Equity capital was
Net income of
Galaxy Mining reached a Hashrate Under Management of 5.7 exahash per second, which contributed to record bitcoin mining revenue of
Corporate Updates
US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a
Equity Capital Raise: Subsequent to quarter-end, on
Select GDH LP Financial Metrics | Q1 2024 | Q4 2023 | Q/Q % Change |
Equity Capital | 22 % | ||
Liquidity | 65 % | ||
Cash & Net Stablecoins1 | (19) % | ||
Net Digital Assets Excluding Stablecoins2 | 16 % | ||
Spot Bitcoin ETFs | N.M.3 | ||
Net Income (loss) | 40 % | ||
Book Value Per Share in CAD4 | 25 % |
Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter and year-over-year percentage change calculations are based on unrounded results. | |
(1) | Includes Cash Equivalents. |
(2) | Refer to page 13 of this release for a breakout of our net digital assets position. |
(3) | Abbreviation for "Not Meaningful". |
(4) | Calculated as equity capital divided by outstanding Class A and Class |
Galaxy Global Markets
Galaxy Global Markets ("GGM") offers institutional-grade expertise and access to a broad range of digital asset products, including digital asset spot and derivatives trading, structured products, financing, as well as capital markets and M&A advisory services for corporate clients. GGM operates in two discrete business units – Trading and Investment Banking.
Trading
Trading reported counterparty trading revenue of
Key Performance Indicators | Q1 2024 | Q4 2023 | Q/Q % Change |
Counterparty Trading Revenue | 79 % | ||
Loan Book Size (Average) | 5 % | ||
Total Trading Counterparties | 1,161 | 1,052 | 10 % |
Active Trading Counterparties | 281 | 272 | 3 % |
(1) Metric has been updated to exclude revenues derived from decentralized finance protocols resulting in a reduction of Q4 2023 Counterparty Trading Revenue by |
Investment Banking
Investment Banking successfully closed one deal in the first quarter, serving as advisor to CryptoSlam, the leading aggregator of NFT data across blockchain ecosystems, who received a strategic investment from Spirit Blockchain Capital. Galaxy is executing against a pipeline of mandates representing
Key Performance Indicators | Q1 2024 | Q4 2023 | Q/Q % Change |
Deals Closed | 1 | 1 | — % |
Pipeline | 20 | 23 | (13) % |
Deal Value of Pipeline | — % |
_____
KEY TERMS
Counterparty Trading Revenue: revenue from counterparty-facing activities from our Derivatives, Credit, Over-the-Counter Trading, and Quantitative Trading businesses, net of associated funding charges.
Loan Book Size (Average): average market value of all open loans, un-funded arrangements to finance delayed trading/settlement (for example over weekends), and uncommitted credit facilities in the period.
Active Trading Counterparties: counterparties with whom we have traded within the past 12 months and who are still onboarded with Galaxy's trading business.
Pipeline: the number of open engagements and transactions the Investment Banking team has in market.
Deal Value of Pipeline: the theoretical aggregate deal value associated with the Investment Banking pipeline.
Galaxy Asset Management
GAM management and performance fees were a record
Key Performance Indicators | Q1 2024 | Q4 2023 | Q/Q % Change |
Management and Performance Fees | 113 % | ||
Total AUM | 50 % | ||
Passive AUM | 72 % | ||
Active AUM1 | 65 % | ||
Venture AUM | 3 % |
Note: In Galaxy's monthly AUM disclosures, the "funds" line item consists of AUM held in GAM's Passive, Active, and Venture funds, excluding opportunistic assets. |
_____
KEY TERMS
Assets Under Management: all figures are unaudited. AUM is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, engagements to unwind portfolios, and fund of fund products. Changes in AUM are generally the result of performance, contributions, withdrawals, liquidations and opportunistic mandate wins.
- AUM for committed capital closed-end vehicles that have completed their investment period is reported as NAV (Net Asset Value) plus unfunded commitment.
