Mike Novogratz’s digital asset financial services firm Galaxy Digital posted a net income of 6 million for the full year 2023, according to its recently released financial statement. This was a significant turnaround after a billion loss in 2022. The company said that Q4 of 2023 was particularly game-changing for the company. In its official statement, Galaxy Digital said that its fortunes took a positive turn in the last quarter of 2023, catapulting its net income to 2 million. This coincided with the crypto market experiencing a much-needed rebound as it thawed from an extended crypto winter. As such, the company recorded a net income of 2 million. This was in stark contrast to the 8 million loss reported in the same quarter of the previous year. Galaxy
Topics:
Chayanika Deka considers the following as important: AA News, mike novogratz, social
This could be interesting, too:
Andrew Throuvalas writes The Bitcoin Bear Market May Have Already Started, Signal Shows
Chayanika Deka writes Australia Gears Up for Bitcoin ETF Wave After US, Hong Kong Approvals
Andrew Throuvalas writes How Lazarus Group Cashed Out 0 Million Of Stolen Crypto In Three Years: ZachXBT
Andrew Throuvalas writes EigenLayer Token Airdrop Plan Will Allocate 15% Of Supply To Stakers
Mike Novogratz’s digital asset financial services firm Galaxy Digital posted a net income of $296 million for the full year 2023, according to its recently released financial statement. This was a significant turnaround after a $1 billion loss in 2022.
The company said that Q4 of 2023 was particularly game-changing for the company.
- In its official statement, Galaxy Digital said that its fortunes took a positive turn in the last quarter of 2023, catapulting its net income to $302 million.
- This coincided with the crypto market experiencing a much-needed rebound as it thawed from an extended crypto winter.
- As such, the company recorded a net income of $302 million. This was in stark contrast to the $288 million loss reported in the same quarter of the previous year.
- Galaxy had incurred losses of $94 million even in the third quarter of 2023.
“Since the end of the fourth quarter 2023, digital asset prices materially changed and our business has benefited from heightened market volatility and increased trading volumes.”
- Meanwhile, Galaxy also disclosed that its assets under management (AUM) stood at around $5.2 billion by December 31, 2023, increasing by a notable 203% year-over-year, largely fueled by net inflows from “newly managed opportunistic assets.”
- Following the quarter’s conclusion, the company announced a record preliminary AUM of $10.1 billion as of February 29, 2024.
- Besides the continued inflows from recently managed opportunistic assets, the figure was also driven by market appreciation during the same period.