Galaxy Digital posts $134 million profit in Q1 2023

Led by Mike Novogratz, Galaxy Digital posted its first profit since 2021, with first-quarter profit totaling $134 million. In a press release, the company said this.

Revenue was largely driven by the rise in the value of digital assets and unrealised investment gains,” said representatives of the firm.

Net loss for the first three months of 2022 was $111.7 million, while the previous quarter’s result was -$288 million.

Assets under management by Galaxy Digital Asset Management totaled $2.4 billion, up 40% from the prior quarter.

The company’s liquid assets include $400 million in cash and $414 million in digital assets ($209 million of which are non-algorithmic stablecoins).

“The balance of cash and stablecoins was $214 million below year-end levels largely due to a sizeable amount of outstanding fiat loans, the payment for the acquisition of GK8 and investments,” said Galaxy Digital representatives.

As reported in 2022, Novogratz’s company net loss amounted to $1 billion.