Mike Novogratz’s digital asset financial services firm Galaxy Digital posted a net income of $296 million for the full year 2023, according to its recently released financial statement. This was a significant turnaround after a $1 billion loss in 2022.
The company said that Q4 of 2023 was particularly game-changing for the company.
- In its official statement, Galaxy Digital said that its fortunes took a positive turn in the last quarter of 2023, catapulting its net income to $302 million.
- This coincided with the crypto market experiencing a much-needed rebound as it thawed from an extended crypto winter.
- As such, the company recorded a net income of $302 million. This was in stark contrast to the $288 million loss reported in the same quarter of the previous year.
- Galaxy had incurred losses of $94 million even in the third quarter of 2023.
“Since the end of the fourth quarter 2023, digital asset prices materially changed and our business has benefited from heightened market volatility and increased trading volumes.”
- Meanwhile, Galaxy also disclosed that its assets under management (AUM) stood at around $5.2 billion by December 31, 2023, increasing by a notable 203% year-over-year, largely fueled by net inflows from “newly managed opportunistic assets.”
- Following the quarter’s conclusion, the company announced a record preliminary AUM of $10.1 billion as of February 29, 2024.
- Besides the continued inflows from recently managed opportunistic assets, the figure was also driven by market appreciation during the same period.
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