译文/Translated：
纽约，2020年5月29日/CNW/讯– Galaxy Digital Holdings Ltd. (TSXV: GLXY) (“Galaxy Digital”, “GDH Ltd.”, 或 “公司”)今天公布了2020年3月31日以前三个月Galaxy Digital Holdings LP (“GDH LP” 或”合伙企业”) 和 GDH Ltd.的财务信息（2020年Q1或“第一季度“），并通过本新闻稿公布一些企业信息更新。
“对全球经济来说，2020年是一个艰难的时期，各国都推出了前所未有的货币刺激政策，但这些政策可能也会带来通货膨胀，这样的经济形势也是比特币价值储藏理论的一次严峻的试炼。”Galaxy Digital的创始人和CEO Mike Novogratz说，“我们第一季度的结果反映了2020年3月前市场动荡和广泛的市场去风险化，而我们本年迄今，包括2020年5月，的活动更完整地反映了数字资产领域正在正向地顺风而行，在我们的交易、资产管理、咨询服务、和本金投资业务中都建立了里程碑。”
企业信息更新
- 正如我们之前宣布的，公司已经被有条件批准通过TSX 沙盘在多伦多证交所（TSX）上市。根据TSX有条件批准的相关要求，公司打算在本季度晚些时候宣布上市日期。
- 截至2020年3月31日，GDH Ltd.在前三个月回购了2,769,706股股票，总值达310万加元，这是其股份回购计划的一部分。
业务重点
- 2020年第一个季度，本金投资团队完成了五笔追加投资，总计达1,420万美元。
- 从2019年1月9日到2020年3月31日，投资（包括购买的贷款）总额达1亿9千5百80万美元，其中包括35个新投资和35个追加投资。
- 如先前公开的，到2020年3月31日为止，Galaxy Digital Capital Management (“GDCM” 或 “GDAM”)管理资产（“AUM”）达3亿5千6百20万美元（包括Galaxy Benchmark Crypto Index Fund LP (the “Index Fund”) – 810万美元（根据基金会合伙人协议条款计算）；Galaxy Bitcoin Fund, LP, Galaxy Institutional Bitcoin Fund, LP, 和 Galaxy Institutional Bitcoin Fund, Ltd. (统称 “Bitcoin Funds”)-2千3百10万美元和Galaxy EOS VC Fund LP (“EOS Fund”)承诺出资-3亿2千5百万）。
- 2020年第一季度，Galaxy Digital持续关注最近启动的Galaxy Bitcoin Fund 和 Galaxy Institutional Bitcoin Fund (统称 “Bitcoin Funds”)。Bitcoin Funds为机构和有资质的投资者提供由机构包装的比特币（wrapped bitcoin）体验，提供这些体验的的机构都受过审核，其中包括Intercontinental Exchange (ICE) 和Fidelity Digital Assets 担任基金保管方, Bloomberg L.P. 为价格代理, Deloitte & Touche LLP 做审计, and Ernst & Young LLP 主管税务。Bitcoin Funds追踪Bloomberg CFIX的比特币价格（“XBT”）。XBT是彭博管理的公司，它使用先进的价格算法、从彭博支持的加密货币报价源中生成准确的买卖盘报价指标。Bitcoin Funds是现存的Index Fund的补充产品。XBT在2020年第一季度收益率为-9.26%，而从年初到5月26日，该比例则是23.35%。
- Index Fund则是一个被动管理的指数基金，它追踪Bloomberg Galaxy Crypto Index (“BGCI”)，这个指数是彭博的联合品牌，也是由彭博管理的，其目标是追踪数字资产市场最大、流动性最强的部分的表现。2020年第一季度，BGCI的收益率为-1.49%，从年初到5月26日，该比例为26.05%。
- 此外，2020年第一个季度，管理Galaxy EOS VC Fund（”EOS Fund”的）Interactive团队还投资了Big Run Studios, UNRD, Dazzle Rocks, Superplastic, Go Meta, Inc., Gamefam, 和 Lightheart,并对Current进行了追加投资。
- 本合伙企业的交易业务Galaxy Digital Trading (“GDT”)在2020年第一季度实现了活跃交易交易对手增长，该增长和2019年第四季度的业务有关。同一时期，GDT的现货场外交易（“OTC”）交易量也增加了，尽管整个行业出现了动荡。这次交易额增长可能是因为年初普遍的积极势头、因为新冠肺炎导致的全球股市暴跌、以及市场参与者为5月11日的比特币减半事件进行持枪。随着各机构对比特币的应用继续增加，这个势头保持到了第二季度。
- 2020年第一季度，Advisory Services部门在金融、融资并购、以及其它策略上对客户提供了新建议，其中几个活跃的建议已经在不同的执行阶段了。
GDH LP的金融亮点选择性信息（2020 Q1）
- 截至2020年3月31日，数字资产，包括作为抵押物的数字资产，共8,620万，相比2019年12月31日下降了800万。本次下降主要原因是这个阶段数字资产的公允价值下降，以及某些数字资产的持有量减少。
- 截至2020年3月31日，合伙企业比特币实际持有6,500万（2019年12月31日—8,130万）。此外，截至2020年5月27日，合伙企业持有约13,338个比特币，价值约1亿2千2百50万美元。
- 截至2020年3月31日，投资总额达1亿6千9百60万美元，相同2019年12月31日上升1，140万。本次上升主要是因为这个期间某些投资的未实现收益，同时本阶段本金投资团队还部署了1千4百20万的新资金。
- 截至2020年3月31日，总权益下降了2,670万，余3亿2千8百40万，主要是因为2,770万的净综合亏损。
- 截至2020年3月31日，合伙企业的每单位净账面价值约1.64加币 (1.16美元)，2019年12月31日为1.62加元（1.24美元）。
- 截至2020年3月31日，前三个月中，净综合亏损2,770万美元，而2019年同期，净综合收益为1,290万。本季度的损失主要是因为数字资产的实现损失，如一直在市场上交易的加密货币和运作费用。2019年同期净综合收入则主要是数字资产投资的实现收益和未实现收益。
_____________________________
1 净账面价值包括非控制性权益
GDH LP财务报告
| 3月31日 | 12月31日 | ||
| 2020 | 2019 | ||
| 资产 | |||
