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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



(5 %)




8 %

Cash & Net Stablecoins3



(16 %)

Net Digital Assets4



56 %

Net Income (loss)



(104 %)

Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter percentage change calculations are based on actual results.
(1) This preliminary, unaudited quarter-to-date financial information is as of October 31, 2023. Financial results include impacts of non-cash equity based compensation but exclude completion of the full quarterly valuation process of our investment portfolio. This data is subject to change as management completes its quarterly close procedures.
(2) As compared to the quarter ended June 30, 2023.
(3) Includes Cash Equivalents. 
(4) Refer to page 15 of this release for a breakout of our net digital assets position.

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 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)



9 %

Counterparty Loan Originations



2 %

Counterparty Trading Volumes QoQ Change

70 %

(29 %)


Total Trading Counterparties



3 %

Active Trading Counterparties



(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



100 %




4 %

Deal Value of Pipeline



120 %



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



11 %

Total AUM



58 %

     Passive AUM



(20 %)

     Active AUM



1,548 %

     Venture AUM



2 %

Number of Portfolio Company Investments1



3 %

(1) Includes investments held directly on the Partnerships’ balance sheet and indirectly through the Galaxy sponsored funds.



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 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



(7 %)

Proprietary Mining Revenue



3 %

Hosted and Other Mining Revenue1



(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



1 %

Average Marginal Cost to Mine

< $0

$9K -$10K


(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



7 %



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: 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.


MapMetrics expands to peaq from Solana following addition of Solana compatibility to peaq’s Multi-Chain Machine IDs




peaq, the blockchain for real-world applications, announces the expansion of its ecosystem and product offering. MapMetrics, a Web3 drive-to-earn navigation app, will leverage peaq as part of its decentralized physical infrastructure network (DePIN) powering a Google Maps-style service. The development comes as peaq adds Solana compatibility to its Multi-Chain Machine IDs.

A Solana-originating project, MapMetrics will leverage the now Solana-compatible peaq IDs to build functions of the MapMetrics DePIN on peaq. These will include assigning peaq IDs to the navigator devices on its DePIN, using these IDs to authenticate the data collected by these devices, and a community voting mechanism.

Free navigation apps have become trusty companions for countless people around the world, with Google Maps alone boasting over a billion users. But despite a lack of an upfront cost, they come with a price of their own. When something is free, you are the product; when navigation is free, your personal data is being monetized. From leveraging the user’s position data for valuable insights on specific locations to serving them targeted location-based ads, the companies behind such apps profit from our sensitive data, sometimes without giving much thought to its privacy and protection. And in the case of massive companies like Google, they combine this data with the data sourced from all other Google-related data points to create digital models of ourselves, able to predict our behavior than ourselves.

MapMetrics is changing the equation by putting navigation on Web3 rails. It uses location trackers that enable users to share their anonymized data with the network, earning cryptocurrency and NFTs as rewards. While featuring its own ad engine, it makes sure that no private user data is exposed to the advertisers and shares the ad revenue with the community. It boasts 3,500 devices in the network and 5,000 users across 73 countries.

As part of its integration with peaq, MapMetrics will use peaq’s Multi-Chain IDs to enable devices to connect with the peaq network. It will build and deploy some of the core functions powering its navigation DePIN on peaq, using peaq IDs to authenticate and sign the anonymized data that the devices collect. It will also tap peaq to build a community voting pallet — a building block that other projects will be able to use as well — which will enable the community to contribute to its Google Maps-style navigation service by adding the locations of speed cameras and other objects and validating it with votes.

This comes as peaq expands the compatibility of its peaq IDs to include Solana. Enabling this is an address map running as part of the peaq storage pallet, pallets being modules for building blockchains in the framework that peaq runs on. This map works like an address book, linking addresses of different standards used on various networks and thus enabling cross-chain communication and information exchanges.

For example, with this integration, a solar panel with an ID on Solana will be able to connect to an energy marketplace on peaq. The previous updates made peaq IDs compatible with Binance’s BNB Chain, Ethereum Virtual Machine, and Cosmos. peaq’s steps toward its Multi-Chain vision have already eased the transition for projects coming from Algorand and Polygon, and will now unlock new opportunities for MapMetrics and other projects in the Solana ecosystem.

The peaq ID compatibility expansion enables teams originating on Solana to expand and leverage peaq’s DePIN functions without friction or fragmentation. With peaq Multi-Chain IDs, Solana-originated projects can easily tap peaq for some of their crucial functions.

“With its DePIN-focused functions and economics, peaq is the perfect home for DePINs,” says Brent van der Heiden, CEO of MapMetrics. “We are excited to be joining this bustling ecosystem, and the newfound compatibility between peaq IDs and Solana addresses is making this process significantly more convenient.”

