Galaxy Digital reports 296 million Dollars in net income for 2023 following a 1 billion Dollars loss

Crypto News– Mike Novogratz’s digital asset financial services firm, Galaxy Digital, announced a net income of $296 million for the full year 2023, as per its recently released financial statement. This marked a significant turnaround from the $1 billion loss incurred in 2022.

Galaxy Digital reports 296 million Dollars in net income for 2023 following a 1 billion Dollars loss

According to the company, the fourth quarter of 2023 was particularly transformative.

In an official statement, Galaxy Digital noted that its fortunes shifted positively in the final quarter of 2023, leading to a net income of $302 million. This turnaround coincided with a much-needed rebound in the crypto market as it emerged from an extended period of decline.

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.

Galaxy Digital

As a result, the company reported a net income of $302 million, a stark contrast to the $288 million loss reported in the same quarter of the previous year. Even in the third quarter of 2023, Galaxy had recorded losses of $94 million.

Meanwhile, Galaxy also revealed that its assets under management (AUM) reached approximately $5.2 billion by December 31, 2023, marking a significant 203% year-over-year increase, primarily driven by net inflows from newly managed opportunistic assets.

Following the end of the quarter, the company announced a record preliminary AUM of $10.1 billion as of February 29, 2024. Alongside the continued inflows from recently managed opportunistic assets, this figure was also propelled by market appreciation during the same period.