Galaxy tokenizes violin to secure loan, NFT sales volume tumbles: Nifty Newsletter

NFTs recorded a 54% drop in sales volume, from over $1 billion in April to $624 million in May.

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Galaxy Digital uses historic violin NFT to secure loan

The violin once belonged to Russian Empress Catherine II, also known as Catherine the Great.

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Who governs Ethereum? Galaxy report reveals all

A Galaxy Digital report reveals Ethereums decentralized governance avoids direct on-chain voting, detailing key stakeholder roles and transparency challenges.

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Galaxy Digital CEO believes meme coins have more to offer than laughs

Mike Novogratz discusses the substantial market presence of memecoins, with a focus on their narrative and investment potential.

The post Galaxy Digital CEO believes meme coins have more to offer than laughs appeared first on Crypto Briefing.

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BitGos $100M suit against Galaxy can proceed Delaware Supreme Court

After being dismissed by the Delaware Court of Chancery in 2023, the states supreme court ruled the definition of the merger agreement between BitGo and Galaxy was ambiguous.

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Bitcoin and Wall Street: Insights from Alex Thorn of Galaxy Digital

The Head of Research at Galaxy Digital, a crypto-focused financial services firm, believes that both Wall Street and corporations will continue to adopt Bitcoin as we move into an age in which its normalized.

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Galaxy Digitals Nasdaq Listing Sets Stage for Stock Tokenization Push

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Michael Novogratz Led Galaxy Digitals Q1 Revenue Surges Around 214%

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DWS Group debuts Bitcoin and Ethereum ETCs in Germany

DWS Group and Galaxy Digital join forces to launch Xtrackers Bitcoin and Ethereum ETCs, offering investors new investment options.

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Galaxy Digital secures FCA approval to offer derivatives trading in the UK

Galaxy Digital says it received approval to offer derivatives trading from the UK’s Financial Conduct Authority. The company will also expand its asset management and investment banking services in the country. Obtaining FCA authorisation is a pivotal achievement for the Galaxy group. Galaxy Digital Holdings Ltd., a digital asset and blockchain firm, has secured a […]

The post Galaxy Digital secures FCA approval to offer derivatives trading in the UK appeared first on CoinJournal.

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Elon Musk and tech execs call for ‘pause’ on AI development

More than 2,600 tech leaders and researchers have signed an open letter urging for a temporary “pause” on further artificial intelligence (AI) development, fearing “profound risks to society and humanity.” Tesla CEO Elon Musk, Apple co-founder Steve Wozniak and a host of AI CEOs, CTOs and researchers were among the signatories of the letter, which [...]

The post Elon Musk and tech execs call for ‘pause’ on AI development appeared first on Crypto Breaking News.

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Bitcoin miner Argo Blockchain sells Quebec site for $6.1 million amidst declining BTC production

Bitcoin miner Argo Blockchain sold one of its sites to repay debt amid its declining BTC production last month. Argo sells site to repay debt In a Mar. 5 statement, the miner explained that it sold its Mirabel Facility in Quebec for $6.1 million. Following the sale, Argo allocated $4 million to settle debts owed […]

The post Bitcoin miner Argo Blockchain sells Quebec site for $6.1 million amidst declining BTC production appeared first on CryptoSlate.

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Galaxy Digital Settles for $200M Over Terra Promotion Fallout

As part of its settlement with the New York Attorney General Galaxy Digital has agreed to pay $200 million. The settlement results from accusations about Galaxy Digital’s role in undisclosed promotion of collapsed cryptocurrency Terra (LUNA). The company allegedly deceived investors through false statements about how the project operated and its connection with South Korean […]

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Novogratzs Galaxy Digital Becomes Profitable in 2023 with a Push in Crypto Prices

Michael Novogratzs Galaxy Digital Holdings has turned a profit of $296 million in 2023, recovering from a loss of $1 billion in the previous year, as the upward movement of cryptocurrency prices picked up.

Q4 Was the Profit Generator

Interestingly, the final quarter of 2023 turned the results for the company when it generated a net income of $302 million, compared to a loss of $288 million in the corresponding quarter of the precious year. Even in the third quarter of 2023, it had a loss of $94 million.

Since the end of the fourth quarter 2023, digital asset prices materially changed, and our business has benefited from heightened market volatility and increased trading volumes, the company stated.

Indeed, the price of Bitcoin and other digital assets picked up at the end of 2023 with the anticipation of the approval of Bitcoin exchange-traded funds in the United States. Further, with the approval last January, the bull market received a push as Bitcoin neared $74,000.

The Boom in Crypto Prices Pushed the Revenue

The financial report from Galaxy Digital, released yesterday (Tuesday), revealed its total annual revenue last year to be $613.8 million, a gain of over 46 percent. A realized gain of $311.8 million from digital assets pushed the total revenue higher. Another significant revenue generator was from derivatives, which brought in $151.5 million. Revenue from staking and lending services totaled $52.2 million, while earnings from mining operations was $33.1 million.

Notably, the asset under management of the cryptocurrency funds managed by Galaxy Digital increased more than 200 percent in 2023 to reach $5.2 billion at the end of the year. This figure almost doubled in the next two consecutive months to reach $10.1 billion at the end of February 2024.

For the year-to-date period ending February 29, 2024, Galaxy Digital Holdings LP's income before tax is estimated to be approximately $300 million, driven primarily by the appreciation of digital asset prices and growth in our operating businesses. Galaxy Digital Holdings LP's equity capital increased to approximately $2.1 billion over the same period, the company added.

