Equity capital was
Net income of
Income before tax of approximately
Assets Under Management ("AUM") increased to
GalaxyOne client platform is now servicing approximately 75 institutional clients with more than
Since the end of the fourth quarter 2023, digital asset prices materially changed and our business has benefited from heightened market volatility and increased trading volumes. For the year-to-date period ending
US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a
Share Buyback Program: As announced on
Select GDH LP Financial Metrics | Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
Equity Capital | 22 % | |||
Liquidity | 21 % | |||
Cash & Net Stablecoins3 | (49) % | |||
Net Digital Assets Excluding Stablecoins4 | 100 % | |||
Net Income (loss) | ( | 421 % | ||
Book Value Per Share in CAD5 | 19 % |
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) | This preliminary, unaudited quarter-to-date financial information is as of |
(2) | Refer to Key Terms on page 3 of this release for details on AUM. |
(3) | Includes Cash Equivalents. |
(4) | Refer to page 16 of this release for a breakout of our net digital assets position. |
(5) | Calculated as equity capital divided by outstanding Class A and Class |
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 reported counterparty trading revenue of
Key Performance Indicators
| Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
Loan Book Size (Average) | 9 % | |||
Counterparty Loan Originations | 129 % | |||
Counterparty Trading Volumes QoQ Change | 3 % | 70 % | N.M.1 | - |
Total Trading Counterparties | 1,052 | 1,027 | 2 % | 1,052 |
Active Trading Counterparties | 272 | 284 | (4) % | 272 |
(1) | Abbreviation for "Not Meaningful". |
Investment Banking successfully closed five deals in 2023, despite the backdrop for deal execution remaining challenging. In the fourth quarter, the team completed a restructuring mandate with
Key Performance Indicators | Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
Deals Closed | 1 | 2 | (50) % | 5 |
Pipeline | 23 | 24 | (4) % | 23 |
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.
Counterparty Loan Originations: market values of all loans, credit facility draws, and credit facilities originated to external counterparties in the period. Does not include rolled loans as new originations; rolled loans can be generally defined as loans where the maturity was extended but no other material terms were changed.
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.
GAM management fees were
Key Performance Indicators | Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
Management and Performance Fees | 79 % | |||
Total AUM | 32 % | |||
Passive AUM | 107 % | |||
Active AUM1 | 27 % | |||
Venture AUM | (2) % |
Note: In Galaxy's monthly AUM disclosures, the "funds" line item consists of AUM held in GAM's Passive, Active, and Venture funds, but excludes opportunistic assets. | |
(1) | Includes opportunistic AUM. "Opportunistic" AUM are near-term or mid-term engagements to unwind portfolios managed by GAM. Opportunistic AUM was |
_____
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 (formally "Liquid Alpha") strategy and the management of certain opportunistic mandates.
Venture Strategies: organized around two investment themes:
Galaxy Digital Infrastructure Solutions ("GDIS") consists of proprietary and hosted bitcoin mining services, GK8 self-custody technology solutions, and validator services.
Mining revenue was
Key Performance Indicators | Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
Mining Revenue | 31 % | |||
Proprietary Mining Revenue | 41 % | |||
Hosted and Other Mining Revenue1 | 13 % | |||
Total Hashrate Under Management | 4.1 EH/s | 3.9 EH/s | 3 % | 4.1 EH/s |
Proprietary Mining Hashrate | 1.9 EH/s | 1.8 EH/s | 3 % | 1.9 EH/s |
Hosted Mining Hashrate | 2.2 EH/s | 2.1 EH/s | 3 % | 2.2 EH/s |
Number of Proprietary BTC Mined | 333 | 309 | 8 % | 1,077 |
Average Marginal Cost to Mine | < | < | N.M. | < |
(1) | Includes revenue from hosting clients, leasing agreements and other mining related activities. |
Self-Custody and Validator Solutions are focus areas in our continued commitment to the future of decentralized networks. This includes supporting the integrity of protocols and ecosystem projects by operating validator nodes to secure blockchains, and by offering self-custody technology solutions to institutions through GK8.
Key Performance Indicators | Q4 2023 | Q3 2023 | Q/Q % Change | FY 2023 |
GK8 Total Client Count | 21 | 16 | 31 % | 21 |
Assets Under Stake | 102 % |
_____
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.
GK8 Total Client Count: the total number of clients contracted to use GK8's technology solutions.
