Galaxy Digital Reports Profitable Quarter Amid Crypto Surge
Galaxy Digital Holdings Ltd., led by Michael Novogratz, reported a profitable fourth quarter, driven by the surge in digital asset prices and heightened trading activity.
The company posted a net income of $301.5 million, or 90 cents per share, in contrast to a loss of $288.8 million, or $3.13 per share, in the same period last year.
According to Galaxy, this turnaround was largely attributed to substantial increases in digital asset prices, benefiting from increased market volatility and trading volumes.
In the fourth quarter, the firm’s net holdings of digital assets excluding stablecoins surged to $709 million, doubling from $354 million a year earlier. Notably, Bitcoin, a key indicator for the crypto market, surged by 57% during this period.
Galaxy also disclosed ongoing efforts to reorganize its business by incorporating in Delaware and aiming for a Nasdaq listing.
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The company’s shares have risen by 39% since the beginning of the year, following a nearly threefold increase in 2023.
Moreover, its spot Bitcoin ETF, launched in partnership with Invesco in January, has attracted approximately $192 million in net inflows.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
