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Galaxy Digital Announces Second Quarter 2022 Financial Results

·25-min read

Net comprehensive loss of $554.7 million against digital asset price declines within quarter
Partners' Capital increased 23% versus second quarter 2021 to $1.8 billion
The Company maintains a strong liquidity position of $1.5 billion

NEW YORK, Aug. 8, 2022 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital", "Galaxy", the "Company" or "GDH Ltd.") today released financial results for the three and six months ended June 30, 2022 for both itself and Galaxy Digital Holdings LP (the "Partnership" or "GDH LP").

Galaxy Digital Logo (CNW Group/Galaxy Digital Holdings Ltd.)
Galaxy Digital Logo (CNW Group/Galaxy Digital Holdings Ltd.)

"I am proud of Galaxy's outperformance during a challenging market and macroeconomic environment. Prudent risk management, along with our commitment to exacting credit standards, allowed us to maintain over $1.5 billion in liquidity, including over $1.0 billion in cash, said Michael Novogratz, Founder and CEO of Galaxy Digital.

"We remain in strong position to weather prolonged volatility, and to take advantage of strategic opportunities to grow Galaxy in a sustainable manner."

Select Financial Highlights for the Second Quarter 2022

  • Net comprehensive loss was $554.7 million, compared to a $182.9 million loss in the prior year period.

  • Partners' Capital was $1.8 billion at the end of the quarter, up 23% from $1.5 billion in the prior year period.

  • Investments stood at $753.9 million as of June 30, 2022, a decrease of $252.2 million from March 31, 2022. The reduction was primarily driven by reduced valuations on certain investments due to external market conditions, partially offset by prudent realizations of certain investments.


_______________________

1

Represents coinmarketcap.com total cryptocurrency market capitalization quoted price.

2

Represents total value locked in DeFi according to defipulse.com.

3

Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position, less non-controlling interests liabilities.

 

Operating Highlights for the Second Quarter 2022

  • Galaxy Digital Trading ("GDT") reported continued growth in client count and strong revenue from our counterparty-facing businesses, against decreased counterparty trading volumes and digital asset price declines within the quarter.

  • Galaxy Digital Asset Management ("GDAM") reported preliminary assets under management ("AUM")5 of nearly $1.7 billion as of June 30, 2022, a 40% decrease against the 56% decrease of total cryptocurrency market capitalization from the quarter ended March 31, 2022. AUM consisted of $765 million in GDAM's Galaxy Fund Management products, and just over $930 million in the Galaxy Interactive venture franchise.6

  • Galaxy Digital Investment Banking ("GDIB") had a strong quarter growing the active deal pipeline, advising on marquee transactions, and adding $2.3 million of top line revenue in the quarter.

  • Galaxy Digital Mining ("GDM") had another quarter of strong results across its proprietary mining operations while continuing to take a prudent approach toward Miner Finance, resulting in revenue of $10.9 million and net comprehensive income of $1.5 million in the quarter.

  • Principal Investments ("GDPI"): The Company now holds 141 investments across 100 portfolio companies as of June 30, 2022. Within the second quarter 2022, GDPI followed a conservative approach to capital deployment and focused on smaller investments.


________________________

4

GDT Operational Net Revenue includes a credit impairment in the Second Quarter 2022, of approximately $10 million.

5

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.

6

June 30, 2022, AUM associated with Galaxy EOS VC Fund LP, which has now completed its investment period, is reported as NAV. Note that NAV for the Galaxy EOS VC Fund LP is calculated  as of March 31, 2022, the latest available NAV of the portfolio.

 

Corporate Updates

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

  • Share Repurchase Program: As announced on May 16, 2022, the Company has entered into a Share Repurchase Program and has purchased 4,092,952 of the 10,596,720 ordinary shares allowable as of August 5, 2022. The Company will continue to use the Program opportunistically at times when it believes that the current market price of its shares does not reflect their intrinsic value and that purchasing its own ordinary shares is consistent with the objective of creating long term shareholder value.

