NewsletterBitcoin, Ethereum, Celestia Among Top Holdings of Novogratz’s Galaxy Digital
Highlights
- As of 31st December 2023, Galaxy Digital saw an increase in its net digital assets under management.
- Galaxy said in a statement on Tuesday that "heightened market volatility and increased trading volumes" were the main factors driving for the profit.
- At an average price of CAD $4.69, Galaxy repurchased almost 1.2 million shares between July 1, 2023, and December 31, 2023.
Michael Novogratz Galaxy Digital on Tuesday reported its fourth-quarter results. Apart from swinging to a fourth-quarter profit, the blockchain company also released its total asset under management report, which gave details on how many digital assets the firm holds. With a good quarter in trading volumes and good prices for crypto, the company’s overall profit soared. However, the shares of the company fell after the result announcement.
Galaxy Digital Net Digital Assets Increase in Q4
As of 31st December 2023, Galaxy Digital saw an increase in its net digital assets under management. The quarterly results revealed that the firm has a top holding of Bitcoin followed by Ethereum and Celestial. The firm has 589.0 million Bitcoins, as of the end of 2023, as compared to 222.2 million in 2022.
Read Also: Breaking: Tether Unveils AI Division Data for Open-Source AI Revolution
Galaxy Digital Reports Profit in Fourth Quarter
Bloomberg also reported that Galaxy Digital Holdings, owned by Michael Novogratz, turned to profit in the fourth quarter thanks to growing prices for digital assets and more trading activity.
In comparison to the same time last year, when there was a loss of $288.8 million, or $3.13, the firm incurred a net income of $301.5 million, or 90 cents per share. Galaxy said in a statement on Tuesday that “heightened market volatility and increased trading volumes” were the main factors driving this, with the company’s operations benefiting. The price hikes of digital assets were also a contributing factor.
The company recorded almost $300 million in income before taxes for the year ending in February 2024. Additionally, as of February 29, 2024, Assets Under Management, or “AUM,” climbed to $10.1 billion.
Galaxy Digital’s Share Buyback
On May 31, 2023, the Company launched a fresh normal course issuer bid for the repurchase of shares. It is qualified to buy up to 10.1 million common shares. At an average price of CAD $4.69, Galaxy repurchased almost 1.2 million shares between July 1, 2023, and December 31, 2023.
Shares of the company were down nearly 7% after the announcement of the results and buyback.
Read Also: DOGE Price Rallies 8% As Dogecoin Launches GigaWallet
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- XRP Gets Major Boost as Four Spot ETFs Prepare for Launch This Week
- Breaking: Solana ETFs by Fidelity and Canary Marinade to Launch on Tuesday
- Just-in: White House Reviews IRS Proposal To Tax US Citizen’s Outbound Crypto Holdings
- Grayscale’s Dogecoin ETF Could Launch on November 24, Says Bloomberg Analyst
- Gold Tops Bitcoin as BTC Extends Decline, Losing Its YTD Gains
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
- Chainlink Price Eyes Breakout as Whales Scoop 150K $LINK
- Top Analysts Predict How Low Bitcoin Price Might Fall?
