Blockchain
Galaxy Announces Third Quarter 2023 Financial Results and October Update

Galaxy Digital Holdings Ltd. (TSX: GLXY) (the “Company” or “GDH Ltd.”) today released financial results for the three and nine months ended September 30, 2023, for both itself and Galaxy Digital Holdings LP (the “Partnership” or “GDH LP”). In this press release, a reference to “Galaxy”, “we”, “our” and similar words refer to GDH Ltd., its subsidiaries and affiliates including GDH LP, or any one of them, as the context requires.
Preliminary Financial Highlights, through October 31, 20231
Since the end of the third quarter, digital asset prices materially changed and our business has benefited from heightened market volatility and increased trading volumes. Galaxy’s income before tax was approximately $124 million in the month of October, driven primarily by our market positioning and the appreciation of digital asset prices. Equity capital increased to approximately $1.6 billion over the same period.
Corporate Updates
US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a Delaware-incorporated company and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange, shareholder and applicable regulatory approvals of such transactions.
Share Buyback Program: As announced on May 26, 2023, the Company commenced a new normal course issuer bid on May 31, 2023, and is eligible to purchase up to 10 million ordinary shares. For the period between July 1, 2023 and October 31, 2023, Galaxy repurchased approximately 1.2 million shares at an average price of CAD $4.69.
Select Financial Metrics |
Q3 2023 |
Q2 2023 |
% Change |
Equity Capital |
$1,466M |
$1,542M |
(5 %) |
Liquidity |
$749M |
$696M |
8 % |
Cash & Net Stablecoins3 |
$395M |
$468M |
(16 %) |
Net Digital Assets4 |
$354M |
$228M |
56 % |
Net Income (loss) |
($94M) |
($46M) |
(104 %) |
Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter percentage change calculations are based on actual results. |
Galaxy Global Markets
Galaxy Global Markets (“GGM”) offers institutional-grade expertise and access to a broad range of digital asset products, including digital asset spot and derivatives trading, structured products, financing, as well as capital markets and M&A advisory services for corporate clients. GGM operates in two discrete business units – Trading and Investment Banking.
Trading
Trading reported counterparty trading revenue of $14 million, down $6 million quarter-over-quarter (“QoQ”). The decrease was primarily due to record low volatility and market positioning. Subsequent to quarter-end, our counterparty trading desk’s market positioning benefited from the favorable asset price movements and significant uptick in volatility and has generated $24 million of revenue in October. Despite the decline in revenue QoQ, counterparty trading volumes increased 70% versus the second quarter and our average loan book size expanded to $553 million.
Key Performance Indicators |
Q3 2023 |
Q2 2023 |
% Change |
Loan Book Size (Average) |
$553M |
$507M |
9 % |
Counterparty Loan Originations |
$117M |
$115M |
2 % |
Counterparty Trading Volumes QoQ Change |
70 % |
(29 %) |
N.M. |
Total Trading Counterparties |
1,028 |
999 |
3 % |
Active Trading Counterparties |
284 |
291 |
(2 %) |
Investment Banking
Investment Banking successfully closed two deals in the quarter, serving as advisor to Gamercraft on its latest investment round and serving as the exclusive financial advisor to Securitize in its acquisition of Onramp Invest, both of which we expect to realize as revenue at a later date. Notably, the team was also selected to represent Prime Trust in Nevada Receivership as part of an ongoing restructuring mandate. Galaxy continues to execute against a pipeline of mandates representing $2.2 billion in potential deal value.
Key Performance Indicators |
Q3 2023 |
Q2 2023 |
% Change |
Deals Closed |
2 |
1 |
100 % |
Pipeline |
24 |
23 |
4 % |
Deal Value of Pipeline |
$2.2B |
$1.0B |
120 % |
_____
KEY TERMS
Counterparty Trading Revenue: revenue from counterparty-facing activities from our Derivatives, Credit, Over-the-Counter Trading, and Quantitative Trading businesses, net of associated funding charges.