  • Hiring: In July 2022, the Company announced Danielle Johnson as Global Head of Distribution. Danielle joined the Company from Credit Suisse where she served as Managing Director leading Venture Capital coverage out of New York among various other senior positions. Prior to her time at Credit Suisse, she was a Managing Director at Goldman Sachs holding a number of roles across client relationship and institutional sales.

Earnings Conference Call

An investor conference call will be held today, August 8, 2022 at 8:30 AM Eastern Time. A live webcast with the ability to ask questions 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 August 29, 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: 13731282.

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

Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing institutions, startups, and qualified individuals access to the crypto economy. Our full suite of financial services is custom-made for a digitally native ecosystem, spanning multiple synergistic business lines: Trading, Asset Management, Investment Banking, Mining, and Ventures.

Galaxy's CEO and Founder Michael Novogratz leads a team of crypto enthusiasts and institutional veterans working together on a mission to engineer a new economic paradigm. The Company is headquartered in New York City, with offices in Chicago, New Jersey, London, Amsterdam, Hong Kong, Tokyo and the Cayman Islands (reg. office).

Additional information about Galaxy'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 Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2022 and (ii) GDH Ltd.'s Management Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2022 (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 information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about any fund, including important disclosures and risk factors associated with an investment in a fund, and is subject to change without notice. This information is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, shares or limited partnership interests in a fund. Investing in a fund and digital assets involves a substantial degree of risk. There can be no assurance that the investment objectives of a fund will be achieved. Any investment in a fund may result in a loss of the entire amount invested. Fund of funds subjects a fund to additional risks and expenses of the underlying funds.

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 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 release 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, regulatory 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) the Company's ordinary shares may experience price and trading volume volatility, (13) 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 in the Risks and Uncertainties section of the MD&As and (14) 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 Position (unaudited)

(in thousands)

June 30, 2022


December 31, 2021

Assets




Current assets




Cash

$                     1,013,895


$                         811,129

Digital assets

875,068


2,420,777

Receivable for digital asset trades

25,964


8,332

Digital assets loans receivable

69,881


192,684

Digital assets receivables

17,287


52,998

Assets posted as collateral

88,566


71,400

Receivables

42,678


26,665

Due from broker

59,959


29,647

Derivative assets

29,710


45,669

Prepaid expenses and other assets

64,802


25,768

Loans receivable

131,045


190,087

Due from related party


25,023

Total current assets

2,418,855


3,900,179





Digital assets receivables

6,072


18,659

Investments

753,947


1,069,776

Right of use asset

10,854


11,746

Property and equipment

154,218


58,187

Deferred tax asset

24,811


10,259

Intangible asset

2,460


3,087

Goodwill

24,645


24,645

Total non-current assets

977,007


1,196,359

Total assets

$                     3,395,862


$                     5,096,538





Liabilities and equity




Current liabilities




Investments sold short

8,923


11,630

Derivative liabilities

41,854


25,567

Warrant liability

625


20,488

Accounts payable and accrued liabilities

78,828


146,243

Payable to customers

142,936


142,441

Taxes payable

34,328


42,341

Payable for digital asset trades

17,494


13,216

Digital assets loans payable

425,108


905,013

Loans payable

105,783


33,289

Collateral payable

189,615


480,088

Due to related party

19,826


Lease liability

3,479


2,164

Non-controlling interest liability

50,070


161,536

Total current liabilities

1,118,869


1,984,016





Notes payable

424,842


475,330

Deferred tax liability

7,801


25,608

Lease liability

10,949


13,233

Total non-current liabilities

443,592


514,171

Total liabilities

1,562,461


2,498,187





Equity




Partners' capital

1,833,401


2,598,351

Total equity

1,833,401


2,598,351





Total liabilities and equity

$                     3,395,862


$                     5,096,538

 

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

(in thousands)

Three months
ended

June 30, 2022

Three months
ended

June 30, 2021

Six months
ended

June 30, 2022

Six months
ended

June 30, 2021

Income





Advisory and management fees

$                 6,228

$                 2,444

$               18,101

$                 4,357

Net realized gain (loss) on digital assets

(231,137)

(162,533)

123,844

568,179

Net realized gain (loss) on investments

3,491

41,363

72,929

192,501

Interest income

10,055

16,835

24,690

25,368

Net derivative gain (loss)

