Galaxy Digital, led by Mike Novogratz, turned its fortunes around by posting a $302 million net income in the last quarter, marking a significant rebound from a $94 million loss in the previous period. This 421% surge in earnings contrasts sharply with the $288 million net loss recorded at the end of 2022. The financial upswing reflects a robust performance across its lending, trading, mining, and banking sectors, fueled by rising cryptocurrency prices, especially bitcoin. By February’s end, the company boasted a pre-tax income of around $300 million for 2024, with assets under management topping $10 billion, including a $27 million investment in Celestia.

The firm also highlighted its mining success, reporting $18.7 million in revenue—a 31% increase from the last quarter—and producing 1,077 bitcoins at an average cost of under $8,000 each. Despite higher costs due to limited curtailment opportunities and increased network hashrate, Galaxy Digital’s strategic growth and market resilience have positioned it strongly in the evolving crypto landscape.

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