Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market

The figure compares with a net losses of $111.7 million in the year-earlier period and $288 million in the fourth quarter.

AccessTimeIconMay 9, 2023 at 12:12 p.m. UTC
Updated Mar 8, 2024 at 4:56 p.m. UTC

Cryptocurrency-focused financial services firm Galaxy Digital (GLXY) returned to the black in the first quarter for the first time since end-2021 as the crypto market rebounded.

The New York-based company reported $134 million in net income for the three months ended March, compared with net losses of $111.7 million for the equivalent quarter a year ago and $288 million in fourth-quarter 2022.

  • SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
    00:59
    SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
  • Bitcion Mining Is 'Real Estate' Play: Kevin O'Leary
    00:59
    Bitcion Mining Is 'Real Estate' Play: Kevin O'Leary
  • Kevin O'Leary on Institutional Demand for Spot ETH ETFs
    00:58
    Kevin O'Leary on Institutional Demand for Spot ETH ETFs
  • What's Kevin O'Leary's Best Investment Ever?
    31:31
    What's Kevin O'Leary's Best Investment Ever?
  • Following the turbulent 2022, brought to a head by the collapse of crypto exchange FTX in November, the cryptocurrency market has rebounded of this year. The world's largest cryptocurrency, bitcoin (BTC), added around 70% in value for its strongest quarterly performance in two years.

    "The income was primarily attributable to gains on digital assets and unrealized gains on investments," Galaxy said in an announcement on Tuesday.

    The company's asset-management business, Galaxy Digital Asset Management, or GDAM, recorded assets under management of $2.4 billion, 40% more than in the previous quarter, and 11% less than the $2.7 billion recorded a year ago.

    Edited by Sheldon Reback.




    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Read more about