According to Bloomberg, Galaxy Digital reported a net income of $301.5 million, or 90 cents a share, in the fourth quarter, compared to a loss of $288.8 million, or $3.13, in the same period last year. The significant increase in income was primarily driven by material increases in digital asset prices. The company's net holdings of digital assets, excluding stablecoins, were valued at $709 million in the quarter, doubling from its holdings of $354 million a year earlier. Bitcoin, a crypto bellwether, jumped 57% in the fourth quarter.
Galaxy Digital is currently working on a proposed reorganization of the business to become incorporated in Delaware and list on the Nasdaq. Galaxy shares have risen 39% so far this year, after almost tripling in 2023. The firm's spot Bitcoin ETF, which it issues jointly with Invesco, has recorded around $192 million in net inflows since its launch in January.