| 流动资产 | |||
| 现金 | $54,949,605 | $106,262,780 | |
| 数字资产 | 78,739,858 | 85,980,731 | |
| 投资 | 169,568,639 | 158,163,420 | |
| 数字资产交易应收账款 | 631,115 | 330,609 | |
| 应收数字资产贷款 | 21,757,034 | 16,061,945 | |
| 抵押资产 | 7,485,019 | 10,585,819 | |
| 应收账款 | 1,786,048 | 1,853,169 | |
| 衍生工具 | 1,801,204 | — | |
| 预付费用和其它资产 | 2,398,044 | 2,580,255 | |
| 应收贷款 | 17,129,148 | 11,719,738 | |
| 356,245,714 | 393,538,466 | ||
| 应收贷款 | — | — | |
| 使用权资产 | 5,030,552 | 5,182,993 | |
| 固定资产 | 3,922,763 | 4,057,662 | |
| 8,953,315 | 9,240,655 | ||
| 总资产 | $365,199,029 | $402,779,121 | |
| 负债 | |||
| 流动负债 | |||
| 做空数字资产 | $1,351,575 | $18,616,860 | |
| 应付账款和应计负债 | 8,928,384 | 11,719,494 | |
| 数字资产交易应付账款 | 666,593 | 250,158 | |
| 应付数字资产贷款 | 15,041,532 | 11,134,329 | |
| 应付抵押 | 5,338,194 | 434,498 | |
| 租赁负债 | 769,479 | 772,003 | |
| 32,095,757 | 42,927,342 | ||
| 租赁负债 | 4,696,044 | 4,747,214 | |
| 总负债 | 36,791,801 | 47,674,556 | |
| 权益 | |||
| 资本 | 320,171,895 | 347,785,081 | |
| 非控制性权益 | 8,235,333 | 7,319,484 | |
| 总权益 | 328,407,228 | 355,104,565 | |
| 总负债和权益 | $365,199,029 | $402,779,121 |
| 2020年3月31日 前3个月 | 2019年3月31日 前3个月 | |||
| 收入（损失） | ||||
| 咨询和管理费 | $1,586,613 | $1,520,511 | ||
| 数字资产净实现收入（损失） | (38,151,931) | 17,471,124 | ||
| 投资净实现收入 | 162,771 | — | ||
| 利息收入 | 1,439,127 | 705,763 | ||
| 衍生工具净收入 | 4,435,067 | 102,895 | ||
| 其它收入 | — | 506,101 | ||
| (30,528,353) | 20,306,394 | |||
| 营业费用 | ||||
| 资产奖励支出 | 1,621,410 | 10,321,503 | ||
| 奖励和奖励相关 | 7,184,394 | 6,954,165 | ||
| 总务和管理费用 | 3,598,589 | 2,521,290 | ||
| 专业费用 | 1,233,525 | 2,605,326 | ||
| 利息 | 1,011,487 | 688,326 | ||
| 保险 | 282,130 | 426,850 | ||
| 董事袍金 | 50,000 | 50,000 | ||
| (14,981,535) | (23,567,460) | |||
| 数字资产净未实现收入（损失） | 12,924,325 | (664,530) | ||
| 投资净未实现收入 | 4,674,240 | 16,902,771 | ||
| 未实现外汇收入（损失） | (173,518) | 91,072 | ||
| 实现外汇收入（损失） | 331,576 | (110,512) | ||
| 17,756,623 | 16,218,801 | |||
| 本期收入（损失） | $(27,753,265) | $12,957,735 | ||
| 应占收入（损失）： | ||||
| 公司股东 | (26,940,729) | 12,570,628 | ||
| 无控制权股东 | (812,536) | 387,107 | ||
| $(27,753,265) | $12,957,735 | |||
| 其它综合收入（损失） | ||||
| 外汇折算调整 | 16,793 | (92,934) | ||
| 档期综合收入（损失） | $(27,736,472) | $12,864,801 | ||
| 应占综合收入（损失）: | ||||
| 公司股东 | $(26,923,936) | $12,477,694 | ||
| 无控制权股东 | (812,536) | 387,107 | ||
| $(27,736,472) | $12,864,801 |
截至2020年3月31日前三个月GDH LP各报告分部的收入和支出如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 收入(损失) | ||||||
| 咨询和管理费 | $— | $— | $1,236,613 | $350,000 | $— | $1,586,613 |
| 数字资产净实现损失 | (37,015,166) | (1,136,765) | — | — | — | (38,151,931) |
| 投资净实现利润 | — | 162,771 | — | — | — | 162,771 |
| 利息收入 | 1,089,751 | 337,407 | 5,165 | 6,643 | 161 | 1,439,127 |
| 衍生产品净收益 | 4,435,067 | — | — | — | — | 4,435,067 |
| (31,490,348) | (636,587) | 1,241,778 | 356,643 | 161 | (30,528,353) | |
| 营业费用 | 3,973,887 | 1,046,886 | 3,317,749 | 1,241,581 | 5,401,432 | 14,981,535 |
| 数字资产净未实现收入（损失） | 14,566,040 | (1,641,715) | — | — | — | 12,924,325 |
| 投资净未实现收入 | — | 4,674,240 | — | — | — | 4,674,240 |
