Cryptocurrencies

Bitcoin spot trading fund (ETF) managers released their first financial results in…

Bitcoin spot trading fund (ETF) managers have released their first financial results since crypto funds began trading.

Galaxy Digital’s net income rose 40% in the first quarter, with management and performance fees reaching $17.8 million – an increase of 113% from the previous quarter.

CoinShares, which recently completed the acquisition of Valkyrie’s Bitcoin (BTC) ETF, posted a 216% revenue gain in the first quarter to £19.5 million ($24.5 million).

On the tokenization front, executives from Ripple and Stellar recently discussed the blending of payments and investments enabled by asset tokenization. Jenny Johnson, CEO of Franklin Templeton, also predicted that all ETFs and mutual funds could soon be on the blockchain.

This week, Crypto Biz also takes a look at Polymarket’s $70 million funding raise and Antonio Giuliano’s decision to step down as CEO of dYdX.

CoinShares posted record revenue in the first quarter, fueled by markets and Bitcoin exchange-traded funds

European asset manager CoinShares reported a significant performance boost in the first quarter of 2024, largely due to the market recovery in the period. The company saw its revenues rise to £19.5 million ($24.5 million), an increase of 216% over the same period in 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) also saw a significant rise to reach £34.2 million ($43 million). Up from £7 million ($8.8 million) the previous year, representing a four-fold increase and an EBITDA margin of 78%. Additionally, CoinShares completed the strategic acquisition of Valkyrie Funds on March 12, expanding its offerings with the rights to Valkyrie’s spot Bitcoin ETF and other cryptocurrency funds.

CEO Franklin Templeton says all ETFs and mutual funds will be on the blockchain

Jenny Johnson, CEO of Franklin Templeton, reiterated her support for blockchain technology in a recent Bloomberg interview. During a discussion about tokenization, Johnson said he believes “ETFs and mutual funds will all be on the blockchain,” adding that the technology has shown significant cost reductions compared to traditional accounting methods. She attributed this prediction to the “high costs” associated with verifying data between disparate systems – a problem that blockchain technology was intentionally designed to solve.

Polymarket raises $70 million from Vitalik Buterin Founders Fund

Peter Thiel’s venture capital firm, Founders Fund, and Ethereum co-founder Vitalik Buterin led a $70 million fundraising effort for Polymarket, a platform that enables betting on political events. According to Bloomberg, Polymarket has raised $70 million across two funding rounds as betting on the 2024 US presidential election gains momentum. Polymarket’s latest Series B funding round was led by Founders Fund, raising $45 million. Polymarket has seen a boom 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 revenues are rising with mining fees reaching record levels

Galaxy Digital had a strong first quarter in 2024, with its net income rising to $422 million, representing 40% growth from the previous quarter. This increase was fueled by record revenues in both mining operations and management fees. The company’s mining revenue reached a new high of $31.5 million, up 69% from the previous quarter, largely due to expanded mining capacity that achieved a hash rate of 5.7 exahashes per second. The company mined 373 bitcoins at an average cost of less than $19,500 each. On the asset management front, Galaxy also announced a significant increase in income, as management and performance fees reached $17.8 million, an increase of 113% over 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 Crnković-Rubsamin, who previously served as chief strategy officer at dYdX, will now lead the company.

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