80,019

118,461

161,996

73,276

Net income from digital asset mining

10,947

2,161

20,756

3,902

Other income

1,154

3,357

2,001

4,544


(119,243)

22,088

424,317

872,127






Operating expenses





Compensation and compensation related

34,652

(11,319)

75,200

83,633

Equity based compensation

31,134

13,548

53,896

20,647

General and administrative

34,160

9,514

52,108

15,524

Professional fees

9,940

11,527

19,531

16,093

Profit share arrangement expense

8,033

12,165

Interest

12,067

18,467

24,874

32,260

Notes interest expense

7,336

14,610


(129,289)

(49,770)

(240,219)

(180,322)






Net unrealized gain (loss) on digital assets

(233,372)

(495,614)

(733,643)

(132,705)

Net unrealized gain (loss) on investments

(258,891)

165,052

(333,019)

223,334

Net gain (loss) on notes payable - derivative

51,104

57,597

Net gain (loss) on warrant liability

17,177

2,663

19,698

(34,154)

Foreign currency gain (loss)

(1,302)

(922)

715

1,795

(Gain) loss attributable to non-controlling interests
liability

100,606

173,612

114,017

(75,007)


(324,678)

(155,209)

(874,635)

(16,737)






Income (loss) before income taxes

(573,210)

(182,891)

(690,537)

675,068

Income taxes

(18,509)

(24,628)

Net income (loss) for the period

$           (554,701)

$           (182,891)

$           (665,909)

$            675,068






Other comprehensive income (loss)





Foreign currency translation adjustment

$                     (19)

$                      14

$                   (487)

$                    298






Net comprehensive income (loss) for the period

$           (554,720)

$           (182,877)

$           (666,396)

$            675,366

 


Three months ended
June 30, 2022

Three months ended
June 30, 2021

Six months ended
June 30, 2022

Six months ended
June 30, 2021

Net income (loss) per unit:





Basic

$                           (1.69)

$                           (0.56)

$                           (2.03)

$                             2.18

Diluted

(1.74)

(0.56)

(2.08)

1.97

Weighted average units:





Basic

328,899,160

315,298,478

328,316,833

314,535,548

Diluted

329,139,528

315,298,478

328,947,139

346,562,472

 

Reportable segments (unaudited)

Income and expenses by each reportable segment of GDH LP for the three months ended June 30, 2022 are as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate

 and Other

Totals

Income (loss)








Advisory and management fees

62

3,907

2,259

6,228

Net realized gain (loss)
on digital assets

(219,954)

(8,410)

(2,773)

(231,137)

Net realized gain (loss)
on investments

(843)

4,334

3,491

Income from lending

10,032

23

10,055

Net derivative gain

80,019

80,019

Income from mining

10,947

10,947

Other income

308

780

66

1,154


(130,376)

(3,273)

1,200

2,259

10,947

(119,243)









Operating expenses

47,289

2,250

14,890

2,744

9,405

52,711

129,289









Net unrealized gain
(loss) on digital assets

7,337

(145,611)

(95,098)

(233,372)

Net unrealized gain
(loss) on investments

(5,097)

(253,955)

161

(258,891)

Net gain on notes
payable - derivative

51,104

51,104

Net gain on warrant
liability

17,177

17,177

Foreign currency gain

(1,305)

3

(1,302)

Loss attributable to
non-controlling
interests liability

100,606

100,606


935

(399,566)

5,669

68,284

(324,678)









Income tax benefit

18,509

18,509

Net income (loss) for
the period

$        (176,730)

$        (405,089)

$            (8,021)

$               (485)

$             1,542

$           34,082

$        (554,701)

Foreign currency
translation adjustment

(19)

(19)

Comprehensive
income (loss) for the
period

$        (176,730)

$        (405,089)

$            (8,021)

$               (485)

$             1,542

$           34,063

$        (554,720)

 

Income and expenses by each reportable segment of GDH LP for the three months ended June 30, 2021 are as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate

 and Other

Totals

Income (loss)








