The crypto-focused investment manager Galaxy Digital Holdings has registered a major Q1 income as a result of increased appreciation of digital assets.
The comprehensive income of the company, which refers to both net income and unrealized income, has risen to $860.2 million in Q1 – by contrast, at the end of Q1, Galaxy Digital recorded a loss of $26.9 million.
The number of assets under management has increased by 58% during this quarter, with income that originated in trading growing to $508.7 million – during the same time period a year ago, the company recorded a loss of $31.5 million.
The three Bitcoin funds of Galaxy Digital returned 101.92% year-to-date by the end of March.
“Beyond delivering dramatic organic growth, we announced we will acquire BitGo, which will establish Galaxy Digital as the first full-service digital asset financial platform for institutions and ensure our business is aligned with broader institutional adoption,” declared Michael Novogratz, the CEO of the company.
Galaxy Digital declared this month that it plans to buy BitGo for $1.2 billion in stock and cash. The company also submitted its application for a Bitcoin ETF to the US SEC a month ago.