- AUM for quarterly close vehicles is reported as of the most recent quarter available for the applicable period.
- AUM for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period.
Passive Strategies: single- and multi-asset private funds, as well as a suite of regulated spot digital asset exchange-traded funds offered through partnerships with asset managers globally.
Active Strategies: Galaxy's Liquid Crypto Fund and the management of certain opportunistic mandates.
Venture Strategies: organized around two investment themes:
Galaxy Digital Infrastructure Solutions
Galaxy Digital Infrastructure Solutions ("GDIS") consists of proprietary and hosted bitcoin mining services, GK8 self-custody technology solutions, and blockchain infrastructure.
Mining
Mining revenue was a record
Key Performance Indicators | Q1 2024 | Q4 2023 | Q/Q % Change |
Mining Revenue | 69 % | ||
Proprietary Mining Revenue | 62 % | ||
Hosted and Other Mining Revenue1 | 84 % | ||
Total Hashrate Under Management | 5.7 EH/s | 4.1 EH/s | 41 % |
Proprietary Mining Hashrate | 3.1 EH/s | 1.9 EH/s | 64 % |
Hosted Mining Hashrate | 2.6 EH/s | 2.2 EH/s | 21 % |
Number of Proprietary BTC Mined | 373 | 333 | 12 % |
Average Marginal Cost to Mine | < | < | N.M. |
(1) Includes revenue from hosting clients and other mining related activities. |
Blockchain Infrastructure and GK8
Blockchain Infrastructure and GK8 continue to support the build-out of decentralized networks. Blockchain infrastructure grew its Assets Under Stake ("AUS") by 100% in the first quarter. As of
Key Performance Indicators | Q1 2024 | Q4 2023 | Q/Q % Change |
Assets Under Stake | 100 % | ||
GK8 Total Client Count | 21 | 21 | — % |
_____
KEY TERMS
Hashrate Under Management: the total combined hashrate of active proprietary and hosted mining capacity managed by Galaxy.
Proprietary Mining Hashrate: the hashrate attributed to Galaxy owned and operated mining rigs.
Hosted Mining Hashrate: the hashrate attributed to third-party machines operated by Galaxy for a client.
Number of Proprietary BTC Mined: the total amount of bitcoin mined from proprietary mining operations.
Average Marginal Cost to Mine: the marginal cost of production for each bitcoin generated during the period. The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead.
Assets Under Stake: the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. This includes certain Galaxy balance sheet assets, Galaxy affiliate assets, and third party assets.
As the only significant asset of
Earnings Conference Call
An investor conference call will be held today,
About
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy. We serve a diversified client base, including institutions, startups, and qualified individuals. Since 2018, Galaxy has been building a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Our offerings include, amongst others, trading, lending, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise self-custodial technology. The company is headquartered in
This press release should be read in conjunction with (i)
Disclaimers and Additional Information
The TSX has not approved or disapproved of the information contained herein.
No Offer or Solicitation
As previously announced, the Company intends to complete its proposed reorganization and domestication to become a
This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the domestication or any of the other proposed reorganization transactions. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The information in this document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy's anticipated use of proceeds from the capital raise, business pipelines for banking and Gk8, mining goals, focus on self custody and validator solutions and our commitment to the future of decentralized networks and the pending domestication and the related transactions (the "transactions"), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed domestication and reorganization transactions, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the transactions that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the transactions; (3) the ability to meet and maintain listing standards following the consummation of the transactions; (4) the risk that the transactions disrupt current plans and operations; (5) costs related to the transactions, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (8) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (9) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (10) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; and (11) the possibility that there is a disruption in mining impacting our ability to achieve expected results or change in power dynamics impacting our results, (12) any delay or failure to consummate the business mandates or achieve its pipeline goals in banking and Gk8, (13) liquidity or economic conditions impacting our anticipated use of proceeds (14) regulatory concerns, technological challenges, cyber incidents or exploits on decentralized networks (15) those other risks contained in the Annual Information Form for the year ended
©Copyright Galaxy Digital 2024. All rights reserved.