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 and third party assets.
As the only significant asset of
The net comprehensive income (loss) of
Galaxy shareholders who are
An investor conference call will be held today,
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)
The TSX has not approved or disapproved of the information contained herein.
This press release contains certain pre-released first quarter 2024 financial information (the "pre-released financial information"). The pre-released financial information contained in this press release is preliminary and represents the most current information available to management. The Partnership's actual consolidated financial statements for such period may result in material changes to the pre-released financial information summarized in this press release (including by any one financial metric, or all of the financial metrics) as a result of the completion of normal quarter accounting procedures and adjustments or due to other risks contained in the Annual Information Form for the year ended
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.
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 pre-released financial information, business pipelines for banking and Gk8, mining goals, plans for share repurchases, 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) price and trading volume volatility with respect to the Company's shares and its impact on share repurchases and the cost of such repurchases, (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 | $ 316,610 | $ 542,101 | |
Digital assets | 1,078,587 | 566,690 | |
Receivable for digital asset trades | 41,339 | 9,063 | |
Digital assets loans receivable, net of allowance | 104,504 | 49,971 | |
Digital assets receivables | 14,686 | 12,423 | |
Assets posted as collateral | 318,195 | 25,138 | |
Receivables | 15,983 | 10,887 | |
Derivative assets | 173,209 | 17,719 | |
Prepaid expenses and other assets | 37,910 | 32,818 | |
Loans receivable | 377,105 | 62,611 | |
Due from related party | 5,007 | 13,857 | |
Total current assets | 2,483,135 | 1,343,278 | |
Digital assets receivables | 6,174 | 5,154 | |
Investments (includes | 735,103 | 595,122 | |
Restricted digital assets | 41,356 | — | |
Loans receivable, non-current | 10,259 | 100,977 | |
Property and equipment | 259,965 | 208,538 | |
Other non-current assets | 95,000 | 68,429 | |
44,257 | 24,645 | ||
Total non-current assets | 1,192,114 | 1,002,865 | |
Total assets | $ 3,675,249 | $ 2,346,143 | |
Liabilities and equity | |||
Current liabilities | |||
Investments sold short | 25,295 | 91 | |
Derivative liabilities | 160,642 | 16,568 | |
Accounts payable and accrued liabilities | 69,212 | 67,081 | |
Payable to customers | 3,503 | 9,591 | |
Taxes payable | 25,936 | 22,717 | |
Payable for digital asset trades | 4,176 | 2,557 | |
Digital assets loans payable | 398,277 | 170,566 | |
Loans payable | 93,069 | — | |
Collateral payable | 581,362 | 131,506 | |
Due to related party | 67,953 | 53,984 | |
Lease liability | 3,860 | 4,467 | |
Total current liabilities | 1,433,285 | 479,128 | |
Notes payable | 408,053 | 384,515 | |
Deferred tax liability | 33,894 | 31,302 | |
Lease liability | 10,236 | 12,406 | |
Total non-current liabilities | 452,183 | 428,223 | |
Total liabilities | 1,885,468 | 907,351 | |
Equity | |||
Partners' capital | 1,789,781 | 1,438,792 | |
Total equity | 1,789,781 | 1,438,792 | |
Total liabilities and equity | $ 3,675,249 | $ 2,346,143 |
(in thousands) | Year ended | Year ended | |
Income | |||
Fee revenue | $ 51,342 | $ 35,576 | |
Net realized gain on digital assets | 311,830 | 55,138 | |
Net realized gain on investments | 13,412 | 42,022 | |
Lending and staking revenue | 52,216 | 36,762 | |
Net derivative gain | 151,583 | 191,520 | |
