Net comprehensive income1 increased 345% to
Partners' Capital increased 226% to
Assets Under Management ("AUM")2 increased 256% since Q4 2020
Galaxy remains committed to listing in the
"2021 was a transformational year for both
"We remain committed to scaling our platform services, and building the pre-eminent technology-driven financial services and investment management firm, a strategy I firmly believe will continue enhancing long-term shareholder value."
Select Financial Highlights for the Fiscal Year 2021 compared to Fiscal Year 2020
- Net comprehensive income1 increased 345% to
$1.7 billion , from$385.5 million in the prior year. - The increase was primarily a result of strong contributions from our Trading and
Principal Investment businesses driving realized and unrealized gains on digital assets and on investments, partially offset by higher operating expenses. - Income from our trading business increased 302% to
$985.3 million , from$245.0 million in the prior year. - Partners' Capital increased 226% to
$2.6 billion , from$798.2 million at the end of the prior year period. - During the quarter, Partners' Capital increased 28% to
$2.6 billion , from$2.0 billion , due to gains on our core long digital asset positions as well as gains in our investment portfolio, which grew to$1.1 billion from$779.9 million in the prior quarter. - As of
December 31, 2021 , the Partnership had a material net holding in Bitcoin of approximately$463.8 million (December 31, 2020 -$443.6 million ), Ether of approximately$391.3 million (December 31, 2020 :$65.8 million ), and Terra of approximately$407.6 million (no holdings as ofDecember 31, 2020 ), excluding non-controlling interests. The increase in the value of holdings was primarily driven by the increase in prices from the prior year end. As a reminder, we actively manage our core digital asset holdings, including our material net holdings, to participate in the upside from favorable asset price changes, and mitigate the impacts of adverse movements. - Investments stood at
$1.1 billion as ofDecember 31, 2021 , an increase of$809.4 million fromDecember 31, 2020 . The change was primarily due to the increase in unrealized gains and$340.5 million of new capital deployed by the Principal Investments team during the year.
Corporate Updates
- BitGo Acquisition: Galaxy and BitGo intend to complete the proposed transaction, and have renegotiated the acquisition agreement from
May 5, 2021 with the following terms: - The consideration to BitGo shareholders will consist of 44.8 million newly issued shares of
Galaxy Digital common stock and$265 million in cash, subject to certain adjustments and deferred purchase considerations, implying an aggregate transaction value of approximately$1,158 million based onGalaxy Digital's closing price onMarch 30, 2022 . - BitGo shareholders will own approximately 12% of the pro forma company.
- The acquisition is expected to close immediately following the domestication of
Galaxy Digital as aDelaware corporation, subject to approval by the Company's shareholders as well as certain other acquisition-related closing conditions and regulatory approvals. The company anticipates the domestication will become effective between Q2 and Q4 of 2022, subject to the ongoingSEC review process. - A reverse termination fee of
$100 million will be payable byGalaxy Digital to BitGo in certain circumstances if the transaction has not been completed byDecember 31, 2022 , subject to specific provisions. U.S. Listing: As previously announced, the Company intends to complete its proposed reorganization and domestication to become aDelaware -based company, and subsequently list on the Nasdaq, upon completion of ongoingSEC review and subject to stock exchange approval of such listing.
- Net comprehensive income1 is expected to be a loss of
$110 million to$130 million , quarter-to-date, bringing Partners' Capital to approximately$2.45 billion . The Company's operating business lines are expected to remain profitable.3 - Since the end of the fourth quarter 2021, total cryptocurrency market capitalization has decreased approximately 4%.4
- Total value locked in decentralized finance (or "DeFi") for the sector has decreased approximately 16% quarter-to-date to
$82 billion during the first quarter 2022.5 - Institutional adoption trends remained positive with over
$9 billion of private market deals announced year-to-date in 2022 alone according to Pitchbook, leading asset managers BlackRock, Fidelity, and others adding crypto investment products directly and through partnerships, and major traditional financial institutions such as JPMorgan Chase & Co and HSBC announcing a presence within the metaverse. - As a continuation of our partnership with Goldman Sachs, in
March 2022 we announced our trading desk executed the first OTC cryptocurrency non-deliverable option transaction. - The Company continues to drive growth through ongoing product launches across the platform, including the launch of the CI Galaxy Multi-Crypto ETF in
February 2022 , in a continuation of our partnership with CI. - Also in
February 2022 , our Investment Banking business ("GDIB") team worked on two fundraising rounds, Qredo's$85 million Series A financing, where we were the exclusive financial advisor and sole placement agent, and Compute North's$80 million Series C financing, where we advised the Compute North team on the equity financing. - As a continuation of GDIB's relationship with Blockdaemon, a leading blockchain infrastructure company for node management and staking, our team acted as exclusive financial advisor on Blockdaemon's announced acquisition of Gem in
March 2022 . - GDIB also served as financial advisor and capital markets advisor to the Thunder Bridge IV, a special purpose acquisition vehicle company, on its merger agreement with
Coincheck , a multi-cryptocurrency marketplace and digital asset exchange.
