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Home » Galaxy Digital’s 2023 net income soars to $296M following a $1B loss in 2022
Galaxy Digital's 2023 net income soars to $296M following a $1B loss in 2022
Galaxy Digital's 2023 net income soars to $296M following a $1B loss in 2022

Galaxy Digital’s 2023 net income soars to $296M following a $1B loss in 2022

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By admin on 2024-03-26 Blockchain, Cryptocurrency

Galaxy Digital, a digital asset management firm, has experienced a remarkable change in its financial state. After suffering a devastating net loss of $1 billion in 2022, the company has now reported a net income of $296 million for 2023. This positive turn of events can be attributed to the shift in crypto market trends from bearish to bullish.

The firm’s assets under management (AUM) have seen significant growth, increasing from $1.7 billion to $5.1 billion in 2023. In just the first two months of 2024, the AUM nearly doubled, reaching an impressive $10.1 billion by the end of February.

Mike Novogratz, the founder and CEO of Galaxy Digital, announced a net income of $302 million for the fourth quarter of 2023. This represents a substantial 421% increase from the previous quarter. The company also reported $18.7 million in mining revenue for Q4, marking a 31% increase from the previous quarter.

Galaxy Digital explained in its statement that the average marginal cost to mine in the fourth quarter had increased compared to prior quarters due to limited opportunities to economically curtail mining operations and a higher network hash rate.

As a company involved in financing, trading, mining, and banking services for digital assets, Galaxy Digital attributed its change in fortune to the rise in prices of major cryptocurrencies, particularly Bitcoin (BTC).

The company’s quarterly earning report indicated that it had already generated approximately $300 million in before-tax income, primarily driven by the appreciation of digital asset prices and growth in its operating businesses.

Despite challenging market conditions, Galaxy Digital successfully closed five deals in 2023, focusing on investment banking. The company completed a restructuring mandate with Prime Trust in the fourth quarter. Additionally, it reported revenue from advising online gaming platform Gamercraft on its seed financing round and acting as the exclusive financial adviser to Securitize on its acquisition of Onramp Invest. These deals represented a potential deal value of $2.2 billion.

In related news, an article titled “‘Am I sorry? No’ — 3AC founder. $6B BTC laundered for fast food worker: Asia Express” was featured in a magazine.

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