“We believe in an open, Multi-Chain Web3 with seamless communication and value exchange between a plethora of protocols,” says Till Wendler, co-founder of peaq. “By making peaq IDs compatible with Solana, we take another step toward bringing this vision to life — and it’s invigorating to see excellent projects such as MapMetrics use this technology to solve real business problems with the DePIN model.”

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Global Blockchain Market Report 2023-2028 – Profiles of Key Players IBM, Oracle, Infosys, Wipro, Bitfury and More




The “Global Blockchain Market: Analysis by Component, By Type, By Enterprise Size, By Application, By Industry Vertical, By Region Size and Trends And Forecast To 2028” report has been added to’s offering.

Blockchain technology has been gaining immense traction in recent years due to its potential to enhance security, transparency, and efficiency across various industries. The global blockchain market, valued at US$11.02 billion in 2022, is expected to surge to a staggering US$265.01 billion by 2028, reflecting the growing demand for blockchain solutions and services.

Several key factors are driving this surge in demand for blockchain technology:

  1. Digitalization: As industries continue to digitize their operations, blockchain is emerging as a crucial tool for enhancing data security and efficiency.
  2. Favorable Government Initiatives: Governments worldwide are recognizing blockchain’s potential to improve transparency and security in sectors like land registration, identity management, and voting.
  3. Diverse Industry Adoption: Blockchain is finding applications across various sectors, including BFSI, retail, healthcare, and more, driving its widespread adoption.
  4. Decentralized Applications: The rise of decentralized applications and services is fueling the need for blockchain solutions.
  5. Cryptocurrency Usage: The increasing use of cryptocurrencies is boosting blockchain’s significance.
  6. Data Protection Awareness: Growing awareness of data protection and the need to safeguard against cyber threats like malware is contributing to blockchain’s growth.

Additionally, notable trends such as the integration of artificial intelligence (AI) with blockchain, Blockchain as a Service (BaaS), the Non-Fungible Token (NFT) boom, and the growth of DeFi (Decentralized Finance) are shaping the blockchain landscape.

Market Segmentation Highlights:

  • Component: The global blockchain market comprises two main components: Solutions and Services. Solutions, offering essential technological infrastructure, customization options, and security features, claimed the majority of market share in 2022. Services, which provide specialized expertise for navigating blockchain complexities, are the fastest-growing segment.
  • Type: Blockchain is classified into three types: Public, Private, and Hybrid. Public blockchains, known for decentralization, transparency, and open access, dominated the market in 2022. Private blockchains, offering faster transactions and scalability, are the fastest-growing segment.
  • Enterprise Size: Large enterprises, with their complex processes and data management needs, held the majority of the market share in 2022. Small and medium enterprises (SMEs) are the fastest-growing segment, attracted by blockchain’s scalability, accessibility, and potential for process optimization.
  • Application: Blockchain applications span seven segments: Payments, Exchange, Smart Contracts, Documentation, Digital Identification, Governance, and Others. Payments, revolutionizing cross-border transactions and remittances, accounted for the majority of market share in 2022 and are the fastest-growing segment.
  • Industry Vertical: Seven industry verticals are served by blockchain technology: BFSI, Government, Travel, Healthcare, Retail, Telecom, and Others. BFSI, aligning strongly with blockchain’s principles, leads in market share and is also the fastest-growing segment.

Regional Insights:

  • North America: The region, with a vibrant blockchain startup ecosystem, recorded the highest market share in 2022. The U.S., home to major players like IBM, Microsoft, and Amazon, holds a competitive advantage.
  • Asia-Pacific: Rapid growth in this region is attributed to government support, a burgeoning financial sector, and a tech-savvy population. China, with nationwide digital transformation and heavy tech investments, leads in the Asia-Pacific region.

Competitive Landscape and Recent Developments:

Key players in the global blockchain market are:

  • IBM
  • Oracle Corporation
  • Infosys
  • Intel Corporation
  • Wipro Ltd
  • Huawei Investment & Holding Co. Ltd.
  • Hewlett Packard Enterprise
  • Amazon
  • Accenture
  • ConsenSys
  • LeewayHertz
  • Bitfury
  • ScienceSoft

As blockchain continues to evolve and disrupt industries, it is poised for exceptional growth with a projected CAGR of 69.9% during the forecast period of 2023-2028. Blockchain technology’s blend with AI, coupled with its diverse applications, makes it a key driver of innovation in the digital age.

For more information about this report visit

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Spool hones in on bringing institutions into DeFi by launching its expansive V2 upgrade




Spool DAO, or Spool, the platform allowing institutions and users to build customizable risk-managed DeFi products, launches its V2 upgrade. Spool’s new platform expands its original DeFi infrastructure and tools, with heightened decentralized access and new capabilities. Institutions of all sizes can now leverage its slate of new features and interface updates to build, manage, and explore DeFi products with unparalleled flexibility, risk reduction, and security.

