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Galaxy Digital Announces 2021 Financial Results

·31 min read

Net comprehensive income1 increased 345% to $1.7 billion versus prior year
Partners' Capital increased 226% to $2.6 billion versus prior year
Assets Under Management ("AUM")2 increased 256% since Q4 2020
Galaxy remains committed to listing in the U.S. and closing the BitGo acquisition

NEW YORK, March 31, 2022 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" the "Company" or "GDH Ltd.") today released financial results for the year ended December 31, 2021 for both itself and Galaxy Digital Holdings LP (the "Partnership" or "GDH LP").

Galaxy Digital Announces 2021 Financial Results (CNW Group/Galaxy Digital Holdings Ltd.)
Galaxy Digital Announces 2021 Financial Results (CNW Group/Galaxy Digital Holdings Ltd.)

"2021 was a transformational year for both Galaxy Digital and our industry. While providing shareholders a net comprehensive income of $1.7 billion for the full year 2021, we also grew headcount over 200% to support continued growth across all our businesses," said Michael Novogratz, Founder and CEO of Galaxy Digital.

"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.

  • Partners' Capital increased 226% to $2.6 billion, from $798.2 million at the end of the prior year period.

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:

  • U.S. Listing: As previously announced, the Company intends to complete its proposed reorganization and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange approval of such listing.

Quarter-to-date Company and Market Updates for First Quarter 2022, through Monday, March 28th, 2022

  • 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.

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.

  • Galaxy Digital Asset Management ("GDAM") reported preliminary AUM of $2.9 billion as of December 31, 2021, a 29% increase from the quarter ended September 30, 2021, and a 256% increase year-to-date. AUM consisted of $2.2 billion in GDAM's Galaxy Fund Management products, and $658 million in the Galaxy Interactive venture franchise6.

  • 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:

  • 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.

  • 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 including Chaos Labs, Sealance, and Skolem.

Additional Corporate Updates

  • Hiring: The Company has hired a number of senior executives for key leadership roles including:

  • Board of Directors: in March 2022, the Company appointed Jane Dietze to its Board of Directors. Ms. Dietze is the Chief Investment Officer and Vice President of Brown 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 an ESG 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 Galaxy Digital Holdings LP's financial statements. Please refer to the disclosure on page 4 of this Press Release entitled "Changes in Financial Statements Presentation" for important information regarding the reclassification of non-controlling interests.
2 AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by affiliates. Changes in AUM are generally the result of performance, contributions, and withdrawals.

3 Note: This preliminary, unaudited quarter-to-date financial data is as of March 28, 2022 and excludes impacts from the quarterly valuation process of our investment portfolio. This data is subject to change as management completes its quarterly close procedures; excluding non-controlling interests.
4 Represents coinmarketcap.com total cryptocurrency market capitalization quoted price.
5 Represents total value locked in DeFi according to defipulse.com.
6 Represents $650 million committed capital in Galaxy Interactive funds, and $8 million in an investment SPV.

Important U.S. Tax Information – Action Required by U.S. Shareholders

Galaxy Digital shareholders who are U.S. taxpayers should be aware that there may be significant and adverse U.S. federal income tax consequences relating to Galaxy Digital's PFIC status for 2021 and prior years and in connection with Galaxy Digital's domestication from Cayman to Delaware unless they make certain elections on their originally filed U.S. federal income tax returns for 2021, which are generally due on April 18, 2022 (subject to allowable extensions). These consequences and, therefore, the need to take action apply to both direct and indirect holdings of Galaxy Digital shares. These elections are described in the notice posted by Galaxy Digital in March 2022 on its website at https://investor.galaxydigital.io/financials/annual-reports/default.aspx. Before filing their U.S. federal income tax returns for 2021, direct and indirect Galaxy Digital shareholders who are, or who have investors who are, U.S. taxpayers are urged to review the notice and to consult their tax advisors regarding the advisability of making these elections on their U.S. federal income tax returns for 2021.

Change in Financial Statements Presentation

Please note that Non-controlling interests were reclassified from "Equity" to "Liabilities" within Galaxy Digital Holdings LP's Consolidated statements of financial position. Similarly, Gains and losses attributed to the non-controlling interests were reclassified from "Net Income attribution" to "Expenses" within Galaxy Digital Holdings LP's Consolidated statements of comprehensive income. Because Non-controlling interests comprise assets from third-party investors in funds that we consolidate (based on an accounting control determination), the corresponding gains and losses attributed to these non-controlling interests are not attributable to the Partnership. As such, we historically excluded these amounts from the select financial data presented in the MD&A since these gains and losses were not part of our results of operations. Following the reclassification, we will continue to exclude these amounts from the select financial data presented in the MD&A as their nature did not change, and these gains and losses continue to not be a part of our operational results. As background, IFRS requires limited partner capital to be recognized as a liability if the Partnership does not have the unconditional right to suspend distributions indefinitely. Although the Partnership has the unilateral right to suspend distributions and the computation of the Net Asset Value for these funds, it does not have an unconditional right. For additional information regarding these changes in presentation, please refer to the "Change in Financial Statements Presentation" section within "Annual Highlights & Results" of the Partnership's MD&A.

Earnings Conference Call

An investor conference call will be held today, March 31, 2022 at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxydigital.io/. The conference call can also be accessed by investors in the United States or Canada by dialing 1-877-407-0789, or 1-201-689-8562 (outside the U.S. and Canada). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website. Through April 21, 2022, the recording will also be available by dialing +1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) passcode: 13727641.

About Galaxy Digital Holdings Ltd. (TSX: GLXY) ("GDH Ltd.") and Galaxy Digital Holdings LP ("GDH LP")

GDH Ltd.'s only significant asset is a minority investment in GDH LP. GDH LP is a diversified, financial services and investment management company in the digital asset, cryptocurrency and blockchain technology sector. GDH LP's multi-disciplinary team has extensive experience spanning investing, portfolio management, capital markets, operations, and blockchain technology. Galaxy Digital operates in the following businesses: Trading, Asset Management, Investment Banking, Mining and Principal Investments. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey.

Additional information about GDH LP's businesses and products is available on www.galaxydigital.io.

This press release should be read in conjunction with (i) GDH LP's Management Discussion and Analysis and Consolidated Financial Statements for year ended December 31, 2021 and (ii) GDH Ltd.'s Management Discussion and Analysis and Consolidated Financial Statements for the year ended December 31, 2021 (together, the "Consolidated Financial Statements" and "MD&As"), which have been filed on SEDAR at www.sedar.com.

Disclaimers and Additional Information

The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy Digital.

The performance of the Funds will vary from the performance of their respective indices.

BLOOMBERG is a trademark or service mark of Bloomberg Finance L.P. GALAXY is a trademark of Galaxy Digital Capital Management LP (GDCM). Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg) are not affiliated with GDCM, the Galaxy Funds and their respective affiliates (collectively, Galaxy). Bloomberg's association with Galaxy is to act as the administrator and calculation agent of the Indices (collectively, the "Index"), which is the property of Bloomberg. Neither Bloomberg nor Galaxy guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or results to be obtained. Neither Bloomberg nor Galaxy make any warranty, express or implied, as to the Index, any data or values relating thereto or any financial product or instrument linked to, using as a component thereof or based on the Index (Products) or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensees, Galaxy, and their respective employees, contractors, agents, suppliers, and vendors shall have no liability or responsibility whatsoever for any injury or damages—whether direct, indirect, consequential, incidental, punitive, or otherwise—arising in connection with the Index, any data or values relating thereto or any Products—whether arising from their negligence or otherwise.

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 SEC, which has not yet become effective. GALAXY AND BITGO SHAREHOLDERS ARE ADVISED TO READ THE FINAL VERSIONS OF SUCH DOCUMENTS, WHEN AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the registration statement (including the management information circular/prospectus and the consent solicitation statement/prospectus) and any other relevant documents from the SEC's website at http://www.sec.gov. Copies of the final versions of such documents can also be obtained, when available, without charge, via Galaxy Digital's investor relations website: https://investor.galaxydigital.io.

The proposed reorganization and domestication is subject to approval by shareholders of the Company and applicable regulatory authorities, including the Toronto Stock Exchange. The Company anticipates holding a shareholder meeting to seek approval following the effectiveness of the registration statement, and further details will be included in the management information circular to be mailed to shareholders and posted on the Company's SEDAR profile at www.sedar.com.

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 December 31, 2021 available on the Company's profile at www.sedar.com and (13) other risks and uncertainties to be indicated from time to time in filings made with the SEC. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

Galaxy Digital Holdings LP's Consolidated Statements of Financial Condition (unaudited)

(in thousands)

December 31, 2021

December 31, 2020

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

Goodwill

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

Galaxy Digital Holdings LP's Consolidated Statements of Comprehensive Income (unaudited)

(in thousands)

Three months ended
December 31, 2021

Three months
ended
December 31, 2020

Year ended
December 31, 2021

Year ended
December 31, 2020

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 GDH LP for the three months ended December 31, 2021 are as follows:


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 GDH LP for the three months ended December 31, 2020 are as follows:


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 GDH LP as of December 31, 2021 are as follows:

(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 GDH LP as of December 31, 2020 are as follows:

(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 GDH LP as of December 31, 2021 is as follows:

(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 GDH LP as of December 31, 2020 is as follows:

(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 U.S. Dollars unless otherwise noted.

SOURCE Galaxy Digital Holdings Ltd.

Cision
Cision

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