2024

Galaxy

Strong

Galaxy Digital Holdings reported a strong performance in the first quarter of 2024, achieving a net income of $422 million, a 40% increase from the previous quarter. 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/R5SasWlxEDisTkx_HPUad6Zl1tDi3Ctye-xKgAL0YbzurTQRx0kCwdqCZi5gOPIoqH9U7xHwMwP90dnhVQ_Mqlgu8JVt7knOQV6-6bKNJj75gTHcoMWb3repq-S7IcjunhE0x7Ua-oJ4bDiaC4PwIHg" alt="R5SasWlxEDisTkx HPUad6Zl1tDi3Ctye xKgAL0YbzurTQRx0kCwdqCZi5gOPIoqH9U7xHwMwP90dnhVQ Mqlgu8JVt7knOQV6 6bKNJj75gTHcoMWb3repq S7IcjunhE0x7Ua oJ4bDiaC4PwIHg">
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 Source: <a href="https://s201.q4cdn.com/407453138/files/doc_financials/2024/q1/Galaxy-Digital-Holdings-LP-Press-Release-3_31_2024_vF.pdf" target="_blank" rel="noopener">Galaxy</a>
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The company’s mining activities reached a revenue of $31.5 million, a significant 69 % increase from the earlier quarter. This growth was powered by the increase in the mining capacity, a Galaxy’s hash rate under management that reached 5.7 exahash per second (EH/s). 
The Galaxy’s asset management sub-segment also did great, with management and performance fees reaching a record $17. 8 million, which is a notable 113% growth from the previous quarter. Moreover, the trading operations brought in $66 million, largely due to the profits from derivatives and the rise of asset prices. 
Galaxy secured $125 million in financing for trading operations and mining infrastructure development in April. The investment exceeded $2.2&nbsp; billion, with assets under management reaching around $7.8 billion. However, The U.S. Securities and Exchange Commission (SEC) has <a href="https://www.cryptotimes.io/2024/05/07/sec-rescheduled-decision-on-invesco-galaxy-ethereum-etf/">delayed its decision</a> on the Invesco Galaxy Ethereum ETF to July 5, 2024. This delay gives the SEC more time to evaluate the ETF proposal and related issues.

Galaxy Digital’s Strong Q1 2024 With $422M Net Income

The Crypto Times

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