Galaxy Digital reported a net income of $296 million in its full-year financial results for 2023. The remarkable turnaround from a $1 billion loss in the year before shows the industry’s bounce back from the challenging crypto winter of 2023.
The company’s success is currently attributed to rising crypto market prices. Over the past 6 months, the cryptocurrency market has surged by 52%.
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.
Galaxy Digital recognized the positive market conditions, stating, “Since the end of the fourth quarter of 2023, digital asset prices have changed, and our business has benefited from heightened market volatility and increased trading volumes.”
Galaxy Digital profits from the crypto market’s comeback, taking advantage of better trading conditions and increased investor attention.
Shares in the Toronto-listed company headed by Mike Novogratz closed at $14.38 on Tuesday, up over 6.5% on the day. They have risen almost 40% this year.
Also Read: Galaxy Digital To Launch European Crypto ETPs with DWS
