Mike Novogratz, founder and CEO, reported $302 million in net income for the fourth quarter of 2023, a 421% increase from the previous quarter.
The firm attributed the change in fortune to the changing market conditions from bearish to bullish, with AUM nearly doubling in the first two months of 2024.a net income of $296 million for 2023, marking a reversal in fortune after a disastrous 2022 with $1 billion in net loss.
The firm’s assets under management grew from $1.7 billion to $5.1 billion in 2023 and nearly doubled in the first two months of 2024, reaching $10.1 billion by the end of February. “Our average marginal cost to mine in the fourth quarter increased relative to prior quarters due to fewer opportunities to economically curtail our mining operations and a higher network hash rate," the company said in its statement.
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Galaxy Digital Reports 2023 Net Income of $296M Following Year-Earlier $1B LossJamie Crawley is a CoinDesk news reporter based in London.
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