Galaxy Digital Holdings Ltd. has announced its financial results for the year ended December 31, 2022, for both Galaxy Digital Holdings LP and itself. The company’s founder and CEO, Michael Novogratz, stated that 2022 was a pivotal year for the company, and despite the unprecedented macroeconomic events faced by the industry, it successfully stayed on course and took advantage of strategic opportunities to build its operating businesses for the future. Novogratz expressed confidence in the company’s go-forward strategy, businesses, and team.

Galaxy Digital Holdings LP generated about $150 million in income before tax as of March 24, 2023. The company maintained a strong liquidity position after recent disruptions in the commercial banking sector. Galaxy Digital Holdings Ltd. anticipates net profits for the first quarter of 2023 in its operating businesses and positive gains from its balance sheet holdings of liquid coins and investments.

The company’s trading operating business benefited from heightened market volatility and increased volumes from existing counterparties. Furthermore, Galaxy Mining has doubled its capacity since the beginning of the year, and by the end of 2023, it expects to have more than 4 EH/s of Hashrate Under Management.

Galaxy Digital Holdings LP’s net loss was $287.8 million for the fourth quarter of 2022, compared to a net income of $521.3 million in the prior year’s period. For the year ended December 31, 2022, net loss was $1.0 billion, compared to a net income of $1.7 billion for the year ended December 31, 2021. The loss was primarily due to unrealized marks to market on investments in the company’s Principal Investments portfolio, driven by depressed market conditions.

Galaxy Digital Holdings Ltd. maintained a strong liquidity position of $957 million as of December 31, 2022, including $542.1 million in cash and a net digital assets position of $415 million. However, the net digital assets balance of $415 million at December 31, 2022, was lower than the $1.2 billion at the end of the prior year.

Galaxy Trading reported continued growth of counterparty count and strong operational net revenue contributions. The company’s cumulative gross counterparty loan originations were approximately $370 million within the quarter.

The value of GT’s counterparty loan and yield portfolio decreased approximately 8% quarter over quarter. The company is focused on the strategic build-out of GalaxyOne, its unified, client-centric prime-brokerage platform for digital assets. A beta version of the trading component of the platform will be released to select customers in the second quarter of 2023.

Galaxy Asset Management reported preliminary assets under management of approximately $1.7 billion as of December 31, 2022, a 14% decrease from the previous year.

#GalaxyDigital #Galaxy #Novogratz #BTC #azcoinnews

This article was republished from azcoinnews.com

Post By: CryptosHeadlines.com

Galaxy Digital predicts that the introduction of a spot-based Bitcoin exchange-traded fund (ETF) would draw substantial capital and drive BTC’s price up by 74% during the first year following its launch.
This projection coincides with growing expectations that the U.S. securities regulator may approve one or more of the ETF proposals currently under review.
Galaxy Digital Predicts Positive Impact of a Spot Bitcoin ETF
Galaxy Digital asserts that a spot Bitcoin ETF would offer investors direct exposure to Bitcoin without requiring them to possess the digital asset. They believe that gaining approval for this investment product, which offers certain advantages over current options, would accelerate adoption.
Galaxy Digital, one of the entities seeking approval from the U.S. Securities and Exchange Commission (SEC) to issue America’s first spot Bitcoin ETF, conducted an analysis to gauge the market for an ETF tracking the cryptocurrency’s price.
The firm anticipates that a spot Bitcoin ETF could significantly boost adoption for two key reasons: it would broaden access across different wealth segments and enhance acceptance through official recognition from regulatory bodies and trusted financial service providers.
According to their research, Galaxy Digital estimates that a Bitcoin ETF could attract $14 billion in the first year post-launch. This figure is projected to rise to $27 billion in the second year and $39 billion in the third year following the launch.
Charles Yu, a research associate at Galaxy Digital, also anticipates a 74% increase in Bitcoin’s price during the first year following ETF approval. This estimate is based on a Bitcoin price of $26,920 per coin recorded on September 30, 2023, while Bitcoin is currently trading at over $34,600.
SEC Delays Spot Bitcoin ETF Approvals While Anticipation Grows
In 2021, the SEC granted approval for ETFs holding Bitcoin futures, but it has yet to give the green light to a spot Bitcoin ETF in the U.S. Previous rejections cited concerns about fraud, market manipulation, custody issues, and investor protection.
Earlier this year, the regulator accepted several applications for review, including Galaxy Digital’s partnership with Invesco to compete with major financial firms like BlackRock. However, the SEC has delayed making decisions on many of these applications.
Galaxy Digital expressed in a blog post, “Anticipation that ETFs will be approved soon is rising, and our analysis suggests these products could see significant inflows, primarily driven by the wealth management channels that cannot currently access safe and efficient Bitcoin exposure at scale.”
The crypto investment firm concluded, “Inflows from ETFs, market discussions about the upcoming Bitcoin halving in April 2024, and the possibility of interest rates either having peaked or about to peak in the near term all indicate that 2024 could be a pivotal year for Bitcoin.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #Galaxy #BTC #BitcoinETF