Revenue from proprietary mining | 33,121 | 29,911 | |
Other income | 357 | 28,533 | |
613,861 | 419,462 | ||
Operating expenses | |||
Compensation and compensation related | 138,401 | 127,909 | |
Equity based compensation | 72,275 | 100,849 | |
General and administrative | 76,723 | 163,955 | |
Professional fees | 37,062 | 28,223 | |
Interest | 24,653 | 38,896 | |
Notes interest expense | 27,285 | 37,029 | |
(376,399) | (496,861) | ||
Other | |||
Net unrealized gain (loss) on digital assets | 1,950 | (659,169) | |
Net unrealized gain (loss) on investments | 84,415 | (496,184) | |
Net gain (loss) on notes payable - derivative | (9,603) | 57,998 | |
Net gain on warrant liability | — | 20,322 | |
Foreign currency loss | (493) | (316) | |
Loss attributable to non-controlling interests liability | — | 97,219 | |
76,269 | (980,130) | ||
Income (loss) before income taxes | 313,731 | (1,057,529) | |
Income taxes expense (benefit) | 17,833 | (35,952) | |
Net income (loss) for the period | $ 295,898 | $ (1,021,577) | |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | $ 88 | $ (1,726) | |
Comprehensive income (loss) for the period | $ 295,986 | $ (1,023,303) |
(in thousands) | Three months ended | Three months ended | |
Income | |||
Fee revenue | $ 17,135 | $ 7,681 | |
Net realized gain on digital assets | 293,149 | (73,420) | |
Net realized gain on investments | (55,299) | (22,131) | |
Lending and staking revenue | 16,893 | 5,676 | |
Net derivative gain | 71,121 | 11,699 | |
Revenue from proprietary mining | 12,449 | 8,581 | |
Other income | 24 | 24,381 | |
355,472 | (37,533) | ||
Operating expenses | |||
Compensation and compensation related | 42,154 | 15,462 | |
Equity based compensation | 14,581 | 19,215 | |
General and administrative | 15,789 | 62,566 | |
Professional fees | 10,548 | 12,952 | |
Interest | 8,983 | 5,479 | |
Notes interest expense | 6,913 | 14,916 | |
(98,968) | (130,590) | ||
Other | |||
Net unrealized gain (loss) on digital assets | (22,501) | 5,037 | |
Net unrealized gain (loss) on investments | 92,932 | (123,866) | |
Net gain (loss) on notes payable - derivative | (8,581) | 1,442 | |
Net gain on warrant liability | — | 317 | |
Foreign currency loss | 350 | (3,609) | |
Loss attributable to non-controlling interests liability | — | (7,941) | |
62,200 | (128,620) | ||
Income (loss) before income taxes | 318,704 | (296,743) | |
Income taxes expense (benefit) | 17,247 | (8,968) | |
Net income (loss) for the period | $ 301,457 | $ (287,775) | |
Other comprehensive income (loss) | |||
Foreign currency translation adjustment | $ 85 | $ (1,016) | |
Comprehensive income (loss) for the period | $ 301,542 | $ (288,791) |
Year ended | Year ended | |
Basic | $ 0.92 | $ (3.13) |
Diluted | 0.90 | (3.13) |
Weighted average units: | ||
Basic | 321,599,100 | 326,024,679 |
Diluted | 329,613,940 | 326,024,679 |
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) | 2,615 | 8,370 | 7,159 | (1,009) | 17,135 |
Net realized gain on digital assets | 292,796 | 353 | — | — | 293,149 |
Net realized loss on investments | (55,036) | (263) | — | — | (55,299) |
Lending and staking revenue | 16,063 | 1,533 | 272 | (975) | 16,893 |
Net derivative gain (loss) | 71,730 | (468) | (141) | — | 71,121 |
Revenue from proprietary mining | — | — | 12,449 | — | 12,449 |
Other income (expense) | (35) | 4 | — | 55 | 24 |
328,133 | 9,529 | 19,739 | (1,929) | 355,472 | |
Operating expenses | 60,047 | 14,540 | 7,611 | 16,770 | 98,968 |
Other | |||||
Net unrealized gain (loss) on digital assets | (98,968) | 75,248 | 1,219 | — | (22,501) |
Net unrealized gain on investments | 65,922 | 25,675 | 1,335 | — | 92,932 |
Net (loss) on notes payable - derivative | — | — | — | (8,581) | (8,581) |
Foreign currency gain | 350 | — | — | — | 350 |
