Galaxy Digital Reports $296 Million Net Income in 2023, Reversing Previous Year's Loss

Mike Novogratz, founder and CEO, Galaxy Digital
Mike Novogratz, founder and CEO, Galaxy Digital

London, March 26, 2024 - Galaxy Digital (GLXY), a leading digital asset financial services firm, has reported a significant financial turnaround in 2023, posting a net income of $296 million. This marks a substantial improvement over the previous year's loss of $1 billion, signaling a thaw in the crypto winter that gripped the industry in 2023.

The company's financial recovery is largely attributed to the surge in cryptocurrency prices, with the CoinDesk 20 Index, a measure of the broader crypto market, rising by 52% since the start of the year.

"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," Galaxy Digital stated in a press release.

Shares of Galaxy Digital, led by founder and CEO Mike Novogratz, closed at $14.38 on Tuesday, up over 6.5% on the day. The stock has gained nearly 40% this year, reflecting investor confidence in the company's recovery.

The positive financial results come amid a broader recovery in the cryptocurrency market, with Bitcoin reclaiming the $70,000 mark after a recent downturn.

About Galaxy Digital

Galaxy Digital is a leading digital asset financial services firm that provides a range of services to institutional and individual investors. The company offers trading, lending, custody, asset management, and investment banking services for a variety of digital assets, including Bitcoin, Ethereum, and other cryptocurrencies.