(in thousands) | |||
Assets | |||
Current assets | |||
Cash and cash equivalent | $ 247,232 | $ 316,610 | |
Digital assets | 2,035,304 | 1,078,587 | |
Receivable for digital asset trades | 134,138 | 41,339 | |
Digital assets loans receivable, net of allowance | 95,218 | 104,504 | |
Digital assets receivables | 24,132 | 14,686 | |
Investments (includes | 578,975 | — | |
Assets posted as collateral | 173,390 | 318,195 | |
Receivables | 30,915 | 15,983 | |
Derivative assets | 341,336 | 173,209 | |
Prepaid expenses and other assets | 36,856 | 37,910 | |
Loans receivable, net of allowance | 402,722 | 377,105 | |
Due from related party | 6,200 | 5,007 | |
Total current assets | 4,106,418 | 2,483,135 | |
Digital assets receivables | 18,065 | 6,174 | |
Investments (includes | 822,412 | 735,103 | |
Restricted digital assets | 42,908 | 41,356 | |
Loans receivable, non-current | — | 10,259 | |
Property and equipment | 271,880 | 259,965 | |
Other non-current assets | 93,605 | 95,000 | |
44,257 | 44,257 | ||
Total non-current assets | 1,293,127 | 1,192,114 | |
Total assets | $ 5,399,545 | $ 3,675,249 | |
Liabilities and equity | |||
Current liabilities | |||
Investments sold short | 100,265 | 25,295 | |
Derivative liabilities | 395,835 | 160,642 | |
Accounts payable and accrued liabilities | 62,790 | 69,212 | |
Payable to customers | 80,740 | 3,503 | |
Taxes payable | 26,348 | 25,936 | |
Payable for digital asset trades | 48,817 | 4,176 | |
Digital assets loans payable | 975,582 | 398,277 | |
Loans payable | 275,415 | 93,069 | |
Collateral payable | 684,838 | 581,362 | |
Due to related party | 81,937 | 67,953 | |
Lease liability | 3,964 | 3,860 | |
Total current liabilities | 2,736,531 | 1,433,285 | |
Notes payable | 421,405 | 408,053 | |
Deferred tax liability | 40,815 | 33,894 | |
Lease liability | 9,195 | 10,236 | |
Total non-current liabilities | 471,415 | 452,183 | |
Total liabilities | 3,207,946 | 1,885,468 | |
Equity | |||
Partners' capital | 2,191,599 | 1,789,781 | |
Total equity | 2,191,599 | 1,789,781 | |
Total liabilities and equity | $ 5,399,545 | $ 3,675,249 |
(in thousands) | Three months ended | Three months ended | |
Income | |||
Fee revenue | $ 28,128 | $ 13,584 | |
Net realized gain on digital assets | 270,398 | 66,119 | |
Net realized loss on investments | (172,834) | (1,978) | |
Lending and staking revenue | 29,938 | 10,509 | |
Net derivative gain | 83,640 | 55,084 | |
Revenue from proprietary mining | 20,128 | 3,261 | |
Other income | 335 | 163 | |
259,733 | 146,742 | ||
Operating expenses | |||
Compensation and compensation related | 42,476 | 30,621 | |
Equity based compensation | 17,989 | 23,270 | |
General and administrative | 48,718 | 15,135 | |
Professional fees | 13,373 | 9,817 | |
Interest | 19,848 | 5,539 | |
Notes interest expense | 6,976 | 6,731 | |
(149,380) | (91,113) | ||
Other | |||
Net unrealized gain on digital assets | 96,813 | 3,029 | |
Net unrealized gain on investments | 235,852 | 82,713 | |
Net loss on notes payable - derivative | (9,713) | (1,305) | |
Foreign currency loss | (121) | (138) | |
322,831 | 84,299 | ||
Income before income taxes | 433,184 | 139,928 | |