| 未实现外汇损失 | (173,518) | — | — | — | — | (173,518) |
| 实现外汇收入 | 331,576 | — | — | — | — | 331,576 |
| 14,724,098 | 3,032,525 | — | — | — | 17,756,623 | |
| 净收入（损失） | $(20,740,137) | $1,349,052 | $(2,075,971) | $(884,938) | $(5,401,271) | $(27,753,265) |
截至2019年3月31日前三个月GDH LP各报告分部的收入和支出如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 收入（损失) | ||||||
| 咨询和管理费 | $— | $— | $1,317,386 | $203,125 | $— | $1,520,511 |
| 数字资产净实现损失 | 19,764,953 | (2,293,829) | — | — | — | 17,471,124 |
| 利息收入 | 78,670 | 607,020 | — | 16,524 | 3,549 | 705,763 |
| 衍生产品净收益 | 102,895 | — | — | — | — | 102,895 |
| 其他收入 | 502,125 | — | — | 3,976 | — | 506,101 |
| 20,448,643 | (1,686,809) | 1,317,386 | 223,625 | 3,549 | 20,306,394 | |
| 营业费用 | 5,454,803 | 2,209,716 | 6,146,240 | 3,392,232 | 6,364,469 | 23,567,460 |
| 数字资产净未实现收入（损失） | (3,479,575) | 2,815,045 | — | — | — | (664,530) |
| 投资净未实现收入 | — | 16,902,771 | — | — | — | 16,902,771 |
| 未实现外汇收入（损失） | 104,146 | — | — | (13,074) | — | 91,072 |
| 实现外汇收入（损失） | (110,512) | — | — | — | — | (110,512) |
| (3,485,941) | 19,717,816 | — | (13,074) | — | 16,218,801 | |
| 净收入（损失） | $11,507,899 | $15,821,291 | $(4,828,854) | $(3,181,681) | $(6,360,920) | $12,957,735 |
截至2020年3月31日各报告分部的资产和负债如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 总资产 | $131,348,209 | $205,818,230 | $3,506,393 | $1,529,014 | $22,997,183 | $365,199,029 |
| 总负债 | $24,578,482 | $652,257 | $2,549,301 | $61,149 | $8,950,612 | $36,791,801 |
截至2020年3月31日各报告分部的资产和负债如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 总资产 | $177,226,904 | $199,678,202 | $1,415,135 | $1,102,055 | $23,356,825 | $402,779,121 |
| 总负债 | $30,329,154 | $403,187 | $1,377,492 | $96,273 | $15,468,450 | $47,674,556 |
金融头寸信息选择叙述
截至2020年3月31日，按照报告分部，各资产类型的公允价值如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 数字资产: | ||||||
| 加密货币 | $47,899,923 | $30,839,935 | $— | $— | $— | $78,739,858 |
| 作为抵押的数字资产 | 7,485,019 | 7,485,019 | ||||
| 投资: | ||||||
| Pre-ICO（首次币发行前的私募） | — | 5,507,329 | — | — | — | 5,507,329 |
| 可转换债券 | — | 5,967,698 | — | — | — | 5,967,698 |
| 优先股 | — | 83,062,170 | — | — | — | 83,062,170 |
| 普通股 | — | 25,739,487 | — | — | — | 25,739,487 |
| LP/LLC 利息 | — | 49,036,692 | — | — | — | 49,036,692 |
| 权证/信托基金 | — | 255,263 | — | — | — | 255,263 |
| $55,384,942 | $200,408,574 | $— | $— | $— | $255,793,516 |
截至2020年3月31日，按照报告分部，各资产类型的公允价值如下：
| 交易 | 本金投资 | 资产管理 | 顾问服务 | 企业和其它 | 总计 | |
| 数字资产: | ||||||
| 加密货币 | $53,882,704 | $32,098,027 | $— | $— | $— | $85,980,731 |
| 作为抵押的数字资产 | 8,208,653 | — | — | — | — | 8,208,653 |
| 投资: | ||||||
| Pre-ICO（首次币发行前的私募） | — | 6,005,114 | — | — | — | 6,005,114 |
| 可转换债券 | — | 5,255,579 | — | — | — | 5,255,579 |
| 优先股 | — | 75,703,153 | — | — | — | 75,703,153 |
| 普通股 | — | 32,476,631 | — | — | — | 32,476,631 |
| LP/LLC 利息 | — | 38,120,805 | — | — | — | 38,120,805 |
| 权证/信托基金 | — | 602,138 | — | — | — | 602,138 |
| $62,091,357 | $190,261,447 | $— | $— | $— | $252,352,804 |