In an exclusive CNBC interview, Galaxy Digital CEO Mike Novogratz forecasts Bitcoin’s price movements and discusses the impact of recent ETF approvals.Novogratz highlights the significance of institutional and retail investor adoption through ETFs, suggesting a pivotal moment for Bitcoin accessibility.“It wouldn’t surprise me if there’s some consolidation,” Novogratz remarks, indicating a possible short-term price dip before a substantial rally.
This article delves into Galaxy CEO Mike Novogratz’s insights on Bitcoin’s potential short-term dip and its future trajectory amidst growing institutional adoption and macroeconomic factors.
Bitcoin’s Rally and Potential Consolidation
Mike Novogratz, CEO of Galaxy Digital, shared his perspective on Bitcoin’s recent rally and potential consolidation phase during a CNBC ‘Squawk Box’ interview. Despite a remarkable surge in Bitcoin prices, Novogratz suggests the market could see some consolidation. This phase is seen as a natural progression following the cryptocurrency’s rapid price increase and the broader market’s dynamics. Novogratz’s analysis not only reflects on past performances but also sets the stage for understanding Bitcoin’s price movements in the context of market cycles.
Institutional Adoption through ETFs
The conversation took a significant turn towards the role of ETFs in promoting Bitcoin’s institutional and retail adoption. Novogratz underscored the transformative impact of ETFs, making Bitcoin accessible to a broader audience, including baby boomers. This demographic represents a substantial portion of wealth in the U.S., and their foray into Bitcoin investing marks a critical milestone. The ease of access provided by ETFs, coupled with increasing demand from clients, is pushing financial advisors and large platforms to adapt and offer cryptocurrency investments, potentially doubling Bitcoin recommendations in six months.
Short-term Volatility and Price Predictions
Addressing Bitcoin’s price volatility, Novogratz acknowledged the potential for short-term downturns, citing regulatory uncertainties or market overextensions as possible triggers. However, he pinpointed a support level between $42,000 and $45,000, below which the price might stabilize before resuming its upward trajectory. This realistic take on market fluctuations underscores the importance of being prepared for volatility in the crypto markets.
Long-term Outlook and Macro Correlations
Looking ahead, Novogratz expressed cautious optimism regarding Bitcoin’s price potential, aligning with Tom Lee’s prediction but emphasizing the market’s momentum and the influx of new buyers. He elaborated on Bitcoin’s unique position as a macro asset influenced by broader economic policies, including the Federal Reserve’s interest rate decisions. Moreover, Bitcoin’s adoption cycle points to its growing acceptance and integration into mainstream financial portfolios, suggesting a bullish outlook based on both technological adoption and its role as a macroeconomic hedge.
Conclusion
Mike Novogratz’s insights offer a comprehensive analysis of Bitcoin’s current state and its future prospects. While acknowledging short-term volatility, the emphasis on institutional adoption through ETFs and the potential for significant long-term growth paints a positive picture for Bitcoin. As the cryptocurrency continues to navigate the complexities of the financial landscape, its dual role as a macro asset and a technology in its adoption cycle positions it for unprecedented levels of interest and investment.
$BTC #Bitcoin #Write2Earn #Galaxy

Get Ready for the Next Big Thing in the World of Cryptocurrency: Unlocking the Full Potential of Gravity Chain!
Following the immense success of DOGS, we are thrilled to announce that the next amazing airdrop is $G!

