![\"Mike](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/08\/mike-novogratzs-galaxy-digital-holdings-reports-38-5-million-income-for-q2-weve-crossed-the-rubicon-768x432.jpg\")
<\/p>\n<\/p>\n
Galaxy Digital Holdings reported on Friday, August 14 that its comprehensive income for Q2 grew to $38.5 million. The figure reflects both net realized and unrealized gains from digital assets, as well as investing activities of $28.3 million.<\/strong><\/p>\n In an earnings call<\/a>, Galaxy Digital President, Chris Ferraro, said operating revenue growth is just over 24% for the first half of 2020 versus the same period last year.<\/p>\n Ferraro explained that “this is across all of our operating business lines, including asset management and advisory service fees, financing activities and derivative gains.”<\/p>\n In Q2, Galaxy Digital saw its over-the-counter (OTC) trading desk generate over $1 billion of the quarterly volume. According to Ferraro, this figure is Galaxy Digital’s “second-largest quarter by volume in operating history.”<\/p>\n The firm’s OTC volumes represent “over 15% sequential quarterly growth over Q1 and 46% sequential growth when compared to Q4 2019.” Ferraro also adds that when excluding equivalent option volume, “spot OTC volumes were still up 2% sequentially, while industry spot exchange volumes were down 17%.”<\/p>\n To Ferraro and his team this signals “a continuing market share gains for the Galaxy trading platform.”<\/p>\n Meanwhile, speaking earlier, Galaxy Digital CEO and Founder, Mike Novogratz remarked that he thought “we’ve crossed the Rubicon, and that everyone is scrambling to try to be in this business.”<\/p>\n Novogratz believes this question has been settled and bitcoin is now an asset while blockchains “are being deployed all over the place.”<\/p>\n Commenting on the market composition and the dropping bitcoin volatility, Novogratz says increasing institutional adoption will be good for the crypto market going forward.<\/p>\n “Listen, we were at 98% retail market. We’re not — we’re not anymore, but we’re — but we haven’t done a 50% market. What’s good about the institutional hands is they’re less leveraged, but it’s hard to get leveraged institutionally in the space at this point, where a lot of retail get leveraged out on the Asian Exchanges,” explained Novogratz.<\/p>\n To emphasize his convictions about bitcoin, Novogratz points to recent reports<\/a> that the Nasdaq listed Microstrategy had invested in bitcoins. He explains how that is likely to impact the market:<\/p>\n “And so when — when this public company buys $250 million worth and puts them in their Treasury, most likely they’re not selling those in the next few weeks.”<\/p>\n Novogratz also said a Nasdaq listing is “certainly something on our mind” but did not give a specific timeframe for this.<\/p>\n Meanwhile, Galaxy Holdings’ digital assets, including digital assets posted as collateral, stood at $170.8 million as at 30 June 2020, an increase of $76.6 million from December 31, 2019.<\/p>\n However, this increase was primarily due to the increase in the fair value of the digital assets during the period, as the prices of digital assets held by the “partnership” increased, as well as an increase in the holdings of certain digital assets.<\/p>\n What do you think of Galaxy Digital’s financial performance? Tell us your thoughts in the comments section below. <\/strong><\/em><\/p>\n The post Mike Novogratz’s Galaxy Digital Holdings Reports $38.5 Million Income for Q2: “We’ve Crossed the Rubicon’ <\/a> appeared first on Bitcoin News<\/a>.<\/p>\n