本新闻稿应该和以下两个文件一起阅读 （i）GDH LP管理讨论和分析及2020年3月31日为止前三个月合并会计报表 (ii) 发布在SEDAR的GDH LP管理研讨和分析及2020年3月31日为止前三个月合并会计报表（统称“合并会计报表”和“MD&As”），网址www.sedar.com
关于 GDH Ltd. 和 GDH LP (Galaxy Digital)
Galaxy Digital Holdings Ltd唯一的一个重要资产是对GDH LP的少数股权投资。GDH LP是一个多样的金融服务和投资管理平台，其运营范围是数字资产、加密货币和区块链技术。GDH LP的团队来自不同专业，他们有丰富的经验，从投资、资产组合管理、资本市场、运营和区块链技术都有。GDH LP现在有四个完全不同的业务线，包括交易、资产管理、本金投资和顾问服务。GDH Ltd.的CEO和GDH LP的普通合伙人是Michael Novogratz。GDH LP总部在纽约，但在日本东京、英格兰伦敦、香港、美国泽西市、旧金山和开曼群岛（注册办公室）有办公点。更多关于GDH LP的业务和产品请访问www.galaxydigital.io
免责声明和额外信息
TSXV既不支持也不反对本新闻稿的内容。TSXV和其规则服务提供商（如TSXV政策定义）不对对本稿合适性和准确性负责。安大略证券委员会并未因为Galaxy Digital公开记录给予任何优势。
TSX沙盘项目的目的是方便一些公司的上市申请，这些公司可能没有符合TSX最初的上市要求，但是因为某个特定问题的事实和情况依然申请在TSX上市。如企业无法满足第309（c）（i）目下（公开募集1,000万加元）的要求，TSX会酌情豁免本条，并有条件地批准该公司根据TSX沙盘上市。Galaxy Digital能够被有条件批准按照TSX沙盘上市是因为它必须公开完成年度信息表，并最好能够每季度公开数字资产和投资情况，该公司已经完成了这一要求并同意继续提供这些信息。公司会继续保持根据TSX沙盘上市的状态，直到完成后12个月内公司没有出现严重的合规问题。此外，Galaxy Digital还被要求同时公开以下两个风险，这也在最新一份2019年年度信息表格中体现了：（1）公司经营历史不长，其业务线是新的，并需要面对每个管辖区相关的法律、法规、运营和其它风险。（2）公司普通股的市场价格和交易量经历过动荡期，并会因为一般的或Galaxy Digital持有或交易数字资产的市场波动等而可能继续出现动荡。
彭博（BLOOMBERG）是彭博财经有限合伙企业（Bloomberg Finance L.P. ）的商标或服务标。GALAXY是GDCM的商标。Bloomberg Finance L.P. 及其附属公司（统称彭博）和GDCM，GBCIF，Bitcoin Funds和他们相应的附属公司（统称Galaxy）并没有关系。彭博和Galaxy的关系是前者担任后者的管理方、CFIX和BGCI（统称Index） 的计算代理，它们也是彭博的财产。不管是彭博还是Galaxy都没有保证和Index相关的数据或信息或可以获得的结果的时间线、准确性和完整性。不管彭博还是Galaxy，既没有明确表达也没有暗示，保证Index的数据或相关价值或任何金融产品或和Index相关的工具，上述几项仅作为其中元素或基于Index(产品)，或从中可以获得的结果，我们明确地表示，不对上述任何一个特定目的和商业性和符合性做任何保证。在法律允许的最大方面，彭博、其持牌人、Galaxy和它们相应的雇员、合同上、代理人、供货商和供应商对任何因为Index伤害或损害不承担责任——不管是直接的、间接的、存在因果的、偶然的、惩罚性的或其它–也不对相应的任何数据或价值或任何产品——不管时不时因为其疏忽——承担责任。
前瞻性声明
本文提到的一些信息，包括但不限于，关于全球经济环境的影响、行业未来、本公司或合伙企业的预期结果、经济机遇，可能只是前瞻性信息（统称前瞻性声明），您可以通过“可能”、“会”、“应该”、“预期”、“预计”、“预估”、“预计”、“打算”、“继续”、或“相信（及其反义词）或其它相应的表达识别。因为存在各种风险和不确定性，包括以下提到的情况，实际情况或结果可能和这类前瞻性声明中思考或提到的有本质差异。前瞻性声明会遇到的风险包括全球经济、行业或企业业务和投资不像预期表现那么好、预期利润或成本无法实现、可能远低于预期或可能远高于预期、资产管理产品的预期融资遇到拖延、咨询的交易被修改或完全没完成以及在截至2019年12月31日的年度信息表格（AIF）中包含的其它风险。对该公司和其业务可能会产生实际影响，让它们和前瞻性声明有本质差异的因素包括但不限于数字资产市场或整体经济形势下滑；机构对数字资产和区块链生态的应用失败或延期；无法或延迟开发基础架构实现交易或实现指令；未能增加管理的资产，对于咨询交易则是，证券市场下滑、交易的发起者或参与者出现问题或未能获得所需的管理许可。为了结合本文包含的前瞻性声明，公司假定，在公司或合伙人的正常业务范围外不会发生其它重大事件。前瞻性声明不能保证未来的表现，因此，你不应对前瞻性声明有过多的依赖。关于该公司和合伙企业的假定、风险和不确定性的信息，Galaxy Digital已经提交给加拿大证券管理方，您可以在www.sedar.com查看。本文中的前瞻性申明只有在本文发表当日或前瞻性声明中相应日期中是有效的，Galaxy Digital并不承担更新任何前瞻性声明、反应当日之后发生的情况或条件或反应意料之外事件的责任。
所有的数字，除非特别标明，否则单位都是美元
来源 Galaxy Digital Holdings Ltd
获取更多信息: Galaxy Digital, Ashwin Prithipaul, CFO, Email: investor.relations@galaxydigital.io, Tel: 212.390.9216; Prosek, Mike Geller, Managing Director, Email: mgeller@prosek.com, Tel: 212.279.3115
原文/Original：
NEW YORK, May 29, 2020 /CNW/ – Galaxy Digital Holdings Ltd. (TSXV: GLXY) (“Galaxy Digital”, “GDH Ltd.”, or the “Company”) today released both Galaxy Digital Holdings LP’s (“GDH LP” or the “Partnership”) and GDH Ltd.’s financial results for the three months ended March 31, 2020 (“Q1 2020” or the “first quarter”), as well as corporate updates through the date of this press release.
