a patient-centric approach and better interactions with healthcare professionals. Cognizant’s life sciences offerings support more than 120 global manufacturing lines and more than 18 million patients with medical device company products. 

Cognizant intends to pursue additional applications by collaborating with NVIDIA in areas such as manufacturing and automotive engineering, where gen AI has the potential to enhance productivity, optimize costs and bring innovation to market more quickly. Cognizant intends to establish an NVIDIA AI Center of Excellence this year to further innovate with NVIDIA technologies, including the NVIDIA Metropolis, NVIDIA Omniverse and NVIDIA AI Enterprise platforms, for the benefit of clients across industries around the world.

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.

For more information, contact:

U.S.

Name Ben Gorelick

Email 
[email protected] 

Europe / APAC

Name Christina Schneider

Email
[email protected] 

India

Name Rashmi Vasisht

Email
[email protected] 

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