Originally published on: March 26, 2024
In a surprising turn of events, digital asset management firm Galaxy Digital has managed to rebound from a $1 billion net loss in 2022 to report a net income of $296 million in 2023. This impressive feat comes amidst a shift in the crypto market trends from bearish to bullish.
The firm’s assets under management (AUM) saw a significant growth from $1.7 billion to $5.1 billion in 2023, nearly doubling to $10.1 billion by the end of February 2024. This remarkable success has been attributed to the rising prices of major cryptocurrencies like BitcoinBTC$67,581.
Mike Novogratz, the founder and CEO of Galaxy Digital, reported a staggering $302 million in net income for the fourth quarter of 2023, marking a 421% increase from the previous quarter. The firm also recorded $18.7 million in mining revenue for Q4, showing a 31% rise from the previous quarter.
Galaxy Digital emphasized that the positive change in fortune was driven by the appreciation of digital asset prices and the growth in their operating businesses. The company’s quarterly earning report revealed that it had already generated “approximately $300 million” in before-tax income, showcasing their strong performance.
Throughout 2023, Galaxy Digital successfully closed five deals in investment banking, despite facing challenging market conditions. Notably, the firm completed a restructuring mandate with Prime Trust in the fourth quarter and provided advisory services to online gaming platform Gamercraft and Onramp Invest.
With its impressive financial results and strategic deals, Galaxy Digital is proving to be a major player in the digital asset management industry. Stay tuned for more updates on their continued success in the crypto market. Don’t miss out on the latest news and trends in the crypto world by subscribing to our newsletter today!