Loan Book Size (Average): average market value of all open loans, un-funded arrangements to finance delayed trading/settlement (for example over weekends), and uncommitted credit facilities in the quarter.
Counterparty Loan Originations: market values of all loans, credit facility draws, and credit facilities originated to external counterparties in the quarter. Does not include rolled loans as a new origination; rolled loans can be generally defined as loans where the maturity was extended but no other material terms were changed.
Active Trading Counterparties: counterparties with whom we have traded within the past 12 months and who are still onboarded with Galaxy’s trading business.
Pipeline: the number of open engagements and transactions the Investment Banking team is in market with.
Deal Value of Pipeline: the theoretical aggregate deal value associated with the Investment Banking pipeline.
Galaxy Asset Management
Galaxy Asset Management (“GAM”) provides investors access to the digital asset ecosystem via a diverse suite of institutional-grade investment vehicles that span passive, active, and venture strategies.
GAM management and performance fees were $4.7 million in the quarter, representing an 11% increase QoQ. GAM reported preliminary assets under management of approximately $3.9 billion as of September 30, 2023, a 58% increase QoQ. The increase in AUM was primarily driven by net inflows from new actively managed client mandates that came in at the end of the quarter. AUM consisted of $768 million in passive strategies, $1,704 million in active strategies and $1,456 million in venture strategies.
Key Performance Indicators |
Q3 2023 |
Q2 2023 |
% Change |
Management and Performance Fees |
$4.7M |
$4.2M |
11 % |
Total AUM |
$3,927M |
$2,489M |
58 % |
Passive AUM |
$768M |
$958M |
(20 %) |
Active AUM |
$1,704M |
$103M |
1,548 % |
Venture AUM |
$1,456M |
$1,428M |
2 % |
Number of Portfolio Company Investments1 |
223 |
217 |
3 % |
(1) Includes investments held directly on the Partnerships’ balance sheet and indirectly through the Galaxy sponsored funds. |
_____
KEY TERMS
Assets Under Management: all figures are unaudited. AUM is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, and fund of fund products. Changes in AUM are generally the result of performance, contributions, withdrawals, and acquisitions.
- Preliminary AUM associated with GVH Multi-Strategy FOF LP is based on management’s most recent estimate.
- AUM for committed capital closed-end vehicles that have completed their investment period is reported as NAV (Net Asset Value) plus unfunded commitment.
- AUM for quarterly close vehicles is reported as of the most recent quarter available for the applicable period.
- AUM for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period.
Passive Strategies: single- and multi-asset private funds, as well as a suite of regulated spot digital asset exchange-traded funds offered through partnerships with asset managers globally.
Active Strategies: Galaxy’s Liquid Alpha strategy and the management of certain bespoke mandates.
Venture Strategies: organized around two investment themes: Interactive Ventures and Crypto Ventures. Galaxy Interactive is GAM’s sector-focused venture arm, managing client capital across three funds. GAM’s Crypto Ventures sleeve invests client capital across two global, multi-manager venture funds and manages a subset of Galaxy’s balance sheet venture investments.
Galaxy Digital Infrastructure Solutions
Galaxy Digital Infrastructure Solutions (“GDIS“) consists of proprietary and hosted bitcoin mining services, GK8 self-custody technology solutions, and validator services.
Mining
Mining revenue was $14.3 million in the quarter relative to power purchase agreement and external hosting expenses, net of curtailment credits, of ($2.2 million). We reached 3.9 exahash per second of hashrate under management across our proprietary and hosted footprint, as we continued to scale our Helios facility in West Texas. Our effective power management strategy led to a negative average marginal cost to mine in the quarter. We expect our average marginal cost to mine to increase in the fourth quarter relative to the third and second quarters in anticipation of fewer opportunities to economically curtail our mining operations and a higher network hashrate.
