Impressive Financial Results in Q1 2024
In the first quarter of 2024, Galaxy Digital Holdings demonstrated remarkable financial results, achieving record levels of revenue and profit. The company’s net profit soared to $421.7 million, representing a 214% increase from the same period last year, with earnings of $1.23 per share.
Driving Profit Growth
The main driver of this impressive profit growth was income from cryptocurrency mining, totaling $31.5 million. Achieving these record results with a high hash rate of 5.7 EH/s is a testament to Galaxy Digital’s strong performance. Overall revenue for the quarter reached $259.7 million, marking a 77% increase compared to Q1 2023.
Securing Additional Funding
In April 2024, Galaxy Digital secured an additional $125 million in funding. These funds will be used to expand trading operations and further develop infrastructure for cryptocurrency mining. This financial bolster, coupled with successful operational results, underlines the company’s resilience in adapting to market dynamics and commitment to growth in the digital asset sector.