Income taxes expense (benefit) | 11,520 | 5,726 | |
Net income for the period | $ 421,664 | $ 134,202 | |
Other comprehensive income | |||
Foreign currency translation adjustment | $ (635) | $ (452) | |
Comprehensive income for the period | $ 421,029 | $ 133,750 |
Three months ended | Three months ended | |
Basic | $ 1.30 | $ 0.42 |
Diluted | 1.23 | 0.41 |
Weighted average units: | ||
Basic | 325,305,262 | 319,379,246 |
Diluted | 356,108,762 | 323,640,236 |
Reportable segments (unaudited)
Income and expenses by each reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and Other | Totals |
Income (loss) | |||||
Fee revenue(1) | |||||
Mining hosting fees | $ — | $ — | $ 10,141 | $ — | $ 10,141 |
Licensing fees | 1 | — | 807 | (120) | 688 |
Management and performance fees | — | 17,837 | — | (747) | 17,090 |
Advisory fees | 209 | — | — | — | 209 |
Total fee revenue | 210 | 17,837 | 10,948 | (867) | 28,128 |
Lending and staking revenue | |||||
Lending income | 16,744 | 5 | 1 | 4 | 16,754 |
Blockchain rewards | 5,082 | 7,238 | 6,079 | (5,215) | 13,184 |
Total lending and staking revenue | 21,826 | 7,243 | 6,080 | (5,211) | 29,938 |
Net realized gain on digital assets | 270,305 | 93 | — | — | 270,398 |
Net realized gain (loss) on investments | (183,529) | 10,695 | — | — | (172,834) |
Net derivative gain | 82,545 | — | 1,095 | — | 83,640 |
Revenue from proprietary mining | — | — | 20,128 | — | 20,128 |
Other income | 157 | — | 178 | — | 335 |
Total revenues and gain (loss) from operations | 191,514 | 35,868 | 38,429 | (6,078) | 259,733 |
Operating expenses | 64,429 | 15,804 | 40,880 | 28,267 | 149,380 |
Net unrealized gain on digital assets | 48,259 | 45,327 | 3,227 | — | 96,813 |
Net unrealized gain (loss) on investments | 179,710 | 57,477 | (1,335) | — | 235,852 |
Net loss on notes payable - derivative | — | — | — | (9,713) | (9,713) |
Foreign currency loss | (121) | — | — | — | (121) |
227,848 | 102,804 | 1,892 | (9,713) | 322,831 | |
Income (loss) before income taxes | $ 354,933 | $ 122,868 | $ (559) | $ (44,058) | $ 433,184 |
Income tax expense | — | — | — | 11,520 | 11,520 |
Net income (loss) | $ 354,933 | $ 122,868 | $ (559) | $ (55,578) | $ 421,664 |
Foreign currency translation adjustment | — | — | — | (635) | (635) |
Comprehensive income (loss) | $ 354,933 | $ 122,868 | $ (559) | $ (56,213) | $ 421,029 |
(1) | Asset Management fee revenue includes management fees generated off the Partnership's balance sheet venture investments. Licensing fees are attributable to GK8, and include license fees paid by the Partnership for the use of GK8's technology. All intercompany transactions are eliminated in the Corporate & Other segment. |
Income and expenses by each reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and Other | Totals |
Income (loss) | |||||
Fee revenue (1) | |||||
Mining hosting fees | — | — | 6,268 | — | $ 6,268 |
Licensing fees | — | — | 180 | — | 180 |
Management and performance fees | 31 | 4,902 | — | (621) | 4,312 |
Advisory fees | 2,208 | — | — | — | 2,208 |
Other fee revenues | (54) | — | 670 | — | 616 |
Total fee revenue | 2,185 | 4,902 | 7,118 | (621) | 13,584 |
