Galaxy Digital Turns Profitable in Q1 2023: Report

• Galaxy Digital, a crypto financial services firm founded by Michael Novogratz, ended Q1 2023 with a liquidity position of $814 million.
• The company reported a net income of $134 million in the first quarter of 2023 due to gains on digital assets and unrealized gains on investments.
• Galaxy Digital’s asset management division – Galaxy Digital Asset Management (GAM) – registered assets under management of $2.4 billion and 100% increase in Hashrate Under Management (HUM).

Galaxy Digital Turns Profitable in Q1 2023

Mike Novogratz’s Galaxy Digital has turned profitable in the first quarter of the year, despite recording losses totaling $288 million in the fourth quarter of 2022 amid industry scandals and bankruptcies. According to an official press release, Galaxy reported a net income of $134 million as compared to its previous quarter’s losses.

Liquidity Position

The crypto financial services firm ended Q1 2023 with a liquidity position of $814 million, indicating an overall improvement for the business despite market slump.

Asset Management Division

Galaxy Digital’s asset management division – Galaxy Digital Asset Management (GAM) recorded assets under management worth $2.4 billion at the end of Q1 2023, which is 40% higher than it was in the previous quarter. Additionally, its mining business set-up – Galaxy Digital Infrastructure Solutions (GDIS) – concluded the quarter with nearly 3 exahash per second Hashrate Under Management (HUM), experiencing more than 100% growth from its last quarter’s figures.

Novogratz Comments

Commenting on this development, Michael Novogratz said that these results are indicative that their investments made towards promoting responsible adoption for digital assets have resonated well amongst clients. He further added that these numbers reflect their commitment to establishing long-term strategies for success.

Conclusion

Galaxy Digital is one step closer to becoming an industry leader after reporting solid earnings for Q1 2023 amidst turbulent markets and several other challenges faced by cryptocurrency businesses over recent months. It remains to be seen how they perform over future quarters as markets look up again

Proudly powered by WordPress | Theme: Funky Blog by Crimson Themes.