Key Performance Indicators |
Q3 2023 |
Q2 2023 |
% Change |
Mining Revenue |
$14.3M |
$15.4M |
(7 %) |
Proprietary Mining Revenue |
$8.8M |
$8.6M |
3 % |
Hosted and Other Mining Revenue1 |
$5.5M |
$6.8M |
(19 %) |
Total Hashrate Under Management |
3.9 EH/s |
3.7 EH/s |
7 % |
Proprietary Mining Hashrate |
1.8 EH/s |
1.7 EH/s |
10 % |
Hosted Mining Hashrate |
2.1 EH/s |
2.0 EH/s |
4 % |
Number of Proprietary BTC Mined |
309 |
307 |
1 % |
Average Marginal Cost to Mine |
< $0 |
$9K -$10K |
N.M. |
(1) Includes revenue from hosting clients, leasing agreements and other mining related activities. |
Self-Custody and Validator Solutions
Self-Custody and Validator Solutions are focus areas in our continued commitment to the future of decentralized networks. This includes supporting the integrity of protocols and ecosystem projects by operating validator nodes to secure blockchains, and by offering self-custody technology solutions to institutions through GK8.
Key Performance Indicators |
Q3 2023 |
Q2 2023 |
% Change |
GK8 Total Client Count |
16 |
15 |
7 % |
_____
KEY TERMS
Hashrate Under Management: the total combined hashrate of active proprietary and hosted mining capacity managed by Galaxy.
Proprietary Mining Hashrate: the hashrate attributed to Galaxy owned and operated mining rigs.
Hosted Mining Hashrate: the hashrate attributed to third-party machines operated by Galaxy for a client.
Number of Proprietary BTC Mined: the total amount of bitcoin mined from proprietary mining operations.
Average Marginal Cost to Mine: the marginal cost of production for each bitcoin generated during the period. The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead.
GK8 Total Client Count: the total number of clients contracted to use GK8’s technology solutions.
GDH Ltd.’s Financial Highlights
As the only significant asset of GDH Ltd. is its minority interest in GDH LP, its results are driven by the results of GDH LP. GDH Ltd. accounts for its investment in this associate (GDH LP) using the equity method. The investment, initially recorded at cost, is increased or decreased to recognize GDH Ltd.’s share of the earnings and losses of GDH LP. During the three months ended September 30, 2023, an impairment assessment was required under International Financial Reporting Standards and GDH Ltd.’s minority interest in GDH LP was marked down based on the TSX quarter-end closing share price. An impairment expense of $44.9 million was recognized during the three months ended September 30, 2023. During the first and second quarters of 2023, the Company had recognized reversal of impairment of $128.1 million resulting in net impairment reversal of $83.2 million for the nine months ended September 30, 2023.
The net comprehensive income (loss) of GDH Ltd. was ($68.8 million) and $83.2 million for the three and nine months ended September 30, 2023, respectively.
Earnings Conference Call
An investor conference call will be held today, November 9, 2023, at 8:30 AM Eastern Time. A live webcast with the ability to ask questions will be available at: https://investor.galaxy.com/. The conference call can also be accessed by investors in the United States or Canada by dialing 1-844-746-0741, or 1-412-317-5107 (outside the U.S. and Canada). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website. Through December 9, 2023, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 10183468.
Blockchain
Astra Fintech Announces Establishment of Korea HQ, Strengthening Commitment to Solana Ecosystem and Regional Expansion

Astra Fintech
Blockchain
Blocks & Headlines: Today in Blockchain – May 9, 2025

Welcome to Blocks & Headlines, your daily deep-dive into the most impactful movements in blockchain technology and the cryptocurrency sector. In today’s edition, we unpack five major stories that illuminate trends in funding, sustainability, payment innovation, banking collaborations, and technical interoperability—all vital signposts for developers, investors, and Web3 enthusiasts. Here’s what’s on the docket:
-
Camp Network’s New IP-Focused Testnet
-
Blockchain for Sustainable Packaging
-
Meta’s Blockchain-Based Payment System Plans
-
Mocse Credit Union Joins Metal Blockchain’s Innovation Program
-
Apex Fusion on the Urgency of Blockchain Defragmentation
Through concise reporting, opinion-driven analysis, and SEO-optimized insights—featuring keywords like blockchain, cryptocurrency, Web3, DeFi, and NFTs—we’ll explore how these developments shape the next wave of decentralized finance, enterprise adoption, and mass onboarding.