Lending and staking revenue | |||||
Lending income | 9,087 | 8 | — | — | 9,095 |
Blockchain rewards | 1,414 | — | — | — | 1,414 |
Total lending and staking revenue | 10,501 | 8 | — | — | 10,509 |
Net realized gain on digital assets | 63,893 | 2,226 | — | — | 66,119 |
Net realized gain (loss) on investments | 388 | (2,366) | — | — | (1,978) |
Net derivative gain | 55,084 | — | — | — | 55,084 |
Revenue from proprietary mining | — | — | 3,261 | — | 3,261 |
Other income (expense) | 37 | (67) | 45 | 148 | 163 |
Total revenues and gain (loss) from operations | 132,088 | 4,703 | 10,424 | (473) | 146,742 |
Operating expenses | 42,210 | 16,187 | 9,314 | 23,402 | 91,113 |
Net unrealized gain (loss) on digital assets | (1,477) | 4,506 | — | — | 3,029 |
Net unrealized gain on investments | 40,611 | 38,859 | 3,243 | — | 82,713 |
Net loss on notes payable - derivative | — | — | — | (1,305) | (1,305) |
Foreign currency loss | (138) | — | — | — | (138) |
38,996 | 43,365 | 3,243 | (1,305) | 84,299 | |
Income (loss) before income taxes | $ 128,874 | $ 31,881 | $ 4,353 | $ (25,180) | $ 139,928 |
Income tax expense | — | — | — | 5,726 | 5,726 |
Net income (loss) | $ 128,874 | $ 31,881 | $ 4,353 | $ (30,906) | $ 134,202 |
Foreign currency translation adjustment | — | — | — | (452) | (452) |
Comprehensive income (loss) | $ 128,874 | $ 31,881 | $ 4,353 | $ (31,358) | $ 133,750 |
(1)Asset Management fee revenue includes management fees generated off the Partnership's balance sheet venture investments, which are eliminated in the Corporate & Other segment. |
Assets and liabilities by reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and | Totals |
Total assets | $ 4,305,734 | $ 712,809 | $ 345,404 | $ 35,598 | $ 5,399,545 |
Total liabilities | $ 2,572,527 | $ 2,901 | $ 14,500 | $ 618,018 | $ 3,207,946 |
Assets and liabilities by reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and | Totals |
Total assets | $ 2,726,950 | $ 575,056 | $ 321,322 | $ 51,921 | $ 3,675,249 |
Total liabilities | $ 1,289,792 | $ 10,968 | $ 9,817 | $ 574,891 | $ 1,885,468 |
Select statement of financial position information
The fair value of select assets by reporting segment of
(in thousands) | Global | Asset | Digital | Corporate | Totals |
Digital assets | $ 1,985,168 | $ 93,044 | $ — | $ — | $ 2,078,212 |
Digital assets receivables | 7,186 | 30,565 | 4,446 | — | 42,197 |
Assets posted as collateral | 173,390 | — | — | — | 173,390 |
Loans receivable | 497,940 | — | — | — | 497,940 |
Investments | 847,559 | 543,197 | 10,631 | — | 1,401,387 |
Property and equipment | — | — | 264,698 | 7,182 | 271,880 |
$ 3,511,243 | $ 666,806 | $ 279,775 | $ 7,182 | $ 4,465,006 |
The fair value of each asset class by reporting segment of
(in thousands) | Global | Asset | Digital | Corporate | Totals |
Digital assets | $ 1,052,013 | $ 67,930 | $ — | $ — | $ 1,119,943 |
Digital assets receivables | 6,506 | 13,135 | 1,219 | — | 20,860 |
Assets posted as collateral | 318,195 | — | — | — | 318,195 |
Loans receivable | 491,868 | — | — | — | 491,868 |
Investments | 244,807 | 476,262 | 14,034 | — | 735,103 |
