Galaxy Digital Looks to Complete BitGo Acquisition, US Listing by Q1 2022
American digital currency service provider, Galaxy Digital, says it is on track to complete its acquisition of BitGo by the first quarter of 2022.
The company’s CEO, Mike Novogratz, revealed this in a statement that borders on the company’s performance report for the third quarter, adding that the forthcoming U.S. listing is also on track to be finalized within the same time frame.
The company reported an increase of 1,146% to $517 million in its net comprehensive income, up from the $41.5 million recorded in the same time period last year. The New York-based firm reported an increase across all of its business segments and said it grew its investments to $779.9 million as of September 30, 2021, an increase of $519.5 million from December 31, 2020.
Novogratz said the company expects to “our U.S. listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter of 2022”:
"Our organic growth demonstrates our continued ability to capitalize on opportunities, with our net comprehensive income growing to $517 million from a net comprehensive income of $41.5 million in the prior-year period. Year-to-date through November 12th, we have provided shareholders with approximately $1.6 billion in net comprehensive income, on the back of our strong operational and investment portfolio growth. "
The impressive performance of Galaxy Digital mimics those of other prominent Blockchain and crypto-focused firms, as many outfits capitalized on the surging interest in cryptocurrencies across the board. As reported by Blockchain.News, payment giant Square released its third-quarter financial report, showing that the mobile payment application Cash App under Square achieved $1.82 billion in Bitcoin revenue.
This year, the cryptocurrency ecosystem received a massive rejuvenation, with many cryptocurrencies printing new All-Time Highs (ATHs). Companies like Galaxy Digital rode along with the tide, turning good profits for their investors on all grounds.
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Square’s Cash App Q3 Report Attributes 80% of $2 Billion Revenue to Bitcoin