Galaxy Digital had net sales of $ 860 million in the first quarter of 2021

Galaxy Digital Holdings, a cryptocurrency-focused investment manager, had a great first quarter thanks to rising digital asset valuations.

The company’s total income, which includes net income and unrealized income, increased to $ 860.2 million for the quarter ended March 31, 2021. In the first quarter of 2020, Galaxy Digital posted losses of $ 26.9 million.

Assets under management increased 58% for the quarter. Transaction revenue increased from a loss of $ 31.5 million in the first quarter of last year to $ 508.7 million.

Galaxy Digital had net sales of $ 860 million in the first quarter of 2021
Galaxy Digital had net sales of $ 860 million in the first quarter of 2021

Galaxy Digital’s three Bitcoin funds had a year-to-date return of 101.92% as of March 31.

“In addition to the spectacular organic growth, we are pleased to announce the acquisition of BitGo, which will establish Galaxy Digital as the first full-service digital asset finance platform for institutions and ensure that our business is geared towards wider institutional adoption,” said the CEO. Michael Novogratz.

Galaxy Digital announced earlier this month that it would acquire BitGo, a leading cryptocurrency administrator and service provider, for $ 1.2 billion in stocks and cash. Galaxy will use your balance to fund the acquisition and will defer the remainder of the payment for up to 12 months after the deal is closed.

The Novogratz-led company is one of several institutions battling to list the first exchange-traded Bitcoin fund in the United States. As Cointelegraph previously reported, Galaxy Digital filed its application for a Bitcoin ETF with the US Securities and Exchange Commission on April 12th.

Many proponents of cryptocurrencies believe that a Bitcoin ETF could accelerate the institutional adoption of digital assets in the US. The SEC has not yet approved Bitcoin ETFs due to volatility and price manipulation concerns.

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