To: russet who wrote (108158 ) 5/28/2021 12:50:23 AM From: teevee Read Replies (1) | Respond to Rather than buy crypto coins or bitcoin, On Monday I took a position at US$16.00 on the US side in Galaxy Digital Holdings - GLXY on Canadian markets and BRPHF on US side (trades in US dollars). Investment thesis: I believe that central banks will create their own crypto, and when they do, GLXY will be there as a merchant banker, offering digital crypto currency financial products and services. Even if bitcoin is outlawed, if I am correct about central banks creating their own crypto, GLXY will be there and a leader in providing crypto financial products and services. The founder is from Goldman Sachs, and is attracting the brightest and best from Wall Street and Silicon Valley, all interested in the opportunity and growing GLXY. This company looks like it could become a digital "Goldman Sachs" merchant banker of the crypto world which currently has over $5-10 billion in daily transactions. A key thresh hold for me is that crypto appears to be here to stay as institutional money has just started to become involved, having deployed capital into digital assets, estimated at about .5% of global institutional wealth. This company makes money across many sectors of the crypto world and the direction of crypto prices doesn't matter, although the price currently tracks bitcoin instead of paying attention to quarterly cash flows. Share capitalization is 340 million shares fully diluted. GLXY has the potential over the next 3-5 years to be as large as JP Morgan or Goldman Sachs in terms of market capitalization (+$160 billion), provided an existing main stream commercial bank doesn't wake up and smell the coffee and buy GLXY (not possible now because billionaire founder still owns over 50% of stock). latest presentation: https://s27.q4cdn.com/973063916/files/doc_downloads/2021/05/Galaxy-Digital-Merger-Announcement-Deck_5.5.2021-vFF.pdf Galaxy appears to be far ahead on being the most important digital crypto intermediary. Select Financial Highlights for the First Quarter 2021, compared to First Quarter 2020 Net comprehensive income1 increased to $860.2 million, from a net comprehensive loss of $26.9 millionin the prior year period. The increase was primarily a result of realized and unrealized gains on digital assets and on investments, coupled with strong contribution from our trading business, partially offset by higher operating expenses. Income from our trading business increased to $508.7 million, from a loss of $31.5 million in the first quarter of last year. Net realized gains from investments were $151.1 million in the quarter. Fair Value of Net Asset Holdings3 increased 128% to $1.85 billion, from $813.5 million at the end of the prior year. The increase was primarily a result of gains on digital assets and on investments. As of March 31 , 2021, the Partnership had a material net holding in Bitcoin of approximately $761.8 million, excluding non-contr olling interests. The increase in the value of holdings was primarily driven by the increase in price. Investments stood at $351.6 million as of March 31 , 2021, an increase of $91.2 million from December 31 , 2020. The change was primarily due to the increase in unrealized gains and $40.9 million of new capital deployed by the Principal Investments team during the year, which were partially offset by the sale of some investments.
