Galaxy Digital Announces Third Quarter 2019 Financial Results and Provides Corporate Updates
NEW YORK, Nov. 26, 2019 /CNW/ – Galaxy Digital Holdings Ltd. (TSXV: GLXY) (“Galaxy Digital”, “GDH Ltd.”, or the “Company”) today released both Galaxy Digital Holdings LP’s (“GDH LP” or the “Partnership”) and GDH Ltd.’s financial results for the three and nine months ended September 30, 2019 (“Q3 2019” or “the third quarter”), as well as the Partnership’s corporate updates through the date of this press release.
“While the third quarter proved to be another challenging one for the cryptocurrency markets broadly, the teams here at Galaxy Digital continued to make forward progress across each of our three primary operating business lines as well as to conservatively allocate new capital where we saw pockets of clear value in the industry,” said Michael Novogratz, Founder and CEO of Galaxy Digital. “Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the Company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”
- As previously announced, Ashwin Prithipaul was appointed Chief Financial Officer of the Company and GDH LP at the end of September. Prior to his appointment as CFO, Prithipaul had been the Chief Accounting Officer at Galaxy Digital since August 2018, and has over 15 years of accounting and finance experience in the financial services industry. Before joining Galaxy Digital, Prithipaul was the Director of Financial Reporting at Assured Guaranty (NYSE: AGO). Previously, he was a senior manager in the Banking and Capital Markets practice at PricewaterhouseCoopers in New York and London. Prithipaul assumed the role of CFO from Donna Milia, who remains at the Company as a senior advisor.
- As part of its previously announced share repurchase program, as of November 21, 2019, the Company repurchased a total of 792,054 shares at an average per share price of C$1.25.