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Galaxy Digital (GLXY), a financial services firm focused on cryptocurrency, has returned to profitability in the first quarter, marking its first positive financial result since the end of 2021. This achievement was driven by the recent rebound in the crypto market.
The company headquartered in New York has announced a net income of $134 million for the first quarter ending in March, a significant improvement from the net losses of $111.7 million in the same quarter last year and the $288 million losses in the fourth quarter of 2022.
After a tumultuous 2022, which culminated in the collapse of the crypto exchange FTX in November, the cryptocurrency market has made a strong recovery this year. Bitcoin (BTC), the world's largest cryptocurrency, saw a significant increase in value of approximately 70%, marking its strongest quarterly performance in two years.
"The income was primarily attributable to gains on digital assets and unrealized gains on investments," Galaxy said in an announcement on Tuesday.
Galaxy's asset management arm, GDAM (Galaxy Digital Asset Management), reported a 40% increase in assets under management (AUM) to reach $2.4 billion in the current quarter, compared to the previous quarter. However, this figure represents an 11% decrease from the $2.7 billion AUM recorded in the same quarter last year.
Source Coindesk
