Galaxy Digital reports $296 million in net profit in 2023, after losing $1 billion the year before

As of the end of February this year, Galaxy Digital’s assets under management (AUM) surged to $10.1 billion.

The recently released financial statements of Galaxy Digital, a digital asset financial services company owned by Mike Novogratz, show that it achieved a net profit of US$29.6 million for the entire year. This is a significant turnaround after losing $1 billion in 2022.

The company said that the fourth quarter of 2023 is particularly turning point for the company.

In its official statement, Galaxy Digital said that there was a positive change in fortunes in the last quarter of 2023, pushing its net profit to $302 million.

This coincides with the much-needed rebound the crypto market is experiencing, with the market recovering from a long crypto winter.

As a result, the company's net income was $302 million. This contrasts with the $288 million loss reported in the same period last year.

Even in the third quarter of 2023, Galaxy suffered a loss of $94 million.

"Since the end of the fourth quarter of 2023, there have been significant changes in digital asset prices, and our business has benefited from increased market volatility and increased trading volumes."

At the same time, Galaxy also disclosed that its assets under management (AUM) as of December 31, 2023 were approximately $5.2 billion, a year-on-year increase of 203%, mainly driven by net inflows of "newly managed opportunistic assets" .

After the quarter ended, the company announced that preliminary assets under management reached a record $10.1 billion as of February 29, 2024.

This figure was driven by market appreciation over the same period, in addition to continued inflows from recently managed opportunistic assets.

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