1. Camp Network Launches Testnet for IP-Focused Blockchain
What Happened:
Camp Network has unveiled its long-anticipated testnet following a $30 million funding round led by leading crypto VCs. This new network is tailored for intellectual property (IP) asset tokenization, aiming to streamline rights management and royalty payments via smart contracts.
-
Technical Highlights:
-
Modular Consensus: Hybrid PoS/PoA consensus that allows IP rightsholders to validate transactions.
-
On-Chain Licensing: Smart contracts enabling programmable licensing terms, automated royalty splits, and revocable access controls.
-
Interoperability: Bridges to Ethereum and Polygon enable seamless asset transfers and liquidity provisioning.
-
Analysis & Implications:
By focusing on IP tokenization, Camp Network addresses a glaring gap in current NFT platforms, which often lack robust legal-framework integration. This specialization could catalyze:
-
New Revenue Models: Musicians, authors, and inventors can fractionalize royalties, unlocking liquidity and democratizing investment in creative works.
-
Institutional Adoption: Traditional publishers and studios may pilot tokenized licensing, accelerating blockchain’s entrée into regulated industries.
-
Secondary Markets: With on-chain licensing data, marketplaces can enforce provenance and anti-fraud measures more effectively.
Camp Network’s testnet success will hinge on developer tooling, legal partnerships, and gas-fee economics. Should it deliver a smooth UX and clear ROI for rightsholders, it could set a new standard for Web3 IP infrastructure.
Source: The Block
2. Blockchain as a Sustainable Packaging Game-Changer
What Happened:
A recent report explores how blockchain can revolutionize sustainable packaging by delivering end-to-end supply-chain transparency. The solution combines on-chain tracking of materials, IoT sensor data for carbon footprint measurement, and tokenized incentives for recycling.
-
Key Components:
-
Immutable Traceability: Each packaging component is logged on a public ledger, enabling consumers to verify sustainable sourcing.
-
Carbon Credit Tokens: Brands earn tokenized credits when they hit recycling targets, tradable on carbon-market DAOs.
-
Consumer-Facing Apps: QR-code scanning interfaces reveal environmental impact metrics and reward programs.
-
Analysis & Implications:
Integrating blockchain with sustainable packaging tackles greenwashing and fragmented reporting. The ability to tie physical materials to on-chain records introduces:
-
Enhanced Accountability: Brands face real-time public scrutiny of ESG claims, improving trust and regulatory compliance.
-
Market Mechanisms: Carbon credit tokens linking packaging to broader DeFi ecosystems incentivize circular economy behaviors.
-
Consumer Engagement: NFTs or loyalty tokens tied to sustainable purchases could accelerate brand loyalty in eco-conscious demographics.
This convergence of blockchain, IoT, and token economics exemplifies how decentralized technologies can underpin not only financial systems but also planetary stewardship.
Source: Yahoo Finance
3. Meta Plans New Blockchain-Based Payment System
What Happened:
Meta is reportedly developing a blockchain-powered payment network to underpin its digital wallet ambitions, aiming to facilitate low-fee remittances, in-app purchases, and peer-to-peer transfers across Facebook, Instagram, and WhatsApp.
-
Proposed Features:
-
Cross-Border Settlements: Utilizing stablecoins pegged to major fiat currencies to avoid volatility.
-
Layer-2 Scalability: Built atop an Ethereum Layer-2 or a proprietary chain to ensure sub-second confirmation times and minimal fees.
-
Regulatory Compliance: On-chain KYC/AML checks integrated via permissioned sidechains.
-
Analysis & Implications:
Meta’s push into blockchain payments could reshape the competitive landscape:
-
Crypto On-Ramp: With 3 billion+ monthly users, built-in wallet functionality could massively expand mainstream cryptocurrency adoption.
