Galaxy Digital’s bitcoin funds posted double-digit returns in the third quarter of 2020 following a price rally for the top crypto-asset.
Galaxy Digital, founded by billionaire investor and former Goldman Sachs partner Mike Novogratz, published its Third Quarter 2020 Financial Results on November 13. According to the release, Galaxy Digital made progress across its business lines, including posting record volumes in its trading business.
Novogratz said in a statement,
We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.
Galaxy Digital Trading (GDT) saw its best quarter in history in Q3 2020 generating a trading volume of $1.4 billion, up 75 percent year over year. The increase in trading was in part attributed to the rising price of bitcoin through October and November.
Galaxy’s collective “Bitcoin Funds,” which offer crypto-assets to institutional and accredited investors, returned 17 percent in the third quarter for a total of 125.7 percent year-to-date.
In addition, the firm’s crypto-centered Galaxy Benchmark Crypto Index Fund LP returned 32.3 percent during the same quarter, for a year-to-date total of 126.7 percent.
According to the release, Galaxy Digital holds $407.4 million worth of assets under management, including $82.4 million in passive Bitcoin and Index fund products and $325 million in the Galaxy EOS VC Fund.
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