(Bloomberg) — Michael Novogratz’s Galaxy Digital Holdings Ltd. swung to a profit in the fourth quarter, bolstered by rising digital asset prices and increased trading volumes.
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Net income was $301.5 million, or 90 cents a share, compared with a loss of $288.8 million, or $3.13, in the year-earlier period. This was primarily driven by material increases in digital asset prices, Galaxy said in an statement Tuesday, with its business benefiting from “heightened market volatility and increased trading volumes.”
Net holdings of digital assets excluding stablecoins was valued at $709 million in the quarter, doubling from its holdings of $354 million a year earlier. Crypto bellwether Bitcoin jumped 57% in the fourth quarter.
Work on a proposed reorganization of the business to become incorporated in Delaware and list on the Nasdaq is ongoing, Galaxy said.
Galaxy shares are up 39% so far this year, after almost tripling in 2023. The firm’s spot Bitcoin ETF, which it issues jointly with Invesco, has recorded around $192 million in net inflows since its launch in January.
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