September 20, 2019, 11:05AM EDT
• 8 min read

Galaxy Digital, the crypto investment bank

Quick Take

  • Mike Novogratz hinted on The Scoop that the firm is working on a “really large real estate transaction — Security Coin Offering” that if completed would be a “big deal for the whole space.”
  • Within trading, the number of actively trading OTC counterparties increased 60% quarter-over-quarter, while average daily volumes traded increased in excess of 300% in the second quarter relative to the first quarter
  • Of the ~$100 million in trading profit Galaxy realized in the second quarter, the firm estimates half of that of was incremental profit to simply holding the underlying basket of different currencies
  • Looking out to finish the year, the advisory team has several active mandates in its backlog, including both financing and M&A deals. Galaxy believes this pipeline of capital markets activity is a strong barometer for the business

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