Property and equipment | 109 | — | 252,552 | 7,304 | 259,965 |
$ 2,113,498 | $ 557,327 | $ 267,805 | $ 7,304 | $ 2,945,934 |
Net Digital Assets Position
Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position and is included in the Company's liquidity measure. Net digital assets as of
(in thousands) | BTC (4) | ETH(5) | Stablecoin | Other (5) | As of |
Assets | |||||
Digital assets | $ 1,102,100 | $ 389,073 | $ 269,426 | $ 274,705 | $ 2,035,304 |
Digital asset loans receivable, net of | 2,897 | 74,362 | 17,001 | 958 | 95,218 |
Digital assets receivable, current | — | — | — | 24,132 | 24,132 |
Digital assets receivable, non-current | — | — | — | 18,065 | 18,065 |
Assets posted as collateral - Digital | 133,540 | 25,350 | — | 158,890 | |
Restricted digital assets, non-current(2) | — | — | — | 42,908 | 42,908 |
1,238,537 | 488,785 | 286,427 | 360,768 | 2,374,517 | |
Liabilities | |||||
Digital asset loans payable | 456,864 | 70,295 | 368,346 | 80,077 | 975,582 |
Collateral payable(1) | 514,870 | 142,443 | 2,066 | 2,374 | 661,753 |
971,734 | 212,738 | 370,412 | 82,451 | 1,637,335 | |
Digital assets, net | $ 266,803 | $ 276,047 | $ (83,985) | $ 278,317 | 737,182 |
Stablecoins, net(3) | $ — | $ — | $ (83,985) | $ — | (83,985) |
Digital assets, net excl. stablecoins | $ 266,803 | $ 276,047 | $ — | $ 278,317 | $ 821,167 |
Bitcoin spot ETFs included in | 514,849 | — | — | — | 514,849 |
(in thousands) | BTC (4) | ETH(5) | Stablecoin | Other (5) | As of December |
Assets | |||||
Digital assets | $ 589,011 | $ 174,978 | $ 179,222 | $ 135,376 | $ 1,078,587 |
Digital asset loans receivable, net of | 3,044 | 87,252 | 12,000 | 2,208 | 104,504 |
Digital assets receivable, current | — | — | — | 14,686 | 14,686 |
Digital assets receivable, non-current | — | — | — | 6,174 | 6,174 |
Assets posted as collateral - Digital | 197,092 | 119,012 | — | — | 316,104 |
Restricted digital assets, non-current(2) | — | — | — | 41,356 | 41,356 |
789,147 | 381,242 | 191,222 | 199,800 | 1,561,411 | |
Liabilities | |||||
Digital asset loans payable | 48,202 | 14,603 | 297,762 | 37,710 | 398,277 |
Collateral payable(1) | 437,889 | 116,723 | 9,457 | 5,926 | 569,995 |
486,091 | 131,326 | 307,219 | 43,636 | 968,272 | |
Digital assets, net | $ 303,056 | $ 249,916 | $ (115,997) | $ 156,164 | 593,139 |
Stablecoins, net(3) | $ — | $ — | $ (115,997) | $ — | (115,997) |
Digital assets, net excl. stablecoins | $ 303,056 | $ 249,916 | $ — | $ 156,164 | $ 709,136 |
Bitcoin spot ETFs included in | $ — | $ — | $ — | $ — | $ — |
(1) | Excludes cash portion of balance on the Partnership's statement of financial position. |
(2) | Represents TIA tokens that are subject to a sale restriction of greater than one year. |
(3) | As of |
(4) | Includes associated tokens such as wBTC. The Partnership also held interests in investment vehicles designed to hold BTC including Galaxy sponsored BTC funds and |
(5) | Includes associated tokens such as wETH and stETH. The Partnership also held interests in investment vehicles designed to hold ETH including Galaxy sponsored ETH funds valued at |
(6) | Includes |
All figures are in
SOURCE
© Canada Newswire, source