Q2 2024 Galaxy Digital Holdings Ltd Earnings Call Transcript
Key Points
- Galaxy Digital Holdings Ltd (BRPHF) reported a significant increase in counterparty trading revenue, generating approximately $90 million year-to-date, marking an 80% increase compared to the first half of 2023.
- The company has successfully onboarded over 1,200 Global Markets counterparties and increased its lending book by 5% quarter-over-quarter, indicating a gain in market share.
- GalaxyOne, the company's unified technology platform, has shown tangible growth with over 100 clients and $1.1 billion of fair market value assets being serviced.
- The Digital Infrastructure Solutions business reported exceptional growth, with assets under stake reaching $2.1 billion, a 340% increase quarter-over-quarter.
- Galaxy Digital Holdings Ltd (BRPHF) has made strategic acquisitions, such as the crypto manufacturer, enhancing its position as a leading technical partner in the digital asset ecosystem.
- The company reported a net loss of $177 million for the second quarter, primarily due to reduced value of digital assets.
- Trading volumes and revenues decreased quarter-over-quarter, in line with the broader crypto market decline.
- Asset Management business saw a 42% decrease in AUM quarter-over-quarter, driven by the monetization of FTX Estates digital asset holdings.
- The Bitcoin halving event in April reduced block rewards by 50%, impacting the company's mining operations.
- Operating expenses increased by approximately 16% quarter-over-quarter, partly due to accounting measures related to staking rewards.
Good morning, and welcome to the Galaxy Second Quarter 2024 Earnings Call. Today's call is being recorded (Operator Instructions)
At this time, I would like to turn the conference over to Jonathan Goldowsky, Head of Investor Relations. Please go ahead, sir.
Good morning, and welcome to Galaxy's Second Quarter 2024 Earnings Call. Before we begin, please note that our remarks today may include forward-looking statements. Actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors, including those identified in our filings with the Canadian Securities Regulatory Authority on SEDAR+ and available on our website or in future filings we make with other securities regulators.
Forward-looking statements speak only as of today and will not be updated. In addition, none of the information on this call constitutes a recommendation, solicitation or offer by Galaxy or its affiliates to buy or sell any
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