-
Disintermediation Risk: Traditional payment processors and remittance services face margin compression as Meta internalizes transaction flows.
-
Regulatory Scrutiny: Centralized control of a global payments network raises data-privacy and antitrust questions, likely attracting significant oversight.
If Meta balances decentralization ethos with compliance demands, it could serve as a blueprint for other Big Tech firms eyeing Web3 integration.
Source: Dig.watch
4. Mocse Credit Union Joins Metal Blockchain’s Banking Innovation Program
What Happened:
Mocse Credit Union has signed on to Metal Blockchain’s Banking Innovation Program, a consortium designed to accelerate pilot projects in tokenized lending, fractional deposits, and programmable savings accounts.
-
Program Benefits:
-
Sandbox Environment: Regulatory-compliant testbeds for tokenized asset experiments.
-
API Integrations: Plug-and-play modules for KYC, smart-contract auditing, and fiat-crypto on-ramps.
-
Co-Innovation Workshops: Joint labs with fellow financial institutions and DeFi projects.
-
Analysis & Implications:
This partnership signals the banking sector’s growing willingness to explore blockchain beyond hype:
-
Tokenized Deposits: By issuing interest-bearing stablecoin equivalents, credit unions can attract a new demographic of digitally native savers.
-
Risk Management: Sandboxed pilots allow institutions to evaluate smart-contract risks without exposing core systems.
-
Interoperable Finance: Aligning legacy banking with DeFi rails can unlock hybrid products—e.g., flash loans collateralized by insured deposits.
Such collaborations could spearhead a wave of embedded finance offerings, blurring the lines between centralized and decentralized banking infrastructures.
Source: Newswire
5. Apex Fusion: Defragmenting Blockchain for Mass Adoption
What Happened:
In an op-ed, Apex Fusion argues that blockchain interoperability and defragmentation are critical prerequisites for mainstream Web3 uptake. The piece advocates standardized cross-chain messaging protocols, unified identity layers, and aggregated liquidity pools.
-
Core Proposals:
-
Protocol Neutral Messaging: A universal middleware to transmit value and data across disparate chains.
-
Decentralized Identity (DID): A shared credential framework enabling seamless dApp logins without wallet-hopping.
-
Liquidity Hubs: Cross-chain Automated Market Makers (AMMs) that pool assets to reduce slippage and gas friction.
-
Analysis & Implications:
A fragmented blockchain ecosystem hinders user experience and developer efficiency:
-
Onboarding Friction: New users face wallet complexity, chain-switching hassles, and inconsistent UX across apps.
-
Capital Inefficiency: Isolated liquidity silos lead to higher trading costs and limit DeFi yield optimization.
-
Developer Overhead: Building multichain dApps requires fragmented toolkits and disparate security audits.
Solving these challenges through interoperable frameworks will be pivotal for DeFi, NFT, and enterprise Web3 solutions to scale beyond niche audiences. Apex Fusion’s recommendations may inform upcoming standards efforts by bodies like the Blockchain Governance Initiative Network (BGIN).
Source: Euro Weekly News
Conclusion
Today’s blockchain developments reflect a maturing industry at the crossroads of innovation and integration:
-
Specialized Networks: Camp Network’s IP testnet showcases niche use-cases driving targeted blockchain deployments.
-
Sustainability & Token Economics: Linking environmental impact to on-chain incentives demonstrates blockchain’s potential in non-financial arenas.
-
Big Tech Entry: Meta’s payment ambitions could accelerate global crypto adoption while raising regulatory stakes.
-
Banking Collaboration: Programs like Metal Blockchain’s underscore financial institutions’ appetite for safe, regulated Web3 experimentation.
-
Interoperability Imperative: As Apex Fusion highlights, defragmentation and cross-chain standards are essential for seamless UX and liquidity flow.