This is a unique opportunity to unlock the full potential of Gravity Chain and become a part of the revolution that is set to transform the blockchain landscape. As a holder of $G tokens, you will be at the forefront of this revolution, with access to a wide range of benefits and privileges that will take your cryptocurrency experience to the next level.
Governance Voting Rights: Shape the Future of Gravity Chain

As a holder of $G tokens, you will have the power to shape the future of Gravity Chain through governance voting rights. This means that you will have a say in the direction of the project, allowing you to contribute to the decision-making process and help drive the project forward.
Staking Rewards: Earn Passive Income and Maximize Your Returns

In addition to governance voting rights, holders of $G tokens will also be eligible to receive staking rewards. This means that you can earn passive income simply by holding $G tokens, allowing you to maximize your returns and get the most out of your investment.
Exclusive Access to Gravity Ecosystem Features
As a holder of $G tokens, you will also have exclusive access to Gravity ecosystem features. This includes a range of tools and resources designed to enhance your cryptocurrency experience and provide you with a competitive edge in the market.
Airdrops from New Projects Launching on the Chain

Finally, holders of $G tokens will also be eligible to receive airdrops from new projects launching on the chain. This means that you will have the opportunity to get in on the ground floor of exciting new initiatives, allowing you to stay ahead of the curve and capitalize on new opportunities.
Gravity Chain: The Future of Blockchain Interoperability
Gravity Chain is the future of blockchain interoperability, offering a Layer 1 omnichain smart contract platform that enables seamless cross-chain interactions with minimal friction. This means that users can enjoy faster, cheaper, and more secure transactions, making it an ideal solution for a wide range of use cases.
Strategic Partnerships and a Growing Ecosystem of dApps
As Gravity Chain continues to grow and evolve, we can expect to see strategic partnerships and a growing ecosystem of dApps. This will provide users with even more opportunities to engage with the platform and capitalize on its features.
Galxe and Gravity: Enhancing Cross-Chain Data Capabilities
In addition, Galxe and Gravity are joining forces to enhance cross-chain data capabilities. This means that users will have access to richer analytics, insights, and innovative ways to engage users across networks.

Stay Tuned, $G Holders: The Future is Bright!
Stay tuned, $G holders! The future is bright, and opportunities are coming your way! Don't miss out on this chance to be a part of something big. With governance voting rights, staking rewards, exclusive access to Gravity ecosystem features, and airdrops from new projects launching on the chain, there has never been a better time to get involved with Gravity Chain.

@Galxe 头号粉丝G
#GravityAlphaMainnet #Galaxy

Smart Savings Simplified -

Isn't it amazing how technology keeps getting better and better?

Today, we're getting into something truly revolutionary that will change how you think about blockchain transactions - Smart Savings with UseLatch on Gravity Alpha Mainnet.

Let’s break it down so you can see why this is such a game-changer. 🥂
Gravity Alpha Mainnet has integrated Smart Savings, offering a chain-agnostic gas payment solution powered by UseLatch. ❤️‍🔥
What does that mean in simple terms?
It means easier, faster, and more cost-effective cross-blockchain transactions. No more worrying about gas fees or dealing with the complexities of different blockchains.
Everything is streamlined, making your experience smoother and more efficient.🙌🏻
1 - What Are the Benefits and Rights of G Holders?
If you're holding $G tokens, you’re in a powerful position. As a $G holder, you gain exclusive benefits within the Gravity ecosystem. 🔥
Not only do you have a say in governance, but you also have access to reduced transaction fees, early access to new features, and priority in staking rewards.
Simply put, being a $G holder gives you both influence and advantages that others might miss out on. 🤑
2 - What Are the Future Prospects for the Gravity Chain?
Looking ahead, Gravity Chain has a bright future. With the integration of Smart Savings and the UseLatch-powered gas payment solution, Gravity is set to become a leading platform in the blockchain space. 💪🏻
The focus is on making cross-chain transactions as easy and cost-effective as possible, which will attract more users and developers to the ecosystem.
This is just the beginning, and the possibilities are endless.🥂
3 - What Is the Future of Galxe Powered by Gravity?
Galxe, powered by @Gravity , is set to revolutionize the way we interact with decentralized applications. 🙌🏻
With Gravity’s chain-agnostic approach, Galxe will be able to offer seamless interactions across different blockchains, making it more accessible and user-friendly.
The future of Galxe looks promising, with plans to expand its features!!🔝
- Why This Matters to You?
You might be thinking, "Why should I care about all this?"
Well, this integration makes your life easier. ❤️‍🔥
Whether you’re a developer, a trader, or just someone who loves exploring new tech, Smart Savings with UseLatch on Gravity Alpha Mainnet takes the hassle out of managing gas fees and simplifies your transactions.
It’s like having a superpower in the world of blockchain, giving you the freedom to do more without the usual headaches ---

#GravityAlphaMainnet #Galaxy #BinanceBlockchainWeek #Gravity #DOGSONBINANCE