Galaxy Digital Reports 2023 Net Income of $296M Following Year-Earlier $1B Loss

The reversal marks a thawing of the crypto winter that occurred in 2023.

AccessTimeIconMar 26, 2024 at 11:32 a.m. UTC
Updated Mar 26, 2024 at 12:28 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now
  • Galaxy reported net income of $302 million for the fourth quarter.
  • The company has benefited from increasing crypto prices this year, with AUM nearly doubling since the start of 2024.
  • GLXY shares have risen almost 40% this year.
  • Digital Assets Are 'More Sensitive' to Interest Rate Hikes: Expert
    13:37
    Digital Assets Are 'More Sensitive' to Interest Rate Hikes: Expert
  • Could Solana's SOL Hit $200 by Month End?
    00:43
    Could Solana's SOL Hit $200 by Month End?
  • Genesis Set to Return $3B to Creditors; Craig Wright Lied to UK Court 'Extensively': Judge
    01:58
    Genesis Set to Return $3B to Creditors; Craig Wright Lied to UK Court 'Extensively': Judge
  • Metaverse Lets Users 'Defy Gravity': VBG Founder
    00:56
    Metaverse Lets Users 'Defy Gravity': VBG Founder
  • Digital asset financial services firm Galaxy Digital (GLXY) reported net income of $296 million in its full-year financial result for 2023.

    This marks a substantial change from the year-earlier $1 billion loss, an indication of the thawing of the crypto winter that occurred in 2023.

    The full-year figure was carried by fourth-quarter net income of $302 million, compared with a loss of $288 million in the equivalent quarter a year earlier. The fourth-quarter performance also overturned a third-quarter net loss of $94 million.

    In the current year, the company has benefited from increasing crypto prices – the CoinDesk 20 Index, a measure of the broader crypto market, has rallied 52% since the start of the year.

    Galaxy Digital's assets under management (AUM), having already increased over 200% from $1.7 billion to $5.2 billion in 2023, have now almost doubled to $10.1 billion as of the end of February 2024.

    “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,” the firm said in a statement.

    Shares in the Toronto-listed company headed by Mike Novogratz closed at $14.38 on Tuesday, up over 6.5% on the day, as bitcoin reclaimed the $70,000 mark following a downturn last week. They have risen almost 40% this year.

    UPDATE (March 26, 12:20 UTC): Adds info on 2023's Q4 figure and Galaxy's AUM.

    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.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about