Galaxy Digital partners with Bloomberg to launch Solana index, impressive Q3 financial report, expected to go public next year

The European head of Galaxy Digital, a cryptocurrency investment bank, Tim Grant, announced yesterday on LinkedIn that they will collaborate with Bloomberg to launch the Solana price index. In addition, the company just released its financial report, showing impressive earnings for the third quarter, and is expected to go public on a U.S. stock exchange in the first quarter of next year.

Bloomberg Galaxy Solana Index

According to Tim Grant's post, Galaxy Digital and Bloomberg have once again collaborated to develop the Bloomberg Galaxy Solana Index, which is now live on the Bloomberg terminal, serving over 400,000 users globally. The two companies have jointly developed five index products, with three being cryptocurrency indices tracking BTC, ETH, and SOL, while the other two are DeFi and Crypto indices.

Tim Grant stated that the launch of the Solana index product is significant as it serves as Solana's first institutional-grade pricing source, allowing the registration of products based on Solana in jurisdictions requiring a global pricing source.

Galaxy Digital Q3 Financial Highlights

According to Galaxy Digital's financial report, the net comprehensive income reached $517 million in the third quarter, a growth of approximately 1,100% compared to $41.5 million in the same period last year. The net realized gains and losses from crypto assets amounted to $150 million, with mining revenue totaling $2 million.

Currently, Galaxy Digital holds around $550 million in Bitcoin and $260 million in ETH. The significant increase in the cryptocurrency market during the third quarter brought substantial revenue to Galaxy Digital. The CEO of Galaxy Digital also expressed:

As the crypto economy matures and gains more adoption, it will drive asset prices up and attract more institutional capital. I have never been more optimistic about the company's prospects.

Additionally, Galaxy Digital plans to acquire digital asset trust company BitGo in the first quarter of next year and is expected to go public on a U.S. stock exchange.