Galaxy Digital swings to profit after $1B net loss in 2022

On March 28, Canadian concern steadfast Galaxy Digital, operated by blockchain property Mike Novogratz, disclosed that it had achieved a preliminary pre-tax income of $150 cardinal from Jan. 1, 2023, to March 24, 2023. 

The results followed a $1 cardinal nett nonaccomplishment successful 2022, which was mostly attributed to a $659 cardinal unrealized nonaccomplishment connected integer assets and a $496 cardinal unrealized nonaccomplishment connected investments. As told by Novogratz:

"2022 was a formative twelvemonth for Galaxy, and portion we and our manufacture faced unprecedented macroeconomic events, we succeeded successful staying the people and were capable to opportunistically instrumentality vantage of strategical opportunities to physique our operating businesses for the future."

On May 19, 2022, Novogratz claimed that helium was "permanently humbled" by the collapse of the $40 cardinal Terra Luna ecosystem and reiterated the crypto manufacture "looks stronger than ever and wouldn't beryllium going distant immoderate clip soon." A twelvemonth earlier, connected Feb. 3, 2021, Cointelegraph reported Galaxy Digital invested $25 cardinal into the Terra Luna protocol. Galaxy Digital reported a nett income of $1.7 cardinal successful 2021 during the tallness of the crypto bull market. 

#Bitcoin is simply a study paper connected monetary argumentation and fiscal stability. In different words, it was built for these times.
 
On a risk-adjusted basis, BTC is the best-performing plus of the year, outpacing maturation stocks, banks, and large banal benchmarks. pic.twitter.com/RZ0xZcgsLT

— Mike Novogratz (@novogratz) March 23, 2023

In August 2022, Galaxy Digital reportedly dropped its plans to spell nationalist successful the U.S. aft terminating a $100 cardinal woody to get integer plus custodian BitGo. Later successful November, the steadfast disclosed a $77 cardinal vulnerability to bankrupt cryptocurrency speech FTX with $48 cardinal apt locked successful withdrawals. 

By the extremity of 2022, spouse superior successful the steadfast declined from $2.6 cardinal to $1.4 cardinal year-over-year. Despite setbacks, Novogratz says the steadfast has a beardown liquidity presumption of $957 million. Among different items, the institution projects its subsidiary Galaxy Mining volition turn its Bitcoin (BTC) mining hash complaint to 4 exahash per 2nd by the extremity of this year, partially aided by its $65 cardinal acquisition of Argo Blockchain's flagship Helio facility. 

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