“2020 has been a challenging period for the global economy, as well as a strong validation of bitcoin’s store of value thesis in a world of unprecedented and potentially inflationary monetary stimulus programs” said Mike Novogratz, Founder and CEO of Galaxy Digital. “Our first quarter results reflect the volatility and broad de-risking of the markets in March 2020, while our year-to-date activities through May 2020 more fully reflect the positive tailwinds in the digital asset sector which have driven momentum in our Trading, Asset Management, Advisory Services, and Principal Investments businesses.”
Corporate Updates
- As previously disclosed, the Company has been conditionally approved to be listed on the Toronto Stock Exchange (“TSX”) via TSX Sandbox. The Company intends to announce a listing date later this quarter, subject to compliance with the requirements of the TSX conditional approval.
- As part of its share repurchase program, GDH Ltd. repurchased a total of 2,769,706 shares for a total cost of C$3.1 million for the three months ended March 31, 2020.
Business Highlights
- During the first quarter of 2020, the Principal Investments team closed five follow-on investments, deploying $14.2 million of cash to do so.
- Investments made (including loans purchased) from January 9, 2018 through March 31, 2020 total $195.8 million and are represented by 35 new and 35 follow-on investments.
- As previously disclosed, as of March 31, 2020, Galaxy Digital Capital Management (“GDCM” or “GDAM”) had assets under management (“AUM”) of $356.2 million (consisting of: Galaxy Benchmark Crypto Index Fund LP (the “Index Fund”) – $8.1 million (as calculated per the terms of the fund’s partnership agreement); Galaxy Bitcoin Fund, LP, Galaxy Institutional Bitcoin Fund, LP, and Galaxy Institutional Bitcoin Fund, Ltd. (collectively the “Bitcoin Funds”) – $23.1 million, and Galaxy EOS VC Fund LP (the “EOS Fund”) committed capital – $325.0 million).
- During the first quarter of 2020 Galaxy Digital continued to focus on the recently launched Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund (collectively, the “Bitcoin Funds”). The Bitcoin Funds offer institutional and accredited investors institutionally wrapped bitcoin exposure supported by vetted service providers, including Bakkt, a digital assets platform founded by the Intercontinental Exchange (ICE), and Fidelity Digital Assets as custodians for the funds, Bloomberg L.P. as pricing agent, Deloitte & Touche LLP for audit, and Ernst & Young LLP for tax. The Bitcoin Funds track the Bloomberg CFIX pricing of bitcoin (“XBT”). XBT is managed by Bloomberg and uses a sophisticated pricing algorithm to produce accurate indications of bid and ask quotes derived from Bloomberg approved cryptocurrency pricing sources. The Bitcoin Funds are a complementary product offered alongside the existing Index Fund. The XBT returned -9.26% in first quarter of 2020 and 23.35% on a year to date basis through May 26, 2020.
- The Index Fund is a passively managed index fund which tracks the Bloomberg Galaxy Crypto Index (the “BGCI”), an index co-branded with and administered by Bloomberg which is designed to track the performance of the largest, most liquid portion of the digital asset market. The BGCI returned -1.49% in the first quarter of 2020 and has returned 26.05% on a year to date basis through to May 26, 2020.
- Additionally, during the first quarter of 2020, the Galaxy Interactive team who manages the Galaxy EOS VC Fund (the “EOS Fund”) made investments in Big Run Studios, UNRD, Dazzle Rocks, Superplastic, Go Meta, Inc., Gamefam, and Lightheart, as well as a follow-on investment in Current.
- The Partnership’s trading business, Galaxy Digital Trading (“GDT”), managed an increase in actively trading counterparties in the first quarter of 2020 relative to the fourth quarter of 2019. GDT’s spot over the counter (“OTC”) trading volumes also increased over that same period as volatility picked up industry wide. The increase in trading volumes can be attributed to general positive momentum to start the year, the global market sell-off due to COVID-19 (Coronavirus), and market participants positioning for the Bitcoin Halving event that subsequently took place on May 11th. This momentum has carried forward into the second quarter as institutional adoption of Bitcoin continues to grow.
- During the first quarter of 2020, the Advisory Services business made progress in generating new mandates for clients across financing, mergers and acquisitions, and other strategic matters, with several active mandates in various stages of execution.
Select GDH LP’s Financial Highlights (Q1 2020)
- As of March 31, 2020, digital assets, including digital assets posted as collateral, stood at $86.2 million, a decrease of $8.0 million from December 31, 2019. This decrease was primarily due to the decrease in the fair value of the digital assets during the period and a decline in the holdings of certain digital assets.
