In the news today (below) we will highlight what we consider key parts. We will make comments in red.
Accounts related to LOTM are accumulators of BRPHF longer term. Listing in the USA before year-end 2021 and closing on the BitGo acquisition are major catalysts in Q4 2021. We expect to dollar cost average into weakness between now and the events which we think will push the price of Galaxy higher. We believe Blockchain & Crypto is in the early years of a decade or longer expansion. In the distant future we will become more active in trading around the position but for now we are happy accumulating a position.
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NEWS June 18, 2021
Galaxy Digital Secures Position as Liquidity Provider for Goldman Sachs Bitcoin Futures Block Trade
9:00 AM ET 6/18/21 | Dow Jones (Story linked here)
Galaxy Digital Provides Sophisticated Liquidity Provision and Risk Management Capabilities
Galaxy Digital’s Market Leading Sell Side Trading Desk Offers Goldman Sachs Spot & Derivative OTC Trading, Lending and Structured Products
NEW YORK, June 18, 2021 /PRNewswire/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital” or “the Company”), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, today announced that it will serve as Goldman Sachs Group Inc.’s (“Goldman Sachs” or “the Bank”) liquidity provider (LOTM: for one of the most connected banks in the World? Great endorsement and referral) for its Bitcoin futures block trades on CME Group Inc. (“CME Group”) as the bank expands its cryptocurrency offering.
The addition of Galaxy as a liquidity provider follows Goldman Sachs’ successful execution of its first cryptocurrency trades and formalized set-up of its bitcoin desk last week, two months after the US bank announced that it would re-enter the cryptocurrency market amidst growing demand from institutional clients. (LOTM: Goldman re-enters crypto – more Institutional demand – great opportunity for Galaxy to expand their position in the industry plus grow with Goldman)
“Goldman’s trust in us validates our institutional expertise and the strength of what we’re building here at Galaxy,” (LOTM: Very True) said Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital. “We are proud to be a strategic partner of Goldman and look forward to working with Max and his team to meet the increasing demand from institutions (LOTM: Validates crypto as a new asset class) and pave the way to broader adoption of cryptocurrencies as an asset class.”
Galaxy Digital’s trading platform is positioned to offer clients access to deep and diverse liquidity on a principal basis on a variety of centralized exchanges and OTC markets. The Company maintains strong relationships with a broad range of spot and futures exchanges, digital asset exchanges and custodians, and fiat banking partners, which enables it to move capital and assets around securely and efficiently to provide competitively priced liquidity and achieve cross-market opportunities.
“Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade,” said Max Minton, Head of Digital Assets for Goldman Sachs’ Asia-Pacific Division. “In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem to help fulfill this goal.”
Galaxy Digital Trading makes markets in over 90 digital assets, with a consistent focus on the expanding needs of its counterparties in the digital assets sector. Galaxy Digital works with over 300 institutional trading counterparties and added over 100 new relationships in Q1 2021 alone. (LOTM: 50% increase in Institutional clients in Q1 – shows demand for a new asset class!)
Other News:
Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds
CNBC – PUBLISHED WED, MAR 17 2021
The investment bank told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter. Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.
One year chart below:
Still base building. Accumulate here and on weakness. We are not using stop losses on this as we are buying the “Company” not trading the stock.
Markets move fast, and success or failure is often tied to “How You Manage Your Individual Stock Positions” more than what you buy. Surprised? If you are, consider a regular consultation with Tom. Learning by Trial and Error is time consuming and will cost your more than a coach / mentor. I can guarantee that! Tom
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