(32,696) | 100,923 | 2,554 | (8,581) | 62,200 | |
Income (loss) before income taxes | $ 235,390 | $ 95,912 | $ 14,682 | $ (27,280) | $ 318,704 |
Income tax expense | — | — | — | 17,247 | 17,247 |
Net income (loss) for the period | $ 235,390 | $ 95,912 | $ 14,682 | $ (44,527) | $ 301,457 |
Foreign currency translation adjustment | — | — | — | 85 | 85 |
Comprehensive income (loss) for the period | $ 235,390 | $ 95,912 | $ 14,682 | $ (44,442) | $ 301,542 |
(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. |
Income and expenses by each reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and Other | Totals |
Income (loss) | |||||
Fee revenue | $ 3,137 | $ 5,105 | $ 439 | $ (1,000) | $ 7,681 |
Net realized gain (loss) on digital assets | (127,889) | 54,469 | — | — | $ (73,420) |
Net realized gain (loss) on investments | (22,997) | 866 | — | — | $ (22,131) |
Lending and staking revenue | 5,549 | 127 | — | — | $ 5,676 |
Net derivative gain (loss) | 11,760 | (61) | — | — | $ 11,699 |
Revenue from proprietary mining | — | — | 8,581 | — | $ 8,581 |
Other income (expense) | 135 | (156) | 540 | 23,862 | $ 24,381 |
(130,305) | 60,350 | 9,560 | 22,862 | (37,533) | |
Operating expenses | 66,834 | 8,673 | 15,429 | 39,654 | 130,590 |
Other | |||||
Net unrealized gain (loss) on digital assets | (33,922) | 38,959 | — | — | 5,037 |
Net unrealized loss on investments | (220) | (116,862) | (6,784) | — | (123,866) |
Net gain on notes payable - derivative | — | — | — | 1,442 | 1,442 |
Net gain on warrant liability | — | — | — | 317 | 317 |
Foreign currency loss | (3,609) | — | — | — | (3,609) |
Gain attributable to non-controlling interests liability | — | (7,941) | — | — | (7,941) |
(37,751) | (85,844) | (6,784) | 1,759 | (128,620) | |
Income (loss) before income taxes | $ (234,890) | $ (34,167) | $ (12,653) | $ (15,033) | $ (296,743) |
Income tax benefit | — | — | — | (8,968) | (8,968) |
Net income (loss) for the period | $ (234,890) | $ (34,167) | $ (12,653) | $ (6,065) | $ (287,775) |
Foreign currency translation adjustment | — | — | — | (1,016) | (1,016) |
Comprehensive income (loss) for the period | $ (234,890) | $ (34,167) | $ (12,653) | $ (7,081) | $ (288,791) |
Income and expenses by each reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and Other | Totals |
Income (loss) | |||||
Fee revenue(1) | $ 4,877 | $ 22,203 | $ 27,482 | $ (3,220) | $ 51,342 |
Net realized gain on digital assets | 307,057 | 4,773 | — | — | 311,830 |
Net realized gain (loss) on investments | (8,936) | 22,348 | — | — | 13,412 |
Lending and staking revenue | 49,916 | 3,003 | 272 | (975) | 52,216 |
Net derivative gain (loss) | 150,715 | 1,074 | (206) | — | 151,583 |
Revenue from proprietary mining | — | — | 33,121 | — | 33,121 |
Other income (expense) | 175 | (127) | 254 | 55 | 357 |
503,804 | 53,274 | 60,923 | (4,140) | 613,861 | |
Operating expenses | 186,660 | 56,649 | 46,606 | 86,484 | 376,399 |
Net unrealized gain (loss) on digital assets | (73,492) | 74,223 | 1,219 | — | 1,950 |
Net unrealized gain (loss) on investments | 79,001 | (2,193) | 7,607 | — | 84,415 |
Net loss on notes payable - derivative | — | — | — | (9,603) | (9,603) |
Foreign currency loss | (493) | — | — | — | (493) |
5,016 | 72,030 | 8,826 | (9,603) | 76,269 | |
Income (loss) before income taxes | $ 322,160 | $ 68,655 | $ 23,143 | $ (100,227) | $ 313,731 |
Income tax expense | — | — | — | 17,833 | 17,833 |
Net income (loss) | $ 322,160 | $ 68,655 | $ 23,143 | $ (118,060) | $ 295,898 |
Foreign currency translation adjustment | — | — | — | 88 | 88 |
Comprehensive income (loss) | $ 322,160 | $ 68,655 | $ 23,143 | $ (117,972) | $ 295,986 |
(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. |
Income and expenses by each reportable segment of
