Billionaire Mike Novogratz’s Galaxy Digital Crypto Firm Reports $134 Million Profit in Q1 2023 – Crypto Bull Market Back?

Author

Fredrik Vold

Author

Fredrik Vold

Author Profile

Share

Copied

Last updated: 

June 25, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Crypto bull Mike Novogratz’s firm Galaxy Digital reported a profit of $134 million in the first quarter of this year, missing analysts’ expectations.

Galaxy’s earnings per share (EPS) for the quarter came in at $0.55, missing an estimate by analysts of $0.76.

Despite the EPS miss, the first quarter earnings still mark a significant improvement for the firm since the previous quarter, when Galaxy reported a loss of $288 million amid a crypto market downturn and a flurry of bankruptcies in the industry.

Equity in the firm increased 11% from $1.4 billion in the last quarter of 2022, to $1.6 billion as of the end of the first quarter of this year.

The firm’s liquidity position was described as “strong” in the earnings report, coming in at $814 million.

Commenting on Galaxy’s performance in the quarter, Mike Novogratz said that the firm’s work is “resonating with clients more than ever before,” hinting of optimism about a potential new bull market among market players.

“Our first quarter 2023 results are a validation of the investments we have made in our business to drive long-term growth and lead the evolution of the digital asset industry,” Novogratz said.

He added that the firm will now enter the second quarter “extremely well positioned to grow our market share and build deeper relationships with our clients and partners.”