This amount stands in contrast to a net loss of $111.7 million in the same period last year and a net loss of $288 million in the previous quarter.
Galaxy Digital (GLXY), a financial services company specializing in cryptocurrencies, recorded a profitable first quarter, marking its return to profitability since the end of 2021, thanks to the recovery of the crypto market.
The New York-based company disclosed a net income of $134 million for the three-month period ending in March. This is a significant turnaround compared to the net losses of $111.7 million reported during the same quarter last year and $288 million in the fourth quarter of 2022.
After a tumultuous 2022, highlighted by the November collapse of the crypto exchange FTX, the cryptocurrency market has experienced a recovery this year. Bitcoin (BTC), the largest cryptocurrency globally, has seen a remarkable 70% increase in value, marking its strongest quarterly performance in two years.
Galaxy Digital stated in a Tuesday announcement that the income was mainly due to profits from digital assets and unrealized gains on investments.
Galaxy Digital’s asset-management division, known as Galaxy Digital Asset Management (GDAM), reported assets under management of $2.4 billion. This reflects a 40% increase compared to the previous quarter but represents an 11% decline from the $2.7 billion recorded a year ago.
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