Select Financial Highlights for the Fourth Quarter 2021
- Net comprehensive income1 increased 55% to
$521.3 million , from net comprehensive income of$335.6 million in the prior year period. - The increase was primarily a result of strong contributions from our Trading and
Principal Investment businesses driving realized and unrealized gains on digital assets and on investments, partially offset by higher operating expenses. - Income from our trading business increased 33% to
$390.4 , from$294.4 million in the prior year period, primarily due to realized and unrealized gains on digital assets.
Operating Highlights for the Fourth Quarter 2021
- Galaxy Digital Trading ("GDT") results reflected a strong quarter, with continued growth in client count, and revenue from counterparty trading and our loan and yield portfolio.
- For the year ended
December 31, 2021 , cumulative client-facing trading and lending, which consists of electronic and derivatives liquidity provisioning, our quantitative execution strategies, and our counterparty lending, accounted for an approximately 10% contribution to total GDT net revenues (consisting of net realized gains, net unrealized gains, and net interest income). - In the quarter ended
December 31, 2021 , GDT counterparty volumes were up 60%+ sequentially quarter over quarter. - In the quarter ended
December 31, 2021 , GDT's counterparty loan and yield portfolio grew 15%+ sequentially quarter over quarter and 550%+ year over year to approximately$735 million , and the Company grew cumulative gross counterparty loan originations year over year to approximately$5 billion . - GDT onboarded 61 new counterparties to our trading platform, bringing our total trading counterparties to over 750, and continues to provide liquidity in over 100 cryptocurrencies.
- Galaxy Digital Asset Management ("GDAM") reported preliminary AUM of
$2.9 billion as ofDecember 31, 2021 , a 29% increase from the quarter endedSeptember 30, 2021 , and a 256% increase year-to-date. AUM consisted of$2.2 billion inGDAM's Galaxy Fund Management products, and$658 million in the Galaxy Interactive venture franchise6. - In
October 2021 , Galaxy Interactive, already the largest franchise dedicated to the interactive sector, finalized an incremental raise of$325 million of committed capital for its second fund, with participation from over 70 new LPs, including institutional investors, endowments, strategic investors, and family offices. - New product launches within the quarter included the Galaxy Solana Funds, passively managed funds that seek to track the performance of the newly-launched Bloomberg Galaxy Solana Index (Ticker: SOL); the launch of two passively managed ETFs focused on digital assets and blockchain (Tickers: SATO and BLKC) through a partnership with Invesco; and the launch of the
GVH Market Neutral Fund of Funds , the third fund in the suite of Galaxy Vision Hill ("GVH") products. - Galaxy Digital Investment Banking ("GDIB") served as advisor on five fundraising and M&A transactions during the quarter, and is actively executing on several active mandates for leading companies in the blockchain and cryptocurrency ecosystem. For the full year 2021, GDIB completed eight deals. Within the fourth quarter 2021, GDIB completed the following transactions:
- Served as digital assets advisor for Iris Energy, a leading Bitcoin mining company, for its
November 2021 Nasdaq IPO. - Acted as the exclusive advisor and sole placement agent on a
$50 million capital raise for CoreWeave, a specialized cloud provider for both proprietary and client use cases across the digital asset, machine learning, and VFX rendering spaces inOctober 2021 . - Served as sell-side advisor to BRD, a leading crypto wallet that had nearly 10 million global customers at the time of acquisition, on its announced sale to
Coinbase inNovember 2021 . - Served as exclusive Financial Advisor to Blockdaemon, a leading blockchain infrastructure company for node management and staking on its acquisition of Anyblock Analytics, which closed in
November 2021 . - Served as a placement agent on a bridge financing convertible debt transaction for a payments infrastructure provider in
December 2021 . - Galaxy Digital Mining ("GDM") continued to expand both its proprietary bitcoin mining operation and mining finance ("MiFi") offerings to support the full breadth of the bitcoin mining ecosystem, while maintaining an over 80% sustainable energy mix for all mining operations.
