First-quarter performance by Galaxy Digital Holdings marked a big recovery, with net income amounting to $421.7 million, an increase of 214%, up from the previous year. The profit recovery comes on the back of revenue reported at $259.7 million against $146.7 million in the same period one year ago. This was fuelled by the record hashrate registered by its mining operation at 5.7 exahash per second.

The economic boost is partly attributed to the diversified company business lines. While the mining segment recorded $31.5 million, Galaxy’s Global Markets and Asset Management businesses also posted significant growth. That overall success marks the strong turnaround for the company since it last recorded a $1 billion net loss in 2022. What is further solidifying its future, though, is the fact that Galaxy just raised $125 million in April, this time with a goal to expand its trading operations and beef up its mining infrastructure. Those things, paired with its Q1 accomplishments, establish Galaxy as a front-runner in underwriting the continued health of the cryptocurrency market.

Data