- As of March 31, 2020, the Partnership had a material holding in bitcoin of $65.0 million (December 31, 2019 – $81.3 million). In addition, as of May 27, 2020, the Partnership held approximately 13,338 of bitcoin, which was valued at $122.5 million.
- Investments stood at $169.6 million as of March 31, 2020, an increase of $11.4 million from December 31, 2019. The change was due to unrealized gains on certain investments during the period as well as $14.2 million of new capital deployed by the Principal Investments team during the period.
- Total equity decreased by $26.7 million during the year to $328.4 million as of March 31, 2020 primarily due to $27.7 million of net comprehensive loss.
- As of March 31, 2020, the Partnership’s net book value1 per unit was approximately C$1.64 (US$1.16), compared to C$1.62 (US$1.24) as of December 31, 2019.
- For the three months ended March 31, 2020, net comprehensive loss was $27.7 million, as compared to net comprehensive gain of $12.9 million for the three months ended March 31, 2019. The current quarter loss was largely a result of realized loss on digital assets, i.e. cryptocurrencies which trade continuously in the market, and operating expenses. The net comprehensive income for the three months ended March 31, 2019 was primarily a result of realized gain on digital assets and unrealized gain on investments.
_____________________________
1 Net book value includes non-controlling interests.
GDH LP’s Financial Results
| March 31, | December 31, | ||
| 2020 | 2019 | ||
| Assets | |||
| Current assets | |||
| Cash | $54,949,605 | $106,262,780 | |
| Digital assets | 78,739,858 | 85,980,731 | |
| Investments | 169,568,639 | 158,163,420 | |
| Receivable for digital asset trades | 631,115 | 330,609 | |
| Digital asset loans receivable | 21,757,034 | 16,061,945 | |
| Assets posted as collateral | 7,485,019 | 10,585,819 | |
| Receivables | 1,786,048 | 1,853,169 | |
| Derivatives | 1,801,204 | — | |
| Prepaid expenses and other assets | 2,398,044 | 2,580,255 | |
| Loans receivable | 17,129,148 | 11,719,738 | |
| 356,245,714 | 393,538,466 | ||
| Loans receivable | — | — | |
| Right of use asset | 5,030,552 | 5,182,993 | |
| Property and equipment | 3,922,763 | 4,057,662 | |
| 8,953,315 | 9,240,655 | ||
| Total assets | $365,199,029 | $402,779,121 | |
| Liabilities | |||
| Current liabilities | |||
| Digital assets sold short | $1,351,575 | $18,616,860 | |
| Accounts payable and accrued liabilities | 8,928,384 | 11,719,494 | |
| Payable for digital asset trades | 666,593 | 250,158 | |
| Digital asset loans payable | 15,041,532 | 11,134,329 | |
| Collateral payable | 5,338,194 | 434,498 | |
| Lease liability | 769,479 | 772,003 | |
| 32,095,757 | 42,927,342 | ||
| Lease liability | 4,696,044 | 4,747,214 | |
| Total liabilities | 36,791,801 | 47,674,556 | |
| Equity | |||
| Partners’ capital | 320,171,895 | 347,785,081 | |
| Non-controlling interests | 8,235,333 | 7,319,484 | |
| Total equity | 328,407,228 | 355,104,565 | |
| Total liabilities and equity | $365,199,029 | $402,779,121 |
| Three months ended March 31, 2020 | Three months ended March 31, 2019 | |||
| Income (loss) | ||||
| Advisory and management fees | $1,586,613 | $1,520,511 | ||
| Net realized gain (loss) on digital assets | (38,151,931) | 17,471,124 | ||
| Net realized gain on investments | 162,771 | — | ||
| Interest income | 1,439,127 | 705,763 | ||
| Net derivative gain | 4,435,067 | 102,895 | ||
| Other income | — | 506,101 | ||
| (30,528,353) | 20,306,394 | |||
| Operating expenses | ||||
| Equity based compensation | 1,621,410 | 10,321,503 | ||
| Compensation and compensation related | 7,184,394 | 6,954,165 | ||
| General and administrative | 3,598,589 | 2,521,290 | ||
| Professional fees | 1,233,525 | 2,605,326 | ||
| Interest | 1,011,487 | 688,326 | ||
| Insurance | 282,130 | 426,850 | ||
| Director fees | 50,000 | 50,000 | ||
| (14,981,535) | (23,567,460) | |||
| Net unrealized gain (loss) on digital assets | 12,924,325 | (664,530) | ||
| Net unrealized gain on investments | 4,674,240 | 16,902,771 | ||
| Unrealized foreign currency gain (loss) | (173,518) | 91,072 | ||
| Realized foreign currency gain (loss) | 331,576 | (110,512) | ||
| 17,756,623 | 16,218,801 | |||
| Income (loss) for the period | $(27,753,265) | $12,957,735 | ||
| Income (loss) attributed to: | ||||
| Unit holders of the Partnership | (26,940,729) | 12,570,628 | ||
| Non-controlling interests | (812,536) | 387,107 | ||
| $(27,753,265) | $12,957,735 | |||
| Other comprehensive income (loss) | ||||
| Foreign currency translation adjustment | 16,793 | (92,934) | ||
| Comprehensive income (loss) for the period | $(27,736,472) | $12,864,801 | ||
| Comprehensive income (loss) attributed to: | ||||
| Unit holders of the Partnership | $(26,923,936) | $12,477,694 | ||
| Non-controlling interests | (812,536) | 387,107 | ||
| $(27,736,472) | $12,864,801 |
Income and expenses by each reportable segment of GDH LP for the three months ended March 31, 2020 are as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |
| Income (loss) | ||||||
