---
title: "Galaxy Digital Reports $296M Net Income in 2023 After $1B Loss"
url: https://diffcoin.com/galaxy-digital-reports-296m-net-income-in-2023-after-1b-loss/
description: "Galaxy Digital's assets under management (AUM) surged to $10.1 billion by the end of February this year."
published: 2024-03-31
updated: 2024-03-31
author: "Mila"
site: "Diffcoin"
---

# Galaxy Digital Reports $296M Net Income in 2023 After $1B Loss

Mike Novogratz’s digital asset financial services firm Galaxy Digital posted a net income of $296 million for the full year 2023, according to its recently released financial statement. This was a significant turnaround after a $1 billion loss in 2022.

The company said that Q4 of 2023 was particularly game-changing for the company.

- In its official statement, Galaxy Digital said that its fortunes took a positive turn in the last quarter of 2023, catapulting its net income to $302 million.
- This coincided with the crypto market experiencing a much-needed rebound as it thawed from an extended crypto winter.
- As such, the company recorded a net income of $302 million. This was in stark contrast to the $288 million loss reported in the same quarter of the previous year.
- Galaxy had incurred losses of $94 million even in the third quarter of 2023.

> “Since the end of the fourth quarter 2023, digital asset prices materially changed and our business has benefited from heightened market volatility and increased trading volumes.”

- Meanwhile, Galaxy also disclosed that its assets under management (AUM) stood at around $5.2 billion by December 31, 2023, increasing by a notable 203% year-over-year, largely fueled by net inflows from “newly managed opportunistic assets.”
- Following the quarter’s conclusion, the company announced a record preliminary AUM of $10.1 billion as of February 29, 2024.
- Besides the continued inflows from recently managed opportunistic assets, the figure was also driven by market appreciation during the same period.

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