Galaxy Digital’s Net Profit Reached $296M Last Year

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In 2023, crypto company Galaxy Digital saw a significant increase in net profit, reaching $296 million. However, in the previous year, the company faced financial difficulties and reported losses of $1 billion, despite its focus on the digital currency market.

To reduce costs and maintain efficiency, top management considered laying off employees. In the fourth quarter of 2022, the company reported losses of $288 million, while in the same period the previous year, it had made a profit of $302 million.

The company’s digital assets under management also saw significant growth, reaching $5.2 billion. In the first quarter of 2024, this number had already exceeded $10 billion, according to a press release from Galaxy Digital.