Galaxy Digital’s Q3 growth can be attributed to Bitcoin momentum?

Founder and CEO of Galaxy Digital, Michael Novogratz announced today that the firm’s OTC Trading business has had its best quarter yet. The CEO said: 

We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.

He further said that the business generated $1.4 bln worth of trading volume, in Q3. This represented a 75 percent year-over-year increase: 

Galaxy Digital Trading (“GDT”) delivered the best quarter in its history in the third quarter, with trading volume of approximately $1.4 billion in the period, and up 75%+ year over year.

Galaxy Digital Asset Management (GDAM) had assets under management of $407.4 million at the end of the third quarter. Its Bitcoin funds returned 17.3 percent in the last quarter and its Galaxy Crypto ‘Index Fund’ was up 32.2 percent. 

Back in September, Galaxy Digital had also launched a cryptocurrency mining practice strategically focused on providing financial tools for North American miners. Galaxy Digital’s soaring trading volume can be linked to Bitcoin’s growing momentum in the markets.

Meanwhile, in other news, the billionaire investor, Novogratz, who was a former partner at Goldman Sachs, predicted that all banks and financial corporations could soon begin to invest funds in BTC and that, amid current events, the Rubicon in BTC adoption had been crossed.

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