Despite crypto’s whirlwind year, DeFi’s blue-chip protocols managed to largely withstand the industry-wide chaos. But that doesn’t mean the DeFi landscape hasn’t changed at all. Looming regulatory steps, such as the new bipartisan bill entering the U.S. Senate, aim to monitor DeFi apps similarly to banks, setting the stage to accommodate increasing interest from legacy financial institutions. Banks and institutions clearly see potential in crypto and DeFi’s financial possibilities, but they lack the proper tools to enter it easily, compliantly, and on their terms.

To meet this institutional need, Spool now provides a completely rebuilt platform for risk-managed and automated DeFi yield. Created from the ground up to be faster, more efficient, more composable, and easier to use than its predecessor, V2 represents a leap for Spool and institutions expanding their DeFi presence. The upgrade expands upon Spool’s core offering and introduces several key features to maximize the effectiveness of institutional DeFi investment. These features and enhancements include:

    • Multi-Asset Smart Vaults: Institutions creating Smart Vaults can now build them to contain a range of yield strategies using multiple assets. Multi-asset Smart Vaults enhance functionality in addition to Spool’s classic auto-swapping and auto-rebalancing capabilities. Investors can simply create or pick an existing Smart Vault that matches their investment preferences, and send the assets they have available. The assets are then automatically swapped and implemented in audited and battle-tested smart contracts to attain the best yields possible while allowing funds to be withdrawn at any time.
    • Smart Vault Guards: Institutions building Smart Vaults can now dictate which users can deposit or withdraw from the Vault based on specific criteria, mirroring traditional investment funds. This helps institutions tailor DeFi offerings not only to regulatory compliance but to their specific client needs as well. Institutions can create KYC and AML-compliant Smart Vaults, for example, and only allow access to vetted investors through whitelisted wallets. Other parameters include NFT or Token Gating (where a user must hold a specific NFT or token amount to access the vault), and Time Locks.
    • Actions: Spool builders can now implement customizable actions tied to user activities such as entering or exiting a Smart Vault that is configured during its creation. Actions help support institutions by creating a framework that feels familiar to traditional finance and includes features such as deposit or withdrawal fees, deposit insurance fees, and automated asset swaps that help streamline the once-manual process for yield farming.
    • Liquid Staking Derivatives (LSDs) Support: LSDs are tokens issued in return for staking cryptocurrency through a staking provider. This comes in handy for networks such as Ethereum, where validators must hold a minimum of 32 ETH to access staking and validator privileges. LSDs also allow users to withdraw staked ETH, which validators cannot do. As strategies using LSDs become more popular and prevalent, adding support in V2 enables greater convenience.
    • Advanced Automation: One of DeFi’s major obstacles lies in manual asset management within yield farms. V2 improves upon Spool’s original automation features while maintaining decentralization and self-custody. Once assets are within a Smart Vault portfolio, V2 automatically rebalances them between various strategies configured in the Vault. Spool also now offers automated collateral conversion, meaning clients investing in a Smart Vault can utilize any underlying asset they have available. Spool automatically converts the asset before investing, granting increased ease and choice.
    • Deposit NFTs (dNFTs): D-NFTs provide users with an immutable NFT receipt of their Smart Vault deposits, enabling the withdrawal of funds. ERC-20 Smart Vault Tokens (SVTs) are created by burning D-NFTs and act as yield-bearing stablecoins, which can be easily transferred or traded on a secondary market, creating a new liquid financial instrument.

Check out Spool’s video here:

More detailed video with features overview can be found here:

Among these new features, Spool V2’s completely redesigned interface allows institutions and asset managers to have a birds-eye view of their Smart Vault portfolio. The platform champions accessibility while providing the comprehensive tools and oversight that institutions require. This includes tools for easily white-labeling Smart Vaults for client access with their own branding and unique insights into Smart Vault performance based on customizable KPIs.

By enabling the codeless creation of financial services and products backed by audited financial primitives, institutions that don’t have DeFi-specific teams are now able to easily access DeFi. The upgrade’s capabilities set the stage for large-scale institutional partnerships in the pipeline for Spool, following a steady stream of integrations and collaborations leading up to its launch.

“We are incredibly proud to launch Spool V2 after countless months of our team developing, testing, and listening to the feedback and needs of our institutional partners,” says Philipp Zimmerer, Lead of Token Strategy of Spool. “This lands at a pivotal moment in crypto in a year that has been all about responsibly rebuilding the industry and forging a new path for DeFi. Improving access, flexibility, and security will not only garner further institutional support but set a new standard for what DeFi can make possible for any investor.”

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