- Proprietary mining operations continued to mine bitcoin at a marginal cost that is 80%+ lower than fair market value.
- GDM increased forward purchase commitments withing the quarter and now expects to achieve over 2,500 Petahash per second (PH/s) of mining capacity for both proprietary and miner-finance operations, from monthly deliveries by the end of 2022.
- As a continuation of GDM's public dedication to managing its carbon footprint and increasing the use of clean energy, as of
December 31, 2021 , over 80% of GDM's energy use continues to come from sustainable sources. - Principal Investments ("GDPI"): The Company now holds 122 investments across 86 portfolio companies as of
December 31, 2021 . Within the fourth quarter 2021, GDPI made investments in a number of companies includingChaos Labs , Sealance, and Skolem.
Additional Corporate Updates
- Hiring: The Company has hired a number of senior executives for key leadership roles including:
Sebastian Benkert , Chief Marketing Officer.Mr. Benkert has significant marketing and communications experience, and joined the Company from ARK Invest where he most recently served as Chief Marketing Officer.Felix Cua ,Chief Risk Officer .Mr. Cua joined the Company fromCapstone Investment Advisors where he served asChief Risk Officer , overseeing market risk strategies and previously served as the Head of Risk forCitadel Investment Group's Global Fixed Income business for seven years.Alex Field , VP Engineering.Mr. Field joined the Company from Goldman Sachs where he spent 15 years developing financial markets software, with significant experience developing financial market software, managing large global engineering teams and in portfolio optimization and alternative data research.Tom Harrop , Head ofTreasury .Mr. Harrop joined the Company from Credit Suisse where he served asAmericas Treasurer and Co-Head of theGlobal Liquidity Group . Prior to Credit Suisse, he held a number of treasury and liquidity roles as a Managing Director at Goldman Sachs.Chris Rhine , Portfolio Manager, Long-Only Active Strategies.Mr. Rhine joined the Company from Cohen & Steers where he served as a Senior Vice President and Head ofStrategic Equities , Head of Global Natural Resources, and Portfolio Manager for Global Listed Infrastructure.Eddie Schwartz , Chief Security Officer.Mr. Schwartz joined the Company from Block.one where he served as CSO and led numerous security, IT, and cloud infrastructure programs within the blockchain and crypto space.Andrew Taubman , Head of Operations Technology.Mr. Taubman joined the Company fromBridgewater Associates where he served as Head of Middle/Back Office Transformation, Change Management, and Strategic Relationship Management. Prior toBridgewater Associates , he held senior operations and technology roles at BNY Mellon andFidelity Investments .- Board of Directors: in
March 2022 , the Company appointedJane Dietze to its Board of Directors.Ms. Dietze is the Chief Investment Officer and Vice President ofBrown University . - Sustainability Program: the Company publicly launched a Sustainability Program and Strategy in
February 2022 , underscoring the Company's commitment to responsible environmental practices, a robust corporate governance strategy and an equitable, inclusive environment for employees. The Program is overseen by the Company's Board of Directors, supported by anESG Steering Committee comprised of senior executives across the Company's business lines and corporate functions.
________________________________ |
1 Excluding non-controlling interests ("NCI"). Non-controlling interests have been reclassified within |
3 Note: This preliminary, unaudited quarter-to-date financial data is as of |
Important
Change in Financial Statements Presentation
Please note that Non-controlling interests were reclassified from "Equity" to "Liabilities" within
Earnings Conference Call
An investor conference call will be held today,
About
Additional information about
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.
The performance of the Funds will vary from the performance of their respective indices.
BLOOMBERG is a trademark or service mark of
This press release contains certain pre-released first quarter 2022 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 the Company's management. The Company'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 and year end accounting procedures and adjustments and annual independent audit. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.
