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15/05/24
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Galaxy Digital Records Significant Increase in Revenue in Q1 2024
Digital asset and blockchain firm Galaxy Digital had a great performance in Q1 2024, recording a 40 percent increase in net income to $422 million, relative to Q4 2023. Management fees and mining earnings contributed to the significant increase.
The firm generated $31 million from crypto mining activities, representing a record revenue as well as a 69 percent increase relative to the past quarter. The significant increase was majorly due to the expansion of its mining capacity as its hash rate under management hit 5.7 exahashes per second.
A total of 373 BTC was mined by Galaxy Digital at an average cost below $19.5k during the quarter. The firm had a remarkable performance in terms of asset management, as it recorded management and performance fees of $17.8 million, representing a 113 percent increase relative to Q4 2023.
The firm and Invesco launched a spot BTC ETF in the U.S. five months ago, followed by the expansion of its BTC and ETH offerings in the European market through a partnership with DWS Group to launch of two exchange-traded commodities (ETCs).
Galaxy Digital generated revenue of $66 million from its trading operations, representing a 78 percent increase. This was majorly due to gains from derivatives as well as a significant increase in asset prices.
Its assets under management increased to about $7.8 billion as of the end of Q1 2024, representing a 219 percent increase year-over-year and a 50 percent increase relative to Q4 2023.
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