| Advisory and management fees | $— | $— | $1,236,613 | $350,000 | $— | $1,586,613 |
| Net realized loss on digital assets | (37,015,166) | (1,136,765) | — | — | — | (38,151,931) |
| Net realized gain on investments | — | 162,771 | — | — | — | 162,771 |
| Interest income | 1,089,751 | 337,407 | 5,165 | 6,643 | 161 | 1,439,127 |
| Net derivative gain | 4,435,067 | — | — | — | — | 4,435,067 |
| (31,490,348) | (636,587) | 1,241,778 | 356,643 | 161 | (30,528,353) | |
| Operating expenses | 3,973,887 | 1,046,886 | 3,317,749 | 1,241,581 | 5,401,432 | 14,981,535 |
| Net unrealized gain (loss) on digital assets | 14,566,040 | (1,641,715) | — | — | — | 12,924,325 |
| Net unrealized gain on investments | — | 4,674,240 | — | — | — | 4,674,240 |
| Unrealized foreign currency loss | (173,518) | — | — | — | — | (173,518) |
| Realized foreign currency gain | 331,576 | — | — | — | — | 331,576 |
| 14,724,098 | 3,032,525 | — | — | — | 17,756,623 | |
| Net income (loss) | $(20,740,137) | $1,349,052 | $(2,075,971) | $(884,938) | $(5,401,271) | $(27,753,265) |
Income and expenses by each reportable segment of GDH LP for the three months ended March 31, 2019 are as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |
| Income (loss) | ||||||
| Advisory and management fees | $— | $— | $1,317,386 | $203,125 | $— | $1,520,511 |
| Net realized gain (loss) on digital assets | 19,764,953 | (2,293,829) | — | — | — | 17,471,124 |
| Interest income | 78,670 | 607,020 | — | 16,524 | 3,549 | 705,763 |
| Net derivative gain | 102,895 | — | — | — | — | 102,895 |
| Other income | 502,125 | — | — | 3,976 | — | 506,101 |
| 20,448,643 | (1,686,809) | 1,317,386 | 223,625 | 3,549 | 20,306,394 | |
| Operating expenses | 5,454,803 | 2,209,716 | 6,146,240 | 3,392,232 | 6,364,469 | 23,567,460 |
| Net unrealized gain (loss) on digital assets | (3,479,575) | 2,815,045 | — | — | — | (664,530) |
| Net unrealized gain on investments | — | 16,902,771 | — | — | — | 16,902,771 |
| Unrealized foreign currency gain (loss) | 104,146 | — | — | (13,074) | — | 91,072 |
| Realized foreign currency loss | (110,512) | — | — | — | — | (110,512) |
| (3,485,941) | 19,717,816 | — | (13,074) | — | 16,218,801 | |
| Net income (loss) | $11,507,899 | $15,821,291 | $(4,828,854) | $(3,181,681) | $(6,360,920) | $12,957,735 |
Assets and liabilities by reportable segment of GDH LP as of March 31, 2020 are as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |
| Total assets | $131,348,209 | $205,818,230 | $3,506,393 | $1,529,014 | $22,997,183 | $365,199,029 |
| Total liabilities | $24,578,482 | $652,257 | $2,549,301 | $61,149 | $8,950,612 | $36,791,801 |
Assets and liabilities by reportable segment of GDH LP as of December 31, 2019 are as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |||||||
| Total assets | $177,226,904 | $199,678,202 | $1,415,135 | $1,102,055 | $23,356,825 | $402,779,121 | ||||||
| Total liabilities | $ | 30,329,154 | $ | 403,187 | $ | 1,377,492 | $ | 96,273 | $ | 15,468,450 | $ | 47,674,556 |
Select statement of financial position information
The fair value of each asset class by reporting segment as of March 31, 2020 is as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |||||||
| Digital assets: | ||||||||||||
| Cryptocurrency | $ | 47,899,923 | $ | 30,839,935 | $ | — | $ | — | $ | — | $ | 78,739,858 |
| Digital assets posted as collateral | 7,485,019 | 7,485,019 | ||||||||||
| Investments: | ||||||||||||
| Pre-ICO | — | 5,507,329 | — | — | — | 5,507,329 | ||||||
| Convertible Notes | — | 5,967,698 | — | — | — | 5,967,698 | ||||||
| Preferred Stock | — | 83,062,170 | — | — | — | 83,062,170 | ||||||
| Common Stock | — | 25,739,487 | — | — | — | 25,739,487 | ||||||
| LP/LLC Interests | — | 49,036,692 | — | — | — | 49,036,692 | ||||||
| Warrants/Trust Units | — | 255,263 | — | — | — | 255,263 | ||||||
| $55,384,942 | $200,408,574 | $— | $— | $— | $255,793,516 |
The fair value of each asset class by reporting segment of GDH LP as of December 31, 2019 is as follows:
| Trading | Principal Investments | Asset Management | Advisory Services | Corporate and Other | Totals | |
| Digital assets: | ||||||
| Cryptocurrency | $53,882,704 | $32,098,027 | $— | $— | $— | $85,980,731 |
| Digital assets posted as collateral | 8,208,653 | — | — | — | — | 8,208,653 |
| Investments: | ||||||
| Pre-ICO | — | 6,005,114 | — | — | — | 6,005,114 |
| Convertible Notes | — | 5,255,579 | — | — | — | 5,255,579 |
| Preferred Stock | — | 75,703,153 | — | — | — | 75,703,153 |
| Common Stock | — | 32,476,631 | — | — | — | 32,476,631 |
| LP/LLC Interests | — | 38,120,805 | — | — | — | 38,120,805 |
| Warrants/Trust Units | — | 602,138 | — | — | — | 602,138 |
| $62,091,357 | $190,261,447 | $— | $— | $— | $252,352,804 |
This press release should be read in conjunction with (i) GDH LP’s Management Discussion and Analysis and Consolidated Financial Statements for the three months ended March 31, 2020 and (ii) GDH Ltd.’s Management Discussion and Analysis and Consolidated Financial Statements for the three months ended March 31, 2020 (together, the “Consolidated Financial Statements” and “MD&As”), which have been filed on SEDAR at www.sedar.com.
