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

• Galaxy reported net income of $302 million for the fourth quarter.

• The company has benefited from increasing crypto prices this year, with AUM nearly doubling since the start of 2024.

• GLXY shares have risen almost 40% this year.

Digital asset financial services firm Galaxy Digital (GLXY) reported net income of $296 million in its full-year financial result for 2023.

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.

In the current year, the company has benefited from increasing crypto prices – the CoinDesk 20 Index, a measure of the broader crypto market, has rallied 52% since the start of the year.

Galaxy Digital’s assets under management (AUM), 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.

UPDATE (March 26, 12:20 UTC): Adds info on 2023’s Q4 figure and Galaxy’s AUM.