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In the realm of cryptocurrency, Galaxy Digital Holding Ltd. is a prominent player in the list of asset management firms. Recently, on March 26, 2024, Galaxy published a report and announced the fourth quarter and full year 2023 financial results. However, this result has gathered everyone’s attention. Galaxy Digital reports stellar fourth-quarter results 
According to the report, Galaxy Digital reported a net income of $302 million for the fourth quarter of 2023. This massive $302 million is increased by 421% from the previous quarter and signals a significant reversal from the $1 billion net loss suffered in 2022. 
The firm’s revival can be attributed to the shifting trends in the crypto market, which transitioned from bearish to bullish throughout 2023. With this change, Galaxy Digital experienced massive growth in its assets under management (AUM), from $1.7 billion to $5.1 billion in 2023.
This positive momentum continued into 2024, with AUM nearly doubling in the first two months to reach $10.1 billion by the end of February 2024. Additionally, the GalaxyOne client platform is now servicing nearly 75 institutional clients with more than $1 billion in assets as of writing.
Mike Novogratz, the founder, and CEO of Galaxy Digital, expressed optimism about the company’s performance, citing the appreciation of major cryptocurrencies like <a href="https://news.todayq.com/galaxy-digital-predicts-74-price-surge-for-bitcoin-following-spot-etf-approval/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, which reached a value of $70,842 at the time of reporting. Novogratz highlighted the firm’s mining revenue, which saw a 31% increase from the previous quarter, totaling $18.7 million in Q4. Strategic initiatives and client growth 
Galaxy Digital’s success was further highlighted by its investment banking activities. Despite challenging market conditions, the company closed five deals in 2023, including a restructuring mandate with Prime Trust and advisory roles for online gaming platform Gamercraft and Securitize’s acquisition of Onramp Invest. These deals contributed to a before-tax income of approximately $300 million, driven by the appreciation of digital asset prices and growth in operating businesses.
By looking at these numbers, Web 3 companies’ profitability clearly depends on the overall crypto market structure and the market sentiment. Additionally, since 2023, the crypto market has massively soared, and till now it has continuously experienced a bullish upside momentum. As of writing, the overall cryptocurrency market is up by 5%, and the world’s biggest cryptocurrency Bitcoin also experienced a massive 11% of upside momentum.

Galaxy Digital records $300 mln in income after losing $1 bln in 2022

Todayq News

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