According to CryptoPotato, Galaxy Digital, the digital asset financial services firm led by Mike Novogratz, has reported a net income of $296 million for the full year 2023. This marks a significant turnaround from the $1 billion loss the company experienced in 2022. Galaxy Digital attributed the positive results to a particularly strong fourth quarter in 2023, during which its net income reached $302 million. This coincided with a rebound in the crypto market after an extended period of decline.
In contrast, the company had reported a $288 million loss in the same quarter of the previous year and a $94 million loss in the third quarter of 2023. Galaxy Digital's assets under management (AUM) stood at approximately $5.2 billion by December 31, 2023, representing a 203% year-over-year increase. This growth was primarily driven by net inflows from newly managed opportunistic assets. Following the end of the quarter, the company announced a record preliminary AUM of $10.1 billion as of February 29, 2024, also driven by market appreciation during the same period.