Galaxy Digital reported a net profit of $296 million
In 2022, the net losses of the Galaxy Digital investment company (GLXY) amounted to $1 billion. Last year was more successful. Galaxy Digital has published a financial report for 2023. The company's net profit amounted to $296 million. Analysts believe that the positive dynamics will continue.
The indicator for the whole year turned out to be positive mainly due to the net profit for the fourth quarter. Then the revenue exceeded $302 million. In the same period of 2022, Galaxy Digital lost $288 million.
The fourth quarter of 2023 also covered the loss of the third, in which the company lost $94 million.
Meanwhile, Galaxy Digital's assets under management (AUM) increased by more than 200% in 12 months, from $1.7 billion to $5.2 billion. By the end of February this year, the figure was $10.1 billion.
According to Galaxy's statement, the business has benefited from the rally seen in the crypto market in recent months. In addition, an increase in trading volumes also contributed to a significant increase in profits.
"Since the end of the fourth quarter of 2023, prices for digital assets have changed significantly, and our business has benefited from increased market volatility and increased trading volumes," the representatives noted.
According to CoinGecko, at the time of writing, bitcoin (BTC) is trading at around $69,808. Over the past day, the asset's exchange rate has decreased by 1%, but over the past month it has increased by 38% in total.
Earlier, Galaxy founder Mike Novogratz predicted that the price of the first cryptocurrency would drop below $41 thousand. He gave bitcoin six months to "swing".
