Galaxy Digital Reports 2023 Net Income of $296M Following Year-Earlier $1B Loss

Is DOGE Repeating Its Performance from Late 2020?15:15Digital asset financial services firm Galaxy Digital This marks a substantial change from the year-earlier $1 billion loss, an indication of the thawing of the crypto winter that occurred in 2023.

The full-year figure was carried by fourth-quarter net income of $302 million, compared with a loss of $288 million in the equivalent quarter a year earlier. The fourth-quarter performance also overturned a third-quarter net loss of $94 million.CoinDesk 20 IndexGalaxy Digital's assets under management , having already increased over 200% from $1.7 billion to $5.2 billion in 2023, have now almost doubled to $10.1 billion as of the end of February 2024.

“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,” the firm said in a statement. Shares in the Toronto-listed company headed by Mike Novogratz closed at $14.38 on Tuesday, up over 6.5% on the day, as bitcoin reclaimed the $70,000 mark following a downturn last week. They have risen almost 40% this year.Edited by Sheldon Reback.

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