According to CryptoPotato, Galaxy Digital, the digital asset financial services firm led by Mike Novogratz, reported a net income of $296 million for the full year 2023. This marks a significant turnaround from the $1 billion loss the company experienced in 2022. Galaxy Digital attributed its success to a particularly strong fourth quarter in 2023, during which its net income reached $302 million. This coincided with a rebound in the crypto market after an extended period of stagnation.
In contrast, the company reported a $288 million loss in the same quarter of the previous year and a $94 million loss in the third quarter of 2023. Galaxy Digital stated that its business benefited from increased market volatility and trading volumes since the end of the fourth quarter. The company also revealed that its assets under management (AUM) stood at approximately $5.2 billion by December 31, 2023, a 203% increase year-over-year. This growth was primarily driven by net inflows from newly managed opportunistic assets. Following the end of the quarter, Galaxy Digital announced a record preliminary AUM of $10.1 billion as of February 29, 2024, driven by continued inflows and market appreciation.