Advisory and
management fees

$                  60

$                  —

$             2,384

$                  —

$                  —

$                  —

$             2,444

Net realized gain (loss)
on digital assets

(237,991)

(2,525)

77,983

$        (162,533)

Net realized gain (loss)
on investments

41,363

$           41,363

Income from lending

16,816

19

$           16,835

Net derivative gain (loss)

93,461

25,000

$         118,461

Income from mining

2,161

$             2,161

Other income

1,220

2,062

75

$             3,357


(126,434)

65,919

80,442

2,161

22,088









Operating expenses

33,746

1,316

5,794

336

618

7,960

49,770









Net unrealized gain
(loss) on digital assets

(177,220)

(67,502)

(249,856)

(1,036)

(495,614)

Net unrealized gain
(loss) on investments

165,052

165,052

Net gain (loss) on
warrant liability

2,663

2,663

Foreign currency gain

(922)

(922)

(Gain) loss attributable
to non-controlling
interests liability

173,612

173,612


(178,142)

97,550

(76,244)

(1,036)

2,663

(155,209)









Net income (loss) for
the period

$        (338,322)

$         162,153

$            (1,596)

$               (336)

$                507

$            (5,297)

$        (182,891)

Foreign currency
translation adjustment

14

14

Comprehensive
income (loss) for the
period

$        (338,322)

$         162,153

$            (1,596)

$               (336)

$                507

$            (5,283)

$        (182,877)

 

Assets and liabilities by reportable segment of GDH LP as of June 30, 2022 are as follows (in thousands):

(in thousands)

Trading

 Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate

and Other

Totals

Total assets

$        1,873,813

$           931,910

$             78,595

$             22,715

$           386,214

$           102,615

$        3,395,862









Total liabilities

$           928,291

$                  594

$             51,663

$               2,183

$               5,760

$           573,970

$        1,562,461

 

Assets and liabilities by reportable segment of GDH LP as of December 31, 2021 are as follows (in thousands):

(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

 

Select statement of financial position information

The fair value of each asset class by reporting segment of GDH LP as of June 30, 2022 is as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate
and Other

Totals

Digital assets

$          775,537

$            50,004

$             49,527

$                 —

$             —

$                —

$          875,068

Digital assets receivables

7,983

15,376

23,359

Digital assets posted as
collateral

88,566

88,566

Investments:








Pre-Launch Network

2,500

2,509

5,009

Convertible Notes

5,287

4,486

9,773

Preferred Stock

304,184

304,184

Common Stock

15,534

131,859

147,393

LP/LLC Interests

287,553

287,553

Warrants/Trust
Units/Trust Shares

35

35


$          895,407

$          796,006

$             49,527

$                 —

$             —

$                —

$       1,740,940

 

The fair value of each asset class by reporting segment of GDH LP as of December 31, 2021 is as follows (in thousands):

(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 receivables

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

7,963

8,897

16,860


$     2,236,126

$     1,221,689

$        165,300

$                 —

$          10,495

$                 —

$     3,633,610

 

Net Digital Asset Position

Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position, less non-controlling interests liabilities, and is included in the Company's liquidity measure. Net digital assets as of June 30, 2022 is as follows (in thousands):

(in thousands)

As of

June 30, 2022

As of

December 31, 2021

Assets



Digital assets

$                          875,068

$                       2,420,777

Digital asset loans receivable, net

69,881

192,684

Digital assets receivable, current

17,287

52,998

Digital assets receivable, noncurrent

6,072

18,659

Assets posted as collateral

88,566

71,400


1,056,874

2,756,518

Liabilities



Payables to customers1

10,945

18,565

Digital asset loans payable

425,108

905,013

Collateral payable1

96,497

458,949

Non-controlling interests liability

50,070

161,536


582,620

1,544,063

Digital assets, net

$                          474,254

$                       1,212,455

Stablecoins, net

$                          256,159

$                          240,634

Digital assets, net excl. stablecoins

$                          218,095

$                          971,821

1

Excludes cash portion of consolidated balance on the Partnership's balance sheet.

 All figures are in U.S. Dollars unless otherwise noted.

SOURCE Galaxy Digital Holdings Ltd.

Cision
Cision

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