No Offer or Solicitation
In connection with the proposed reorganization and combination with BitGo, the Company has filed a registration statement, including a management information circular/prospectus and a consent solicitation statement/prospectus, with the
The proposed reorganization and domestication is subject to approval by shareholders of the Company and applicable regulatory authorities, including the
This release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of any of the proposed transactions. This release 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 release 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, including with respect to mining capacity. Statements that are not historical facts, including statements about the pending acquisition, 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. Forward-looking statements in this release may include, for example, statements about: our ability to complete the transactions within a particular timeframe. The forward-looking statements contained in this report 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 reorganization transactions or combination with BitGo, due to the failure to obtain shareholder and stock exchange approvals, the failure to satisfy any other conditions to closing, 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 or satisfying any other conditions to closing; (3) the outcome of any legal proceedings that may be instituted following the transactions and any definitive agreements with respect thereto; (4) the ability to meet and maintain listing standards following the consummation of the transactions; (5) the risk that the transactions disrupt current plans and operations; (6) costs related to the transactions; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (10) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (11) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (12) those other risks contained in the Annual Information Form for the year ended
(in thousands) | ||
Assets | ||
Current assets | ||
Cash | $ 811,129 | 137,951 |
Digital assets | 2,420,777 | 931,480 |
Receivable for digital asset trades | 8,332 | 13,204 |
Digital asset loans receivable | 192,684 | 96,724 |
Digital assets receivables | 52,998 | 12,813 |
Assets posted as collateral | 71,400 | 15,768 |
Receivables | 26,665 | 2,710 |
Due from broker | 29,647 | 4,452 |
Derivative assets | 45,669 | 39,025 |
Prepaid expenses and other assets | 66,793 | 6,494 |
Loans receivable | 190,087 | 8,510 |
Due from related party | 25,023 | — |
Total current assets | 3,941,204 | 1,269,131 |
Digital assets receivables | 18,659 | 6,911 |
Investments | 1,069,776 | 260,383 |
Right of use asset | 11,746 | 4,573 |
Property and equipment | 17,162 | 3,693 |
Deferred tax asset | 10,259 | — |
Intangible assets | 3,087 | 2,406 |
24,645 | 15,515 | |
Total non-current assets | 1,155,334 | 293,481 |
Total assets | $ 5,096,538 | $ 1,562,612 |
Liabilities and Equity | ||
Current liabilities | ||
Digital assets sold short | $ — | $ 5,278 |
Investments sold short | 11,630 | 4,384 |
Derivative liabilities | 25,567 | 23,103 |
Warrant liability | 20,488 | 20,781 |
Accounts payable and accrued liabilities | 146,243 | 34,154 |
Payables to customers | 142,441 | — |
Taxes payable | 42,341 | — |
Payable for digital asset trades | 13,216 | 33,329 |
Digital asset loans payable | 905,013 | 307,499 |
Loans payable | 33,289 | — |
Collateral payable | 480,088 | 44,660 |
Lease liability | 2,164 | 742 |
Non-controlling interests liability | 161,536 | 285,956 |
Total current liabilities | 1,984,016 | 759,886 |
Notes payable | 475,330 | — |
Deferred tax liability | 25,608 | — |
Lease liability | 13,233 | 4,515 |
Total non-current liabilities | 514,171 | 4,515 |
Total liabilities | 2,498,187 | 764,401 |
Equity | ||
Partners' capital | 2,598,351 | 798,211 |
Total equity | 2,598,351 | 798,211 |
Total liabilities and equity | $ 5,096,538 | $ 1,562,612 |
(in thousands) | Three months ended | Three months | Year ended | Year ended |
Income | ||||