As blockchain weaves deeper into finance, supply chains, and digital ecosystems, the future hinges on striking the right balance between decentralization, compliance, and user-centric design. Stay tuned for tomorrow’s Blocks & Headlines where we continue to chronicle the pulse of Web3 innovation.
The post Blocks & Headlines: Today in Blockchain – May 9, 2025 appeared first on News, Events, Advertising Options.
Blockchain
Bitget Blockchain4Youth sostiene l’innovazione del Web3 e dell’IA all’hackathon “Build with AI” di Google Developer Group

Bitget, società Web3 e uno dei principali exchange di criptovalute, ha ottenuto un riscontro significativo in occasione del recente hackathon “Build with AI”, tenutosi dal 2 al 5 maggio 2025 presso la Constructor University. Spingendosi oltre la semplice sponsorizzazione, l’iniziativa Blockchain4Youth di Bitget ha coinvolto attivamente più di 130 studenti di talento.
L’evento, organizzato dai Google Developer Groups (GDG) on Campus, ha offerto a Bitget uno spazio dinamico per entrare in contatto diretto con gli innovatori tecnologici di nuova generazione. Nel corso di una presentazione dedicata, è stato introdotto il programma Blockchain4Youth Builder, che mostra l’impegno di Bitget nel formare giovani talenti all’interno dello spazio del Web3. Questa partecipazione evidenzia l’approccio lungimirante di Bitget nell’integrare la formazione in materia di blockchain con i settori emergenti come l’IA, riconoscendo il loro potenziale combinato.
Gli studenti hanno lavorato alla creazione di modelli basati sull’IA e di prodotti in fase iniziale utilizzando gli strumenti avanzati di Google, mentre la presenza di Bitget ha offerto una prospettiva unica su come la blockchain possa migliorare ed essere integrata nelle soluzioni di IA. Questa interazione con il mondo reale ha fornito preziose indicazioni agli studenti, colmando il gap tra conoscenze teoriche e applicazione pratica all’interno del panorama tecnologico in rapida evoluzione.
“La formazione rimane un principio fondamentale della nostra missione e, attraverso iniziative come Blockchain4Youth, intendiamo fornire alle nuove generazioni le competenze necessarie non solo per esplorare, ma anche per plasmare attivamente questo settore dinamico”, ha commentato Vugar Usi Zade, COO di Bitget. “Collaborare con comunità come il Google Developer Group offre una base preziosa per connettersi con talenti di spicco e aiutarli nel percorso di utilizzo della blockchain per creare soluzioni di impatto. Blockchain4Youth continuerà a espandere la sua portata, favorendo la crescita dei futuri leader del Web3 in grado di cogliere le numerose opportunità offerte da questa tecnologia”.
Il coinvolgimento mostrato all’hackathon “Build with AI” di GDG è un elemento chiave del più ampio programma Blockchain4Youth di Bitget, l’iniziativa aziendale dedicata alla Responsabilità Sociale d’Impresa (RSI). Questo programma mira a favorire la prossima generazione di leader Web3 attraverso opportunità formative ed esperienze pratiche.
Tra le iniziative più recenti del programma Blockchain4Youth c’è il lancio del Graduate Program di Bitget, concepito per reclutare i migliori laureati nel settore blockchain e Web3. Inoltre, l’espansione del programma Bitget Builders continua a fornire agli individui più promettenti del Web3 un’esperienza diretta attraverso gli eventi offline, i programmi formativi e la crescita strategica della community.
A proposito di Bitget
Fondata nel 2018, Bitget è una società Web3 tra i principali exchange di criptovalute al mondo. Con oltre 100 milioni di utenti in più di 150 Paesi e aree geografiche, l’exchange Bitget si impegna ad aiutare gli utenti a fare trading in modo più smart con la sua pionieristica funzione di copy trading e altre soluzioni di trading.
The post Bitget Blockchain4Youth sostiene l’innovazione del Web3 e dell’IA all’hackathon “Build with AI” di Google Developer Group appeared first on News, Events, Advertising Options.
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