Galaxy, CoinShares Q1 Results, ETFs on Blockchain and more.
Spot Bitcoin exchange-traded fund (ETF) managers have released their first financial results since the crypto funds began trading.
Galaxy Digital's net income rose 40 percent in the first quarter, with management and performance fees reaching $17.8 million — a 113 percent increase from the previous quarter.
CoinShares, which recently completed the acquisition of Valkyrie Spot Bitcoin (BTC) ETF, posted a 216% increase in revenue in Q1 to 19.5 million British pounds ($24.5 million).
On the tokenization front, executives from Ripple and Stellar recently discussed integrating asset token-enabled payments and investments. Franklin Templeton CEO Jenny Johnson also predicted that all ETFs and mutual funds could soon be on the blockchain.
This week's CryptoBiz also looks at Polymarket's $70 million funding and Antonio Giuliano's decision to step down as CEO of dYdX.
CoinShares posts record earnings in Q1, supported by markets, Bitcoin ETFs
European asset manager CoinShares reported a significant performance boost in the first quarter of 2024, largely due to a recovering market at the time. The company reported revenue growth to 19.5 million pounds ($24.5 million), a 216 percent increase. Earnings before interest, tax, depreciation and amortization (EBITDA) came in at £34.2m. 43 million dollars), from 7 million pounds ($8.8 million) last year, a four-fold increase and an EBITDA margin of 78 percent. In addition, CoinShares completed a strategic acquisition of Valkyrie Fund on March 12, expanding its offering to the Valkyrie Space Bitcoin ETF and other crypto fund rights.
CEO of Franklin Templeton says all ETFs and mutual funds will be on blockchain.
Franklin Templeton CEO Jenny Johnson expressed her support for blockchain in a recent Bloomberg interview. In a discussion on tokenization, Johnson said he believes “ETFs and mutual funds will all be on the blockchain,” as the technology has shown significant cost reductions compared to traditional accounting methods. This prediction is due to the “huge costs” associated with filtering data between different systems – a problem that blockchain was designed to solve.
Polymarket collects 70 million dollars from Vitalik Buterin, Founders Fund
Peter Thiel's venture capital firm, Founders Fund, and Ethereum founder Vitalik Buterin led a $70 million fundraising effort for Polymarket, a platform that enables betting on political events. According to Bloomberg, Polymarket has successfully raised $70 million in two funding rounds as betting on the 2024 US presidential elections continues to intensify. Polymarket's latest Series B funding round was led by Founders Fund and raised $45 million. Polymarket has seen an increase in election betting, resulting in more than $170 million in bets on the upcoming US election, according to the platform's website.
Galaxy Digital's revenue increased with mining, payouts at record levels
Galaxy Digital It had a strong first quarter in 2024, with net income rising to $422 million, a 40% increase from the previous quarter. The increase was bolstered by record-breaking earnings from both the mining operation and management fees. The company's mining revenue rose 69 percent from the previous quarter to a new record high of $31.5 million, primarily due to its expanded mining capacity of 5.7 exashes per second. The company issued 373 bitcoins at an average cost of less than $19,500 each. Galaxy reported a significant increase in revenue in asset management, with management and performance fees reaching $17.8 million, a 113 percent increase from the previous quarter.
Before you go: Antonio Giuliano, founder of decentralized exchange dYdX, has announced his decision to step down as CEO after leading the platform for seven years. Ivo Crnkovic-Rubsamen, who previously served as dYdX's Chief Strategy Officer, now leads the company.
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