CDS Crypto News Galaxy Digital 2023 Net Income Rebounds to 296 Million Dollars After 1 Billion Dollars Loss in 2022

Crypto News

Galaxy Digital 2023 Net Income Rebounds to 296 Million Dollars After 1 Billion Dollars Loss in 2022

The company credited its turnaround to shifting market conditions from bearish to bullish, with assets under management (AUM) almost doubling in the first two months of 2024 compared to the previous year.

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Crypto News– Galaxy Digital, a digital asset management firm, has experienced a significant turnaround, reporting a net income of $296 million for 2023 after enduring a $1 billion net loss in 2022.

Galaxy Digital 2023 Net Income Rebounds to 296 Million Dollars After 1 Billion Dollars Loss in 2022

This reversal of fortune coincides with a shift in market trends from bearish to bullish in the crypto space.

The firm’s assets under management (AUM) surged from $1.7 billion to $5.1 billion in 2023 and nearly doubled in the first two months of 2024, reaching $10.1 billion by February’s end.

For the full year 2023, Galaxy mined 1,077 Bitcoin from our proprietary mining operations at an average marginal cost to mine of less than $8,000.
Mike Novogratz

Founder and CEO Mike Novogratz disclosed a net income of $302 million for Q4 2023, marking a remarkable 421% increase from the previous quarter. Additionally, the firm recorded $18.7 million in mining revenue for Q4, up by 31% compared to the previous quarter.

Galaxy Digital attributed the rise in profitability to the soaring prices of major cryptocurrencies like Bitcoin, which reached $70,662 at the time.

The quarterly earnings report indicated that the company had already generated around $300 million in pre-tax income, primarily driven by digital asset price appreciation and business growth.

Our average marginal cost to mine in the fourth quarter increased relative to prior quarters due to fewer opportunities to economically curtail our mining operations and a higher network hash rate.
Mike Novogratz

In 2023, the firm successfully closed five investment banking deals, including a restructuring mandate with Prime Trust in Q4. It also provided advisory services to online gaming platform Gamercraft for its seed financing round and served as the exclusive financial adviser to Securitize on its acquisition of Onramp Invest. Galaxy Digital reported mandates representing $2.2 billion in potential deal value.

Sources:cointelegraph

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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