(in thousands) | Global | Asset | Digital | Corporate and Other | Totals |
Income (loss) | |||||
Fee revenue | $ 14,704 | $ 16,248 | $ 5,624 | $ (1,000) | $ 35,576 |
Net realized gain (loss) on digital assets | (192,830) | 247,968 | — | — | 55,138 |
Net realized gain (loss) on investments | (34,405) | 76,427 | — | — | 42,022 |
Lending and staking revenue | 36,119 | 643 | — | — | 36,762 |
Net derivative gain (loss) | 191,581 | (61) | — | — | 191,520 |
Revenue from proprietary mining | — | — | 29,911 | — | 29,911 |
Other income | 370 | 1,878 | 540 | 25,745 | 28,533 |
15,539 | 343,103 | 36,075 | 24,745 | 419,462 | |
Operating expenses | 200,727 | 56,551 | 70,629 | 168,954 | 496,861 |
Net unrealized loss on digital assets | (216,043) | (443,126) | — | — | (659,169) |
Net unrealized loss on investments | (102,747) | (360,978) | (32,459) | — | (496,184) |
Net gain on notes payable - derivative | — | — | — | 57,998 | 57,998 |
Net gain on warrant liability | — | — | — | 20,322 | 20,322 |
Foreign currency loss | (316) | — | — | — | (316) |
Loss attributable to non-controlling interests liability | — | 97,219 | — | — | 97,219 |
(319,106) | (706,885) | (32,459) | 78,320 | (980,130) | |
Income (loss) before income taxes | $ (504,294) | $ (420,333) | $ (67,013) | $ (65,889) | $ (1,057,529) |
Income tax benefit | — | — | — | (35,952) | (35,952) |
Net income (loss) | $ (504,294) | $ (420,333) | $ (67,013) | $ (29,937) | $ (1,021,577) |
Foreign currency translation adjustment | — | — | — | (1,726) | (1,726) |
Comprehensive income (loss) | $ (504,294) | $ (420,333) | $ (67,013) | $ (31,663) | $ (1,023,303) |
Assets and liabilities by reportable segment of
(in thousands) | Global | Asset | Digital | Corporate | 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 |
Assets and liabilities by reportable segment of
(in thousands) | Global | Asset | Digital | Corporate | Totals |
Total assets | $ 1,476,489 | $ 536,061 | $ 251,624 | $ 81,969 | $ 2,346,143 |
Total liabilities | $ 338,336 | $ 1,084 | $ 10,519 | $ 557,412 | $ 907,351 |
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 | $ 1,052,013 | $ 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 |
The fair value of each asset class by reporting segment of
(in thousands) | Global | Asset | Digital | Corporate | Totals |
Digital assets | $ 566,690 | $ — | $ — | $ — | $ 566,690 |
Digital assets receivables | 10,713 | 6,864 | — | — | 17,577 |
Assets posted as collateral | 25,138 | — | — | — | 25,138 |
Loans receivable | 213,559 | — | — | — | 213,559 |
Investments | 124,668 | 464,027 | 6,427 | — | 595,122 |
Property and equipment | 126 | — | 200,829 | 7,583 | 208,538 |
$ 940,894 | $ 470,891 | $ 207,256 | $ 7,583 | $ 1,626,624 |
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) | As of | As of |
Assets | ||
Digital assets | $ 1,078,587 | $ 566,690 |
Bitcoin(1) | 589,011 | 222,229 |
Ether(1) | 174,978 | 54,219 |
USDT | 104,539 | 62,267 |
USDC | 74,624 | 199,479 |
TIA | 27,138 | — |
All other | 108,297 | 28,496 |
Digital asset loans receivable, net of allowance | 104,504 | 49,971 |
Digital assets receivable, current | 14,686 | 12,423 |
Digital assets receivable, noncurrent | 6,174 | 5,154 |
Assets posted as collateral - Digital assets(2) | 316,104 | 25,138 |
Restricted digital assets, noncurrent(3) | 41,356 | — |
1,561,411 | 659,376 | |
Liabilities | ||
Digital asset loans payable | 398,277 | 170,566 |
Collateral payable(2) | 569,995 | 73,458 |
968,272 | 244,024 | |
Digital assets, net | $ 593,139 | $ 415,352 |
Stablecoins, net(4) | $ (115,997) | $ 281,048 |
Digital assets, net excl. stablecoins | $ 709,136 | $ 134,304 |
(1) | |
(2) | Excludes cash portion of balance on the Partnership's balance sheet. |
(3) | As of |
(4) | As of |
SOURCE
© Canada Newswire, source