Led by Mike Novogratz, Galaxy Digital posted a first quarter profit of $134 million since 2021. Reported in press release.
“Income was mainly due to the growth in the value of digital assets and unrealized profits from investments,” the firm explained.
The loss for the first three months of 2022 was $111.7 million, the financial result of the previous quarter was -$288 million.
The value of assets managed by Galaxy Digital Asset Management was $2.4 billion, up 40% from the previous quarter.
The company’s liquid assets include $400M in cash and $414M in digital assets ($209M in “non-algorithmic stablecoins”).
“The balance of cash and stablecoins was $214 million lower than the end of the year, mainly due to a significant amount of outstanding fiat loans, a payment for the acquisition of GK8 and investments,” Galaxy Digital representatives noted.
Recall that at the end of 2022, the net loss of Novogratz’s company amounted to $1 billion.
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Led by Mike Novogratz, Galaxy Digital posted a first quarter profit of $134 million since 2021. Reported in press release.
“Income was mainly due to the growth in the value of digital assets and unrealized profits from investments,” the firm explained.
The loss for the first three months of 2022 was $111.7 million, the financial result of the previous quarter was -$288 million.
The value of assets managed by Galaxy Digital Asset Management was $2.4 billion, up 40% from the previous quarter.
The company’s liquid assets include $400M in cash and $414M in digital assets ($209M in “non-algorithmic stablecoins”).
“The balance of cash and stablecoins was $214 million lower than the end of the year, mainly due to a significant amount of outstanding fiat loans, a payment for the acquisition of GK8 and investments,” Galaxy Digital representatives noted.
Recall that at the end of 2022, the net loss of Novogratz’s company amounted to $1 billion.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