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Galaxy Digital to launch new ETPs in Europe

Galaxy Digital to launch new crypto ETPs in Europe, offering traditional investment avenues for digital assets.

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Galaxy Digital CEO: Bitcoin Unlikely to Fall Below $55,000 Thats the New Floor

Galaxy Digital CEO Michael Novogratz says he doesn’t believe the price of bitcoin will fall back down to the $50K-$55K level. “I think that’s the new floor unless something dramatic happens,” he described. “This has been a wild ride of an asset,” he added, noting that we’re in price discovery mode and if you look [...]

The post Galaxy Digital CEO: Bitcoin Unlikely to Fall Below $55,000 Thats the New Floor appeared first on Crypto Breaking News.

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Galaxy Digital CEO Believes Bitcoin Will Not Fall to $50,000-$55,000 Without Major Shift

Michael Novogratz predicts Bitcoin's stability above $50K-$55K hinges on US spot ETF flows, cautioning investors to brace for potential corrections. (Read More)

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Galaxy Digital CEO Anticipates BTC Reaching $100K This Year Citing Runaway Momentum in Spot Bitcoin ETFs

Galaxy Digital CEO Mike Novogratz firmly believes that bitcoin will reach $100K this year. “Right now there are more buyers and sellers,” he explained, adding that there is “runaway momentum” in bitcoin exchange-traded funds (ETFs). In addition, he pointed to a “new phase of bitcoin” as the asset class welcomes baby boomers. He further asserted [...]

The post Galaxy Digital CEO Anticipates BTC Reaching $100K This Year Citing Runaway Momentum in Spot Bitcoin ETFs appeared first on Crypto Breaking News.

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Bitcoins 40% Soar Leads Novogratz to Forecast a Dip

In a recent Bloomberg TV interview, Bitcoin dominated as Michael Novogratz, the founder and CEO of Galaxy Digital, offered insights into the volatile world of cryptocurrency. Novogratz, a seasoned investor in the crypto space, foresees a potential dip in BTC’s price before it skyrockets to new highs, marking a crucial phase in its trajectory. With […]

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Galaxy Digital Turns $1.7b Net Income from 2021 to $1b Loss in 2022

<p class="MsoNormal">The publicly-listed cryptocurrency company founded by an American investor Michael Novogratz, Galaxy Digital Holdings (<a href="https://www.financemagnates.com/tag/galaxy-digital-assets-fund/" target="_blank" rel="follow">TSX:GLXY</a>) has published its full-year results for 2022. Galaxy showed a massive net loss due to the prolonged crypto winter dominating the previous year.</p><p>Crypto Winter Hits Galaxy Digital Hard</p><p class="MsoNormal">In Wednesday's press release, Galaxy announced the fourth quarter, the full year and preliminary first quarter-to-date results. The company showed a massive net loss of $1.0 billion for the year ended 31 December 2022, compared to a net income of $1.7 billion for the same period a year earlier. In the meantime, the fourth quarter ended with a net loss of $287.8 million compared to $521.3 million reached in Q4 2021.</p><p class="MsoNormal">Galaxy explains the poorer performance primarily by the 64% drop in the price of <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93">Bitcoin</a> (BTC) over 2022. In January, BTC cost $46,500, ending the year at $16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to $1,200. <a href="https://www.financemagnates.com/cryptocurrency/crypto-winter-fear-fad-or-opportunity-for-regrowth/" target="_blank" rel="follow">The crypto winter</a> negatively affected the performance of other companies in the sector, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">including digital asset miners</a>.</p><p class="MsoNormal">"2022 was a formative year for Galaxy, and while we and our industry faced unprecedented macroeconomic events, we succeeded in staying the course and were able to opportunistically take advantage of strategic opportunities to build our operating businesses for the future. I have never been more confident in our go-forward strategy, businesses, and team," Michael Novogratz, the Founder and CEO of Galaxy Digital, commented in a press release.</p><p class="MsoNormal">At the end of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments. In Q4 2022, it invested in Veridise, a verification platform that conducts security audits for DeFi applications. Novogratz's company is still exploring other opportunities in the investment space.</p><p>2023 Paints Brighter Future for Galaxy Digital</p><p class="MsoNormal">The beginning of 2023, in which cryptocurrencies saw a rebound after the severe declines of 2022, started off decidedly better. Between early January and 24 March 2023, the company generated income before tax of $150 million. In the months ahead, Galaxy will focus on organically building its platform during the bear market and scaling and integrating recent strategic acquisitions.</p><p class="MsoNormal">Galaxy anticipates earning net profits in its operating businesses and positive gains from its liquid coin and investment holdings on its balance sheet for the entire Q1 2023. The increased market <a href="https://www.financemagnates.com/terms/v/volatility/" class="terms__secondary-term" id="7fd330d9-8855-4c31-9770-cb52b328c117">volatility</a> and volumes from existing counterparties positively impacted the company's operating business.</p><p class="MsoNormal">"The Company continues to lead from a position of strength, remaining open for business for our clients and counterparties. And as the market has improved year to date, we have generated approximately $150 million of income before tax while retaining a strong liquidity position through 24 March 2023," Novogratz added.</p><p class="MsoNormal">Galaxy Mining has increased its capacity by 100% since the start of 2022 by integrating the Helios site, <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">which was acquired at the end of last year</a>. The company aims to have over 4 EH/s of Hashrate Under Management by the end of 2023, with self-mining accounting for about 50% of the total.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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