May 28, 2024
Mining News

Galaxy Digital Sees Revenue and Profit Growth on Record Mining Revenue

Galaxy Digital Holdings disclosed robust growth in revenue and profits for the first quarter, propelled by its mining operation’s exceptional performance amidst the cryptocurrency price surge.

The financial services firm focused on digital assets revealed that its net income surged to $421.7 million ($1.23 per share) in the quarter ending March, marking a remarkable 214% increase compared to the same period last year. This significant bottom-line growth was underpinned by a surge in revenue, which reached $259.7 million, up from $146.7 million year-on-year. These impressive results signal Galaxy’s recovery trajectory following a $1 billion net loss in 2022.

Breaking down the company’s business segments, Galaxy’s mining operation emerged as a key contributor, generating $31.5 million in revenue. This division’s robust performance was driven by a record hashrate of 5.7 exahash per second for mining transactions, demonstrating its resilience amidst market fluctuations. Notably, the mining operation’s revenue surge complemented similar increases recorded by Galaxy’s Global Markets and Asset Management divisions during the first quarter.

In April, Galaxy secured $125 million in funding, earmarked for expanding its trading operations and enhancing its mining infrastructure. This strategic move underscores Galaxy’s commitment to capitalizing on market opportunities and strengthening its position in the rapidly evolving digital assets landscape.

Featured Image- Freepik

Please See Disclaimer