Advisory and management fees | $ 7,855 | $ 5,013 | $ 15,736 | $ 9,615 |
Net realized gain (loss) on digital assets | 315,628 | 250,270 | 1,014,260 | 271,108 |
Net realized gain (loss) on investments | 6,330 | (605) | 231,388 | 10,796 |
Interest income | 33,656 | 1,720 | 73,051 | 6,132 |
Net derivative gain (loss) | (94,595) | (251) | 10,761 | 5,699 |
Net income from digital asset mining | 6,996 | — | 10,922 | — |
Leasing income from mining equipment | 1,387 | — | 3,781 | — |
Other income | 519 | 679 | 5,682 | 810 |
277,776 | 256,826 | 1,365,581 | 304,160 | |
Operating expenses | ||||
Compensation and compensation related | (22,353) | 14,794 | 114,426 | 34,164 |
Equity based compensation | 26,052 | 3,600 | 70,891 | 11,851 |
General and administrative | (9,475) | 6,060 | 35,214 | 15,127 |
Professional fees | 16,182 | 2,684 | 53,329 | 7,664 |
Profit share arrangement expense | 2,534 | — | 16,568 | — |
Interest | 18,510 | 5,590 | 70,155 | 9,729 |
Notes interest expense | 1,769 | — | 1,769 | — |
Insurance | 434 | 235 | 1,517 | 1,090 |
Director fees | 198 | 119 | 699 | 249 |
33,851 | (33,082) | (364,568) | (79,874) | |
Net unrealized gain (loss) on digital assets | 228,925 | 212,842 | 451,465 | 239,720 |
Net unrealized gain (loss) on investments | 145,768 | 61,911 | 546,997 | 90,587 |
Net gain (loss) on notes payable - derivative | 12,132 | — | 12,132 | — |
Net unrealized gain (loss) on warrant liability | (20,842) | (14,318) | (45,644) | (14,318) |
Foreign currency gain (loss) | 948 | (600) | 2,590 | (1,388) |
(Gain) loss attributable to non-controlling interests liability | (32,646) | (147,857) | (197,376) | (153,385) |
334,285 | 111,978 | 770,164 | 161,216 | |
Income before income taxes | 578,210 | 335,722 | 1,771,177 | 385,502 |
Income taxes | 56,900 | — | 56,900 | — |
Net income for the period | $ 521,310 | $ 475,200 | $ 1,714,277 | $ 385,502 |
Other comprehensive income | ||||
Foreign currency translation adjustment | $ 26 | $ (78) | $ 367 | $ 17 |
Net comprehensive income for the period | $ 521,336 | $ 335,644 | $ 1,714,644 | $ 385,519 |
Reportable segments (unaudited)
Income and expenses by each reportable segment of
Trading | Principal Investments | Asset Management | Investment Banking | Mining | Corporate and Other | Totals | |
Income (loss) | |||||||
Advisory and management fees | $ 1 | $ — | $ 3,762 | $ 4,092 | $ — | $ — | $ 7,855 |
Net realized gain (loss) on digital assets | 305,021 | 3,223 | 7,384 | — | — | — | 315,628 |
Net realized gain (loss) on investments | — | 6,391 | (61) | — | — | — | 6,330 |
Interest Income | 33,279 | 377 | — | — | — | — | 33,656 |
Net derivative gain (loss) | (94,595) | — | — | — | — | — | (94,595) |
Net income from digital asset mining | — | — | — | — | 6,996 | — | 6,996 |
Leasing income from mining equipment | — | — | — | — | 1,387 | — | 1,387 |
Other Income | 443 | — | 3 | 58 | 15 | — | 519 |
244,149 | 9,991 | 11,088 | 4,150 | 8,398 | — | 277,776 | |
Operating expenses | 14,143 | 677 | 9,676 | 611 | 3,458 | 5,286 | 33,851 |
Net unrealized gain (loss) on digital assets | 157,441 | 45,578 | 26,578 | — | (672) | — | 228,925 |
Net unrealized gain (loss) on investments | 2,050 | 129,919 | 13,799 | — | — | — | 145,768 |
Net unrealized gain (loss) on notes payable - derivative | — | — | — | — | — | 12,132 | 12,132 |
Net unrealized gain (loss) on warrants | — | — | — | — | — | (20,842) | (20,842) |
Foreign currency gain (loss) | 950 | — | — | — | — | (2) | 948 |
(Gain) loss attributable to non-controlling interests | — | — | (32,646) | — | — | — | (32,646) |
160,441 | 175,497 | 7,731 | — | (672) | (8,712) | 334,285 | |
Income (loss) for the period before taxes | $ 390,447 | $ 184,811 | $ 9,143 | $ 3,539 | $ 4,268 | $ (13,998) | $ 578,210 |
Income tax expense | — | — | — | — | — | (56,900) | (56,900) |
Net income (loss) for the period | $ 390,447 | $ 184,811 | $ 9,143 | $ 3,539 | $ 4,268 | $ (70,898) | $ 521,310 |
Foreign currency translation adjustment | — | — | — | — | — | 26 | 26 |
Net comprehensive income (loss) for the period | $ 390,447 | $ 184,811 | $ 9,143 | $ 3,539 | $ 4,268 | $ (70,872) | $ 521,336 |