About GDH Ltd. and GDH LP (Galaxy Digital)
Galaxy Digital Holdings Ltd.’s only significant asset is a minority investment in GDH LP. GDH LP is a diversified, financial services and investment management platform in the digital asset, cryptocurrency and blockchain technology sector. GDH LP’s multi-disciplinary team has extensive experience spanning investing, portfolio management, capital markets, operations, and blockchain technology. GDH LP currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Advisory Services. The CEO of GDH Ltd. and the general partner of GDH LP is Michael Novogratz. GDH LP is headquartered in New York City, with offices in Tokyo, Japan, London, England, Hong Kong, Jersey City, U.S., San Francisco, U. S., and the Cayman Islands (registered office). Additional information about GDH LP’s businesses and products is available on www.galaxydigital.io.
Disclaimers and Additional Information
The TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy Digital.
TSX Sandbox is an initiative intended to facilitate listing applications that may not satisfy the original listing requirements of TSX, but due to facts or situations unique to a particular issuer otherwise warrant a listing on TSX. The TSX has exercised its discretion to waive the requirements of subsection 309(c)(i) of its manual (C$10 million in treasury resulting from public raise) which the Company did not meet and has conditionally approved the listing of the Company pursuant to TSX Sandbox. Galaxy Digital’s conditional listing approval pursuant to TSX Sandbox was conditioned upon public filing of an Annual Information Form and prominent quarterly disclosure of digital assets and investments, which the Company has completed and agreed to continue to provide. The Company will remain listed pursuant to TSX Sandbox until such time as it has completed a twelve-month period without significant compliance issues after graduation. In addition, Galaxy Digital is required to disclose the following two risk factors that were also included in the most recent Annual Information Form for the year-ended 2019: (1) The Company has limited operating history and its business lines are nascent and subject to material legal, regulatory, operational and other risks in every jurisdiction; and (2) the market price and trading volume of the Company’s ordinary shares has been volatile and will likely continue to be so in response to, among other factors, market fluctuations in digital assets generally or the digital assets that Galaxy Digital holds or trades
BLOOMBERG is a trademark or service mark of Bloomberg Finance L.P. GALAXY is a trademark of GDCM. Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg) are not affiliated with GDCM, the GBCIF, the Bitcoin Funds and their respective affiliates (collectively, Galaxy). Bloomberg’s association with Galaxy is to act as the administrator and calculation agent of the CFIX and the BGCI (collectively, the “Index”), which is the property of Bloomberg. Neither Bloomberg nor Galaxy guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or results to be obtained. Neither Bloomberg nor Galaxy make any warranty, express or implied, as to the Index, any data or values relating thereto or any financial product or instrument linked to, using as a component thereof or based on the Index (Products) or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensees, Galaxy, and their respective employees, contractors, agents, suppliers, and vendors shall have no liability or responsibility whatsoever for any injury or damages—whether direct, indirect, consequential, incidental, punitive, or otherwise—arising in connection with the Index, any data or values relating thereto or any Products—whether arising from their negligence or otherwise.
Forward-Looking Statements
Certain information in this press release, including, but not limited to, statements regarding the impact global economic conditions, the future of the industry and the Company or Partnership’s anticipated results, business or opportunities, may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Because of various risks and uncertainties, including those referenced below, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Forward looking statements are subject to the risk that the global economy, industry or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that expected fundraising for asset management products is delayed, advisory transactions may be modified or not completed at all and those other risks contained in the Annual Information Form (AIF) for the year ended December 31, 2019. Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; a delay or failure in developing infrastructure for the trading business or achieving mandates; failure to grow assets under management and for advisory transactions, a decline in the securities markets, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. In connection with the forward-looking statements contained in this press release, the Company has made assumptions that no significant events occur outside of the Company’s and Partnership’s normal course of business. Forward-looking statements are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements. Information identifying assumptions, risks and uncertainties relating to the Company and the Partnership are contained in Galaxy Digital’s filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and Galaxy Digital undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
All figures are in U.S. Dollars unless otherwise noted.
SOURCE Galaxy Digital Holdings Ltd
For further information: Galaxy Digital, Ashwin Prithipaul, CFO, Email: investor.relations@galaxydigital.io, Tel: 212.390.9216; Prosek, Mike Geller, Managing Director, Email: mgeller@prosek.com, Tel: 212.279.3115
原文链接/Original URL:
