Galaxy Digital announces new CFO, company-wide growth in Q4 financial report

Mar 30, 2021 | The Block News | 0 comments


Mike Novogratz’s crypto investment bank Galaxy Digital released its financial results for the fourth quarter of 2020, outlining growth across its asset management, trading, and new mining operation. 

The Canada-based, publicly-traded company said that its net comprehensive income came in at $335.7 million, an increase of 1,175% relative to the same quarter in 2019. Underpinning the firm’s income growth were fresh performance records across its business units. 

Its trading business, for instance, reported record trading volume with clients, while its asset management unit’s assets under management (AUM) climbed to $807 million by the end of the year—a 98% increase from its AUM at the end of September, the firm said. 

Its new mining business, led by Amanda Fabiano, established a bitcoin mining operation and has begun proprietary mining, according to the firm. 

The financial report also revealed the firm’s plans to conduct a secondary listing to trade on a US-based venue as well as the hire of a new chief financial officer. It’s unclear exactly what form that secondary listing would take. 

Alex Loffe, previously was CFO of Virtu Financial, has filled the C-suite position following the exit of Ash Prithipaul. 

Loffe is among the several new Wall Street vets to join Galaxy Digital’s ranks after Michael Ashe joined from Oppenheimer to leads investment banking. Alex Thorn, a more than 10 year veteran at Fidelity Investments, recently joined the firm to lead its new research business. 

The firm expects to expand its headcount by 40% over the next year. 

Galaxy Digital stock was up more than 2% during Tuesday morning trading and is up more than 119% year-to-date. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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