Income and expenses by each reportable segment of
Trading | Principal Investments | Asset Management | Investment Banking | Mining | Corporate and Other | Totals | |
Income (loss) | |||||||
Advisory and management fees | $ 26 | $ — | $ 1,519 | $ 3,468 | $ — | $ — | $ 5,013 |
Net realized gain (loss) on digital assets | 236,158 | 2,494 | 11,618 | — | — | — | 250,270 |
Net realized gain (loss) on investments | — | (605) | — | — | — | — | (605) |
Interest Income | 2,068 | (380) | — | 32 | — | — | 1,720 |
Net derivative gain (loss) | (251) | — | — | — | — | — | (251) |
Other Income | 733 | 22 | (45) | (31) | — | — | 679 |
238,734 | 1,531 | 13,092 | 3,469 | — | — | 256,826 | |
Operating expenses | 14,033 | 270 | 5,918 | 1,124 | 492 | 11,245 | 33,082 |
Net unrealized gain (loss) on digital assets | 70,315 | 8,280 | 134,247 | — | — | 212,842 | |
Net unrealized gain (loss) on investments | — | 61,911 | — | — | — | 61,911 | |
Net unrealized gain (loss) on warrants | — | — | — | — | — | (14,318) | (14,318) |
Foreign currency gain (loss) | (600) | — | — | — | — | (600) | |
(Gain) loss attributable to non-controlling interests | — | — | (147,857) | — | — | — | (147,857) |
69,715 | 70,191 | (13,610) | — | (14,318) | 111,978 | ||
Net income (loss) for the period | $ 294,416 | $ 71,452 | $ (6,436) | $ 2,345 | $ (25,563) | $ 335,722 | |
Foreign currency translation adjustment | — | — | — | — | — | (78) | (78) |
Net comprehensive income (loss) for the period | $ 294,416 | $ 71,452 | $ (6,436) | $ 2,345 | $ — | $ (25,641) | $ 335,644 |
Assets and liabilities by reportable segment of
(in thousands) | Trading | Principal Investments | Asset Management | Investment Banking | Mining | Corporate and Other | Totals |
Total assets | $ 2,971,090 | $ 1,277,707 | $ 193,436 | $ 10,727 | $ 292,942 | $ 350,636 | $ 5,096,538 |
Total liabilities | $ 1,666,488 | $ 174 | $ 171,784 | $ 122 | $ 3,202 | $ 656,417 | $ 2,498,187 |
Assets and liabilities by reportable segment of
(in thousands) | Trading | Principal Investments | Asset Management | Investment Banking | Corporate and Other | Totals |
Total assets | $ 896,730 | $ 319,980 | $ 306,065 | $ 6,190 | $ 30,014 | $ 1,562,612 |
Total liabilities | $ 439,709 | $ 101 | $ 304,126 | $ 22 | $ 20,443 | $ 764,401 |
Select statement of financial position information
The fair value of each asset class by reporting segment of
(in thousands) | Trading | Principal Investments | Asset Management | Investment Banking | Mining | Corporate and Other | Totals |
Digital assets | $ 2,121,772 | $ 123,210 | $ 165,300 | $ — | $ 10,495 | $ — | $ 2,420,777 |
Digital assets receivable | — | 71,657 | — | — | — | — | 71,657 |
Digital assets posted as collateral | 71,400 | — | — | — | — | — | 71,400 |
Investments: | |||||||
Pre-Launch Network | — | 6,393 | — | — | — | — | 6,393 |
Convertible Notes | — | 9,768 | — | — | — | — | 9,768 |
Preferred Stock | — | 382,182 | — | — | — | — | 382,182 |
Common Stock | 34,991 | 236,303 | — | — | — | — | 271,294 |
LP/LLC Interests | — | 383,279 | — | — | — | — | 383,279 |
Warrants/Trust Units/Trust Shares | 7,963 | 8,897 | — | — | — | — | 16,860 |
$ 2,236,126 | $ 1,221,689 | $ 165,300 | $ — | $ 10,495 | $ — | $ 3,633,610 |
The fair value of each asset class by reporting segment of
(in thousands) | Trading | Principal Investments | Asset Management | Investment Banking | Corporate and Other | Totals |
Digital assets | $ 544,796 | $ 100,730 | $ 285,954 | $ — | $ — | $ 931,480 |
Digital assets posted as collateral | 15,625 | — | — | — | — | 15,625 |
Investments: | ||||||
Pre-Launch Network | — | 500 | — | — | — | 500 |
Convertible Notes | — | 4,501 | — | — | — | 4,501 |
Preferred Stock | — | 86,258 | — | — | — | 86,258 |
Common Stock | — | 29,970 | — | — | — | 29,970 |
LP/LLC Interests | — | 84,311 | — | — | — | 84,311 |
Warrants/Trust Units | 30,654 | 24,189 | — | — | — | 54,843 |
$ 600,407 | $ 340,851 | $ 285,954 | $ — | $ — | $ 1,227,212 |
All figures are in
SOURCE
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