Share this article
Galaxy Digital Posts $134M First-Quarter Profit on Strong Showing for Crypto Market
The figure compares with a net losses of $111.7 million in the year-earlier period and $288 million in the fourth quarter.
Updated Mar 8, 2024, 4:56 p.m. Published May 9, 2023, 12:12 p.m.
Cryptocurrency-focused financial services firm Galaxy Digital (GLXY) returned to the black in the first quarter for the first time since end-2021 as the crypto market rebounded.
The New York-based company reported $134 million in net income for the three months ended March, compared with net losses of $111.7 million for the equivalent quarter a year ago and $288 million in fourth-quarter 2022.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Following the turbulent 2022, brought to a head by the collapse of crypto exchange FTX in November, the cryptocurrency market has rebounded of this year. The world's largest cryptocurrency, bitcoin , added around 70% in value for its strongest quarterly performance in two years.
"The income was primarily attributable to gains on digital assets and unrealized gains on investments," Galaxy said in an announcement on Tuesday.
The company's asset-management business, Galaxy Digital Asset Management, or GDAM, recorded assets under management of $2.4 billion, 40% more than in the previous quarter, and 11% less than the $2.7 billion recorded a year ago.
Read More: Galaxy Digital to Develop European-Listed ETPs With Asset Manager DWS
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
USDC Issuer Circle Secures Abu Dhabi's ADGM License in Middle East Expansion
The license allows Circle to expand USDC payment and settlement tools across the United Arab Emirates.
What to know:
- Circle has obtained a Financial Services Permission license from Abu Dhabi Global Market, allowing it to operate as a Money Services Provider in the UAE.
- The stablecoin issuer has appointed Dr. Saeeda Jaffar, former manager at payments firm Visa.
- The approval comes as part of the UAE's emergence as a global hub for regulated digital assets, following similar licenses granted to Binance.
Top Stories
