Odaily Planet Daily News After crypto financial services company Galaxy Digital announced its Q1 results on Tuesday, broker Canaccord Genuity said in a report that the company is developing its business in a thoughtful and methodical manner, and although the regulatory background remains challenging, the company's opportunities and competitive positioning remain compelling. The company said its net profit increased 40% from the previous quarter to $422 million, and the company expects this positive momentum to continue. "In the coming quarters, we will see solid progress in growth and maturity in the company's three operating units," wrote analysts led by Joseph Vafi. The report pointed out that the total number of Galaxy Trading counterparties in the first quarter increased to 1,161 from 1,052 in the fourth quarter of last year, and counterparty trading revenue increased 79% to $66 million. Canaccord has a buy rating on Galaxy shares with a target price of 17 Canadian dollars. The stock closed at 12.41 Canadian dollars on Tuesday. Yesterday, Galaxy Digital released its latest financial statements showing that the company's revenue and profits increased significantly in the first quarter, thanks to the growth of its mining business revenue, mainly including: 1. Galaxy Digital's net profit in the first quarter increased to US$421.7 million ($1.23 per share), an increase of approximately 214% over the same period last year; 2. The company's revenue increased to US$259.7 million from US$146.7 million in the same period last year; 3. By company business scope, Galaxy's mining business revenue was US$31.5 million, which was the driving force behind most of the company's overall revenue growth in the first quarter.
