Michael Novogratz Led Galaxy Digitals Q1 Revenue Surges Around 214%
- Revenue for the quarter came in at $259.7 million, up from $146.7 million a year ago.
- The mining operation contributed significantly to the companys first-quarter revenue increase.
The record achievement of Galaxy Digital Holdings mining operation during Q1 contributed to the companys increased revenue and earnings, which were driven by the surge in crypto prices.
The financial services company led by Michael Novogratz that specializes in digital assets said on Monday that its net income for the quarter ended in March was $421.7 million. This represents a growth of over 214% compared to the same time last year.
Mining Operation Contributed Significantly
Revenue for the quarter came in at $259.7 million, up from $146.7 million a year ago, thanks to the companys skyrocketing sales. Galaxy Digital had a $1 billion net loss in 2022, but these good results are the most recent indication that the company is making a comeback.
If we look at Galaxys financials by division, we see that the mining operation contributed significantly to the companys first-quarter revenue increase, bringing in $31.5 million. With a record hashrate of 5.7 exahash per second for mining transactions, the divisions operations generated the revenue bonanza.
The companys Global Markets and Asset Management business verticals also saw gains in revenue during the first quarter, so this development is not surprising.
Also seeing substantial growth was its equity capital, which increased 22% quarter-over-quarter to $2.2 billion. In Q1, assets under stake increased by 100%, hitting $1.5 billion, as Galaxy strives to become the second biggest validator on the Solana network.
About $125 million was raised by the business in April. With the funds, Galaxy Digital intends to upgrade the infrastructure at its Helios mining facility in West Texas.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
