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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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World 50 Group Announces Winners for the 2024 I&D Impact Awards, Recognizing Workplace Excellence in Diversity, Equity, and Inclusion

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ATLANTA, March 28, 2024 /PRNewswire/ — World 50 Group, the global community of business leaders from the most respected and influential companies, is delighted to announce the winners of the 2024 Inclusion & Diversity (I&D) Impact Awards. Now in its second year, the I&D Impact Awards spotlight the remarkable strides organizations have taken to create more equitable workplaces and communities around the world.

The winners were unveiled last night at the I&D Impact Awards ceremony in Miami, where hundreds of global executives from leading organizations gathered to celebrate outstanding achievements, advancements, and progress in DEI. Partners of the I&D Impact Awards, including Amazon, Best Buy, Cognizant, Joshin, RHR International, and SLB—all esteemed World 50 member companies and DEI champions—joined in the festivities.

“The 2024 I&D Impact Awards once again underscore the steadfast commitment of today’s leading companies to building a brighter future for us all,” said Jennifer Bird Newton, World 50’s chief impact officer. “We are in a pivotal moment for DEI. The significance of coming together to acknowledge our achievements—without resting on our laurels—cannot be overstated. Last night’s festivities served as a powerful reminder of the impact of collective action, and we extend heartfelt congratulations to this year’s winners.”

Chosen from a competitive pool of more than 140 entries from 74 unique organizations, the 2024 I&D Impact Awards winners represent leaders from diverse industries, spanning nine categories:

  • I&D Ally Award: Ferrero
  • Transparency Award, in partnership with Best Buy: Rio Tinto
  • Innovation Award, in partnership with Amazon: Victoria’s Secret & Co.
  • Gender Equality Award: Kimberly-Clark
  • I&D Team of the Year, in partnership with Cognizant: Inizio Evoke
    • Highly commended: Humana
  • I&D Leader of the Year, in partnership with RHR International: Lydia Smith, Chief Diversity Officer, Victoria’s Secret & Co.
    • Highly commended: Sherri Neal, Chief Diversity Officer, HCA Healthcare
  • Community Impact Award: Amazon
  • Inclusion Award, in partnership with Joshin: EY
    • Highly commended: Union Pacific
  • I&D Impact Award, in partnership with SLB: Cummins
    • Highly commended: Cargill

The winners were meticulously chosen by a panel of esteemed, independent judges comprising 24 top DEI executives from leading organizations, including AstraZeneca, Discover, Cognizant, Hilton, Lenovo, Mars, MetLife, and Warner Bros. Discovery, among others.

“Witnessing the passion, creativity, and impact of these winning initiatives reignites my belief in the power of inclusion to reshape our future,” said Crystal Andrew Banks, global head of diversity, equity, inclusion, and belonging at The Kraft Heinz Company. “Bravo to all companies that submitted a nomination, and let’s keep pushing boundaries together.”

Earl Newsome, chief information officer at Cummins, added: “Each submission showcased the beauty of creating diverse, equitable, and inclusive workplaces. Every entrant should take pride in the impact they are making.”

The I&D Impact Awards serve as a cornerstone of the World 50 I&D Impact Community, one of the largest groups of global DEI leaders in the world. Members convene regularly to exchange best practices and amplify what works when advancing DEI initiatives across the organization. Participation is complimentary for heads of DEI at World 50 member companies.

Learn more about the World 50 I&D Impact Awards—and how to get involved in 2025—here.

About World 50 Group
Leaders of the world’s most respected companies join World 50 to learn from one another. More than 4,800 global CEOs, board directors, and senior executives across every function—from 40 countries across six continents—trust the World 50 community for insights that deliver impact at scale.

World 50 is the safe space to exchange ideas, navigate complex challenges, and evolve as a leader. Members are at the forefront of transformation, leading organizations with a total market cap exceeding $34 trillion and more than 37 million employees worldwide.

To learn more about membership and request an invitation, visit world50.com.

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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.

Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.

“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”

“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”

For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  

About ICIS

ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.

Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.

ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.

About RELX

RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.

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Bybit Web3 Announces “Mantle Sharding With Ethena” Campaign

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DUBAI, UAE, March 28, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, is thrilled to announce a campaign in collaboration with Mantle Network: Mantle Sharding With Ethena. This exciting event offers $MNT holders the opportunity to earn a share of a massive 2.5 billion Ethena Shards.

Lock In $MNT and Earn mShards

The official lock-in period for the Mantle Sharding With Ethena campaign runs from March 27, 2024, 10:00 AM UTC to April 26, 2024, 10:00 AM UTC. During this time, Bybit Web3 users can lock in their $MNT tokens to earn coveted mShards. These mShards, fully backed by the Mantle Treasury, can be later redeemed for Ethena’s native token, $ENA.

Maximize Your Rewards and Trade mShards Across DeFi dApps

For maximum reward potential, users are encouraged to keep their $MNT locked throughout the entire campaign period. Rewards are dynamically calculated and updated in real-time based on the total amount of $MNT locked per second by all participants.

Bybit Web3 is proud to be the first ecosystem to enable the trading of Ethena Shards in the form of mShards across various DeFi dApps. This integration marks a significant milestone for Mantle Ecosystem, paving the way for further exciting developments.

Don’t miss this opportunity to earn substantial rewards and contribute to the growth of the Mantle and Ethena ecosystems. For full details and participation instructions, please visit:

https://announcements.bybit.com/en/article/limited-time-offer-lock-in-mnt-and-grab-your-share-of-2-500-000-000-ethena-shards–blt66c8da8bd86d0910/

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 1 million wallet users, over 10 major ecosystem partners, and counting. 

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 25 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit, please visit Bybit Web3.

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: [email protected]

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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