Galaxy Digital Holdings announced that its sales and profits grew steadily in the first quarter thanks to the excellent performance of its mining business despite a surge in cryptocurrency prices.
The digital asset-focused financial services company said net profit jumped to $421.7 million, or $1.23 per share, in the quarter ended March, a remarkable 214% increase compared to the same period last year. This significant bottom-line growth was supported by a surge in revenue, which ranged from $146.7 million to $259.7 million year-over-year. These impressive results indicate Galaxy’s recovery trajectory following a $1 billion net loss in 2022.
Breaking down the company’s business segments, Galaxy’s mining operations emerged as a major contributor, generating $31.5 million in revenue. The sector’s solid performance has proven its resilience amid market fluctuations, with a record hashrate of 5.7 exahash per second for mining transactions. Notably, the surge in revenue from the mining business complemented similar increases recorded by Galaxy’s Global Markets and Asset Management division during the first quarter.
Last April, Galaxy secured $125 million in funding earmarked to expand its trading operations and improve its mining infrastructure. This strategic move highlights Galaxy’s commitment to capitalizing on market opportunities and strengthening its position in the rapidly evolving digital asset landscape.
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