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原文:GalaxyDigital,with$43bninrevenue,istwicethesizeofBlackRock.How?

编辑:EdwardRobinson,DLNews

编译:lenaxin,ChainCatcher

前言

GalaxyDigital即将在美国上市。体量虽小,营收却异常庞大。

该公司几乎99%的收入来自数字资产销售。Netflix,Starbucks和Visa有什么共同点?

就收入而言,这些家喻户晓的名称中的每一个都比GalaxyDigital小得多,至少乍一看是这样。

根据其向美国证券交易委员会(SEC)提交的IPO招股书披露,这家由CEO迈克尔·诺沃格拉茨执掌的上市公司2024年总营收达到创纪录的426亿美元,这一数字使其成功跻身《财富》美国500强企业前五名。

令人震惊的业绩

这一惊人业绩引发市场广泛关注:一家成立仅七年、员工规模仅520人的新兴企业,何以创造超越全球最大资产管理公司贝莱德(BlackRock,拥有1.98万名员工)两倍的年度营收?答案或许隐藏在其独特的财务统计方式之中。

Galaxy的营收结构显示,其收入主要来源于服务费、比特币挖矿及其他业务。但其财务报表数据显示其数字资产销售业务贡献了其总营收的近99%。

那么问题出在哪里?为什么要将业务收入与比特币、以太坊、USDT和其他加密货币的销售混为一谈?

当DL新闻向GalaxyDigital的媒体关系团队寻求指导时,却被告知该公司无法评论,因为它(GalaxyDigital)正处于首次公开募股前的静默期。

交易量

Galaxy的营收确认方式是将为客户执行的数字资产交易直接计入总收入。根据其财务文件披露,客户包括Coinbase等中心化加密货币交易所。

“交易领域的公司呈现交易量和佣金的方式各异,”基准公司(BenchmarkCo)金融科技与数字资产分析师马克·帕尔默(MarkPalmer)分析道,“Galaxy选择了将交易额全额计入营收的模式。”

“就GalaxyDigital而言,其财报呈现方式是将交易量全额计入总收入,”帕尔默告诉DL新闻。

马修·福尔曼(FalconRappaport&Berkman)补充道,“这在做市商中很常见。”

可以肯定的是,GalaxyDigital在计算净利润时,会将数字资产销售额作为交易费用从总收入中扣除,再加上其他成本后,最终该公司去年公布的净利润为3.47亿美元。

纽约FalconRappaport&Berkman税务部门合伙人兼联席主席马修·福尔曼(MatthewForeman)也认为,该公司数十亿美元的营收规模确实非同寻常。通过将收入与交易费用相抵,GalaxyDigital的财务处理方式更像是一家做市商——即为市场提供流动性的机构。

“我无法确认他们的具体操作,但这种处理方式与做市商的典型特征相符——无论是数字资产、玉米期货,还是其他任何资产类别或子类别,”福尔曼告诉DL新闻。

进一步分析表明,GalaxyDigital的会计处理模式显示其作为直接控制资产的"交易主体"存在,而非代理客户交易的"中介机构"或"经纪商"。

“在数字资产交易和做市业务中,由于交易规模极其庞大,这种会计处理方式会产生显著影响,”福尔曼表示。

三大运营部门

GalaxyDigital不仅仅销售数字资产。

该公司分为三个运营部门。

全球市场部(GlobalMarkets)​​:为投资者提供金融服务及产品,并运营交易部门与投资银行部门;

资产管理部(AssetManagement)​​:面向零售及机构客户,提供主动管理型与被动管理型投资产品;

数字基建解决方案部(DigitalInfrastructureSolutions)​​:涵盖比特币挖矿业务等数字资产基础设施服务。

全球市场业务通过付费客户创造收入。此外,其第四季度财报披露,该业务还包含数字资产及股权投资的已实现与未实现收益。

​资产管理业务(AssetManagement)不仅为公司及其子公司管理投资,还面向客户提供资产管理服务,其财务报表中同样包含对基础资产投资的已实现与未实现损益的核算。尽管(GalaxyDigital)惊人的营收规模引发市场关注,